Orange County NC Website
Browse       Search
ORD-2016-026 <br /> Section XI11. Other Post-Employment Benefits (OPEB) Trust Fund <br /> The Board of Commissioners approves the following resolution as a part of the Budget <br /> Ordinance to formally establish an OPEB Trust Fund: <br /> WHEREAS, the Local Government Other Post-Employment Benefits Fund (the "OPEB <br /> Fund") established pursuant to North Carolina General Statutes ("NCGS") Section 147- <br /> 69.4 consists of contributions made by local governments, public authorities and other <br /> entities authorized to make contributions to the OPEB Fund ("Participants"), which <br /> contributions are irrevocable; <br /> WHEREAS, the assets of the OPEB Fund are not subject to the claims of creditors of <br /> any Participants and may only be withdrawn by a Participant to provide other <br /> postemployment benefits to individuals, who are former employees, or beneficiaries of <br /> former employees of the Participant, and who are entitled to other post-employment <br /> benefits payable by the Participant within the meaning of NCGS Section 147-69.4; and <br /> WHEREAS, the Commissioners of Orange County, North Carolina has determined <br /> that it is advisable and in the best interests of Orange County, North Carolina to make <br /> contributions to the OPEB Fund, as provided in that certain Contribution Agreement <br /> between Orange County, North Carolina and the Treasurer, the form of which has <br /> previously been made available to the Commissioners of Orange County, North <br /> Carolina (the "Contribution Agreement"). <br /> NOW, THEREFORE, BE IT RESOLVED, that the Commissioners hereby <br /> acknowledges and approves an initial contribution of $250,000 to the OPEB Fund (the <br /> "Contribution") pursuant to the terms and conditions of the Contribution Agreement <br /> between Orange County, North Carolina and the Treasurer in the form presented to <br /> the Commissioners; <br /> FURTHER RESOLVED, that the appropriate officers, managers, and representatives of <br /> Orange County, North Carolina (the "Authorized Representatives") are hereby <br /> authorized and directed to execute and deliver the Contribution Agreement, to take any <br /> other actions deemed necessary or appropriate to consummate the transactions <br /> provided for therein, and to cause the Contribution to be made; <br /> FURTHER RESOLVED, that all actions heretofore taken by any of the Authorized <br /> Representatives of Orange County, North Carolina acting on behalf of the County in <br /> furtherance of the foregoing resolutions are hereby ratified, adopted, approved and <br /> confirmed in all respects; and <br /> FURTHER RESOLVED, that the Authorized Representatives of Orange County, North <br /> Carolina acting on behalf of the County are hereby authorized to take all such other <br /> actions as they may deem necessary or appropriate to give effect to the foregoing <br /> resolutions. <br /> Section XIV. Encumbrances <br /> Operating funds encumbered by the County as of June 30, 2016 are hereby <br /> reappropriated to this budget. <br /> 8 <br />