RES-2016-050 Resolution approving Reimbursement for Fairview Park Parking Project

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RES-2016-050 Orange County -- Reimbursement Resolution for Fairview Park Parking Project WHEREAS-- The County intends to undertake a Project (as described below), use its own funds to pay initial Project costs, and then reimburse itself from financing proceeds for these early expenditures. The Manager has advised the Board that it should adopt this resolution to document the County's plans for reimbursement, in order to comply with certain federal tax rules relating to reimbursement from financing proceeds. BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. The Project is the Fairview Park parking expansion project. 2. The County intends to advance funds for initial Project costs, and then reimburse itself from financing proceeds. The expected primary type of financing for the Project (which is subject to change) is installment financing under Section 160A-20, including the possible use of certificates of participation or limited obligation bonds. The expected maximum amount of bonds or other obligations to be issued or contracted for the Project is approximately $325,000. 3. Funds for the early Project expenditures may come from the County's General Fund, or from any other County fund. 4. The County intends for the adoption of this resolution to be a declaration of the County's official intent to reimburse itself from financing proceeds for Project cost expenditures. I certify as follows: that the foregoing resolution was properly adopted at a meeting of the Board of Commissioners of Orange County, North Carolina; that this meeting was properly called and held on June 21, 2016; that a quorum was present and acting throughout this meeting; and that this resolution has not been modified or amended, and remains in full effect as of today. Dated this /_day of June, 2016. [SEAL] Clerk, Board of Commissioners ' 11 Orange County, North Carolina SI a�