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16 <br /> 1 <br /> 2 The Board of Commissioners approves the following resolution as a part of the Budget <br /> 3 Ordinance to formally establish an OPEB Trust Fund: <br /> 4 <br /> 5 WHEREAS, the Local Government Other Post-Employment Benefits Fund (the "OPEB Fund") <br /> 6 established pursuant to North Carolina General Statutes ("NCGS") Section 147-69.4 consists of <br /> 7 contributions made by local governments, public authorities and other entities authorized to <br /> 8 make contributions to the OPEB Fund ("Participants"), which contributions are irrevocable; <br /> 9 <br /> 10 WHEREAS, the assets of the OPEB Fund are not subject to the claims of creditors of any <br /> 11 Participants and may only be withdrawn by a Participant to provide other postemployment <br /> 12 benefits to individuals, who are former employees, or beneficiaries of former employees of the <br /> 13 Participant, and who are entitled to other post-employment benefits payable by the Participant <br /> 14 within the meaning of NCGS Section 147-69.4; and <br /> 15 <br /> 16 WHEREAS, the Commissioners of Orange County, North Carolina has determined that it is <br /> 17 advisable and in the best interests of Orange County, North Carolina to make contributions to <br /> 18 the OPEB Fund, as provided in that certain Contribution Agreement between Orange County, <br /> 19 North Carolina and the Treasurer, the form of which has previously been made available to the <br /> 20 Commissioners of Orange County, North Carolina (the "Contribution Agreement"). <br /> 21 <br /> 22 NOW, THEREFORE, BE IT RESOLVED, that the Commissioners hereby acknowledges and <br /> 23 approves an initial contribution of $250,000 to the OPEB Fund (the "Contribution") pursuant to <br /> 24 the terms and conditions of the Contribution Agreement between Orange County, North <br /> 25 Carolina and the Treasurer in the form presented to the Commissioners; <br /> 26 <br /> 27 FURTHER RESOLVED, that the appropriate officers, managers, and representatives of <br /> 28 Orange County, North Carolina (the "Authorized Representatives") are hereby authorized and <br /> 29 directed to execute and deliver the Contribution Agreement, to take any other actions deemed <br /> 30 necessary or appropriate to consummate the transactions provided for therein, and to cause <br /> 31 the Contribution to be made; <br /> 32 <br /> 33 FURTHER RESOLVED, that all actions heretofore taken by any of the Authorized <br /> 34 Representatives of Orange County, North Carolina acting on behalf of the County in <br /> 35 furtherance of the foregoing resolutions are hereby ratified, adopted, approved and confirmed in <br /> 36 all respects; and <br /> 37 <br /> 38 FURTHER RESOLVED, that the Authorized Representatives of Orange County, North <br /> 39 Carolina acting on behalf of the County are hereby authorized to take all such other actions as <br /> 40 they may deem necessary or appropriate to give effect to the foregoing resolutions. <br /> 41 <br /> 42 Section XIV. Encumbrances <br /> 43 <br /> 44 Operating funds encumbered by the County as of June 30, 2016 are hereby reappropriated to <br /> 45 this budget. <br /> 46 <br /> 47 Section XV. Capital Projects & Grants Fund <br /> 48 <br /> 49 The County Capital Improvements Fund, Schools Capital Improvements Fund, Community <br /> 50 Development Fund and the Grant Projects Fund are hereby authorized. Appropriations made <br />