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RES-2016-069 7 <br /> Orange County -- Reimbursement Resolution for Capital Projects and Equipment <br /> WHEREAS-- <br /> The County intends to undertake a Project (as described below), use its own funds <br /> to pay initial Project costs, and then reimburse itself from financing proceeds for these <br /> early expenditures. The Manager and the Finance Officer have advised the Board that it <br /> should adopt this resolution to document the County's plans for reimbursement, in order <br /> to comply with certain federal tax rules relating to reimbursement from financing <br /> proceeds. <br /> BE IT RESOLVED by the Board of Commissioners of Orange County, North <br /> Carolina, as follows: <br /> 1. The Project is the acquisition, construction and equipping of the public <br /> assets and improvements described on Exhibit A. <br /> 2. The County intends to advance funds for initial Project costs, and then <br /> reimburse itself from financing proceeds. The expected primary type of financing for the <br /> Project (which is subject to change) is installment financing under Section 160A-20. The <br /> financing may include more than one installment financing, and may include installment <br /> financings with equipment vendors and installment financings that include the use of <br /> limited obligation bonds. <br /> The expected maximum amount of obligations to be issued or contracted for the <br /> Project costs (not including allowances for reserves and financing costs) is approximately <br /> $15,911,700 in the County Capital Fund, $789,722 in the Vehicle Replacement Fund, <br /> $1,000,000 in the School Capital Fund, $662,717 in the Solid Waste Enterprise Fund, and <br /> $2,800,000 in the Sportsplex Enterprise Fund, for a total of$21,164,139. <br /> 3. Funds for the early Project expenditures may come from the County's <br /> General Fund, or any other County fund. <br /> 4. The County intends for the adoption of this resolution to be a declaration of <br /> its official intent to reimburse itself from financing proceeds for Project cost <br /> expenditures. <br /> I certify as follows: that the foregoing resolution was properly adopted at a <br /> meeting of the Board of Commissioners of Orange County, North Carolina; that this <br /> meeting was properly called and held on �cr)M?` 4 L.Z / , 2016; that a quorum <br />