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2 <br /> ORANGE COUNTY BOARD OF COMMISSIONERS <br /> A RESOLUTION ESTABLISHING A 1997 REVALUATION RESERVE FUND <br /> WHEREAS, Orange County has completed a revaluation of all <br /> real property effective January 1, 1993, pursuant to the <br /> provisions of the Machinery Act of North Carolina, and <br /> WHEREAS, it is the intention of the Orange County Board of <br /> Commissioners that the next revaluation of real property be <br /> effective January 1, 1997, and <br /> WHEREAS, the Machinery Act requires that a Board of County <br /> Commissioners establish a reappraisal reserve fund at the <br /> outset of the fiscal year next following the completion of a <br /> real property revaluation, and - <br /> WHEREAS, it is estimated that the amount of $60,000 will be <br /> needed by 1996-97 to cover expenses associated with the 1997 <br /> in-house revaluation, <br /> NOW, THEREFORE, BE IT RESOLVED THAT the Orange County Board <br /> of Commissioners hereby establishes the 1997 revaluation <br /> reserve fund, to receive annual appropriations of $15,000, <br /> beginning with the 1993-94 fiscal year. <br /> This the 29th day of June, 1993. <br />