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RES-2017-009 r1 L <br /> Reimbursement Resolution- <br /> Related to spending on affordable housing projects <br /> pending the issuance of the County's voter-approved bonds <br /> WHEREAS-- <br /> Orange County intends to undertake a Project (as described below), use its own funds to <br /> pay initial Project costs, and then reimburse itself from financing proceeds for these early <br /> expenditures. The Finance Officer has advised the Board that it should adopt this resolution to <br /> document the County's plans for reimbursement, in order to comply with certain federal tax rules <br /> relating to reimbursement from financing proceeds. <br /> BE IT RESOLVED by the Board of Commissioners of Orange County, North Carolina,as <br /> follows: <br /> 1. The Project is capital improvements related to providing housing for persons of low <br /> and moderate income. <br /> 2. The County intends to advance funds for initial Project costs, and then reimburse <br /> itself from financing proceeds. The expected primary type of financing for the Project (which is <br /> subject to change) is the County's general obligation bonds approved by the voters on November 8, <br /> 2016. The expected maximum amount of bonds or other obligations to be issued or contracted for <br /> the Project is$5,000,000,which is the amount of the voter-approved bonds. <br /> 3. Funds for the early Project expenditures may come from the County's General Fund <br /> or from any other County fund. <br /> 4. The County intends for the adoption of this resolution to be a declaration of its <br /> official intent to reimburse itself from financing proceeds for Project cost expenditures. <br /> NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commissio e4te <br /> this resolution is effective n approval. Upon motion of Commissioner <br /> seconded Commissioner the foregoing resolution was adopted t <br /> 7day of 2017. <br /> — I, Donna S. Baker, Clerk to the Board of Commissioners for the County of Orange, <br /> North Carolina, DO HEREBY CERTIFY that the fo g ing is a true copy of so much of the <br /> proceedings of said Board at a meeting held on -1 2017, as relates in any way <br /> to the adoption of the foregoing and that said proceedings are recorded in Minute Book No. <br /> of the minutes of said Board. <br /> WITNESS my hand and the seal of said County,the day of_U 017. <br /> Donna S. Baker <br /> 52 Clerk to the Board <br /> Or (Lazo <br />