RES-2017-026 Resolution Stating Intent To Proceed with a General Obligation

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expects that existing revenue sources allocated for debt service payments will be sufficient to generate funds for debt payments BE IT FURTHER RESOLVED, as follows: (a) The Board directs the Finance Officer to proceed with the steps for the bond issue, including proceeding with an application to the LGC for its approval of the proposed bonds. The Board appoints the Finance Officer as the County's authorized representative with respect to the LGC application process. (b) The Board authorizes all County representatives to take all further action as they may consider desirable for accomplishing the purposes and intentions of this resolution. The Board ratifies all prior actions of County representatives in this regard. This resolution takes effect immediately. (c) The County intends that the adoption of this resolution will be a declaration of the County's official intent to reimburse project expenditures from financing proceeds. The County intends that funds that have been advanced for project costs, or which may be so advanced, from the County's general fund, the school capital fund, or any other County fund, may be reimbursed from the financing proceeds. (d) This resolution takes effect immediately NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commissioners hat th' resolution is effective upon app oval. Upon motion of Commissioner seconded by Commissioner � the foregoing resolution was adopt d this the 2nd day of May, 2017. 1, Donna S. Baker, Clerk to the Board of Commissioners for the County of Orange, North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy of so much of the proceedings of said Board at a meeting held on May 2, 2017, as relates in any way to the adoption of the foregoing and that said proceedings are recorded in Minute Book No. of the minutes of said Board. WITNESS my hand and the seal of said County,the 3rd day of May, 2017. t Donna S. Bak 17 Clerk to the Board 52