Orange County NC Website
Browse       Search
5 <br /> RES-2017-009 Attachment 2 <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 <br /> its own funds to pay initial Project costs, and then reimburse itself from <br /> financing proceeds for these early expenditures. The Finance Officer has <br /> advised the Board that it should adopt this resolution to document the <br /> County's plans for reimbursement, in order to comply with certain federal tax <br /> rules relating to reimbursement from financing proceeds. <br /> BE IT RESOLVED by the Board of Commissioners of Orange County, <br /> North Carolina, as follows: <br /> 1. The Project is capital improvements related to providing housing <br /> for persons of low and moderate income. <br /> 2. The County intends to advance funds for initial Project costs, and <br /> then reimburse itself from financing proceeds. The expected primary type of <br /> financing for the Project (which is subject to change) is the County's general <br /> obligation bonds approved by the voters on November 8, 2016. The expected <br /> 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 <br /> County's General Fund or from any other County fund. <br /> 4. The County intends for the adoption of this resolution to be a <br /> declaration of its official intent to reimburse itself from financing proceeds for <br /> Project cost expenditures. <br />