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REIMBURSEMENTRESOLUTION- <br />ORANGE COUNTY LOw AND MODERATE <br />INCOME HOHS7NG PROJECT <br />WHEREAS, the Manager and Finance Officer have described to the <br />Board the desirability of adoptine a resolution, as provided under federal tax law, <br />to faclfitate the County's usivg financing proceeds to [estore the County's funds <br />when the Couvry makes capital expendimns prior 5o closing an a bond issue or <br />other &nancing. <br />BE IT RESOLVED by the Board of Commissioners of Orange County, <br />North Carolina, as the governing board oFOmnge County, as follows: <br />don 1. The project is providing housing far the be¢efit of <br />pemo¢s oflaw end moderate income for Orange County. <br />Sec' 7Le project is to be financed. The currently expected <br />type of financing (which is subject to change) is County general obligation bonds. <br />The cu¢ently expected maximum amount of bonds or other obligations to be <br />issued or contracted for fhe project is $4,000,000. <br />action 3. Funds that have been advanced, or may be advanced, <br />from the County's Genemt Pmtd, for projcct costs are intended to be reimbursed <br />from the Financing proceeds. <br />don 4. The adoption of this resolution is intended as a <br />dedazado¢ of this County's official intent [o reimburse project expe¢ditures from <br />financing proceeds. <br />BaMReealteResAUD l9 <br />