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ORANGE COti NTY SCBOOL PRO, T <br />WHEREAS, the Manager and Fivance Officer have described to the <br />Board the desirability of adopting a resolution, as provided uvder federal tax law, <br />to fazilitate the ardt's using financing proceeds to restore the uniPs funds when the <br />Cowly makes capital expenditures prior to closing on a bond issue or other <br />financing. <br />BE IT RESOLVED by [he Board of Commissioners of Orange County, <br />North Cazolina, as follows: <br />Secti°° 1. The project is providing school facilities for Oravge <br />County. <br />Sec~nn 22 The project is ro be financed. The currently expected <br />type of financing (which is subject to change) ie County general obligation bonds. <br />The currently expected maximum amount of bonds or other obligations to be <br />issued or contracted for [he project is $47,000,000. <br />Sectlnn 3. Funds that have been advauced, or may be advanced, <br />from the County's General Fund, for project costs aze intended to be reimbursed <br />from the finaming proceeds. <br />Section A. 'the adoplion of this resolution is intended as a <br />declaration oL this County's official intent m reimburse project expendilmes from <br />lmavcing proceeds. <br />BovtlResuheResAalll9 <br />