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REIMBURSEMENT RESOLUTION - <br />ORANGE000NTYPARKS,RECREATION <br />AND OPEN SPACE PRO.IECT <br />WI~REAS, the Manager and Finance Officer have described t0 the <br />Board the desirability Of adopting a resolution, as provided under Federal tax law, <br />to facilitate the County's using financing proceeds to restore the County's funds <br />when the County makes capital exprnditures prior to closing on a bond issue or <br />other financing. <br />BE IT RESOLVED by the Board of Commissioners of Orange County, <br />North Carolina, as the gOVeming lioazd of Orange CounTy, as follows: <br />action 1. The project is providing pazks, open space and <br />recreational facilities for Orange County. <br />Sectio The project is [o be financed The currently expected <br />type of financing (which is subject to ohange) is County general obligativv bvvde. <br />The currently expected maximum amount of bonds or other obligations [v be <br />issued or conhacted for the project is $20,000,000. <br />Section Funds that have been advanced, or may be advanced, <br />from the Com[y+s General klmd, for project costs are intended to be reimbursed <br />from the fhtancing pmoeeds. <br />ScgppIl_d The adoption of this resolution is intended as a <br />declaration of Mils County's official intent to reimburse project expenditures from <br />financing proceeds. <br />BovdResvltsRUAU1119 <br />