Orange County NC Website
Adoption of Reimbursement Resolution. Since the County has already spent funds on <br />the Whiffed project and there is potential to spend funds on the Blackwood property <br />stabilization prior to closing on the bonds and receiving funds, federal tax regulations <br />require the adoption of a resolution setting forth the County s intent to reimburse itself for <br />these expenditures. <br />Adoption or preliminary resolution approving Certificate of Participation (COPSZ <br />Financing. COPs will be the financial mechanism used by staff to fund the alternative <br />financing share of the approved debt issuance. This resolution is the required first step <br />in the process for issuing COPs. <br />During the June 2004 budget work sessions, the Board will be discussing the list of proposed <br />uses for thetwo-thirds net debt reduction bonds that was previously distributed to the Board by <br />staff. Introduction of the accompanying bond orders will fix the maximum amounts of two-thirds <br />bonds that can be spent far facilities at $3.9 million and for land at $300,000. Within those <br />amounts, the Board will retain substantial flexibility as it relates to the specific projects to be <br />funded by the two bond orders. The only restrictions relate to the purpose as stated in the <br />order. The bond order far public facilities authorizes funds to be used far any public facility <br />acquisition, construction and/or renovations as the Board so chooses. The bond order far land <br />authorizes the funds to be used for any land acquisition. <br />FINANCIAL IMPACT: Funds totaling $795,800 are included in the 2004-2005 Manager's <br />recommended budget to pay the estimated interest payments required for all of the above <br />mentioned debt. The initial principal payments will not come due until the 2005-2006 fiscal <br />year. <br />RECOMMENDATION(S): The Manager recommends that the Chair introduce the Bond Order <br />and that the Board establish a Public Hearing on June 23,2004 as set forth above, adopt the <br />required resolutions and authorize the Finance Director and other staff to proceed as indicated <br />within the resolutions. <br />