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8 <br />REIMBURSEMENT RESOLUTION -PUBLIC FACILITIES <br />WHF,REAS, Federal tax rules require this Board to adopt an <br />appropriate resolution to facilitate the County's using financing proceeds to <br />restore the County's funds when the unit makes capital expenditures prior to <br />closing on a bond issue or other financing; <br />BE IT RESOLVED by the Board of Cornmissioners of Orange <br />County, North Carolina, as follows: <br />Section 1. The project is providing public buildings, <br />including costs of acquisition, construction, renovation and other capital <br />costs, including the possible acquisition of land for public buildings <br />Section 2. The project is to be financed. The currently <br />expected type of financing (which is subject to change) is general obligation <br />bonds. The currently expected rnaximurn amount of bonds or other <br />obligations to be issued or contracted for the project is $3,900,000. <br />Section 3. Funds that have been advanced, or may be <br />advanced, from the County's General Fund for project costs are intended to <br />be reimbursed from the financing proceeds. <br />Section 4. The adoption of this resolution is intended as a <br />declaration of this unit's official intent to reimburse project expenditures <br />fiom financing proceeds. <br />