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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: August 19, 2008 <br />Action Agenda <br />Item No. ~~ <br />SUBJECT: Reimbursement Resolution for Affordable Housing Bonds <br />DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No <br />ATTACHMENT(S): <br />Resolution <br />INFORMATION CONTACT: <br />Gary Humphreys, 245-2453 <br />Robert Jessup, 919-755-1800 <br />PURPOSE: To approve a resolution providing for reimbursement of capital expenses for <br />Affordable Housing from the proceeds of a future financing. <br />BACKGROUND: In 2001, the voters approved the issuance of $4 million of Affordable Housing <br />Debt to be used for capital costs of providing housing for the benefit of persons of low and <br />moderate income. The County has issued $2.6 million of this debt. The County staff is planning <br />to ask the Board to authorize moving forward with the issuance of $1.4 million of Affordable <br />Housing debt to occur early in calendar year 2009. The use of previously issued debt proceeds <br />for various Affordable Housing projects are such that the Affordable Housing programs may <br />need to provide funds for approved projects before the issuance of the additional $1.4 million in <br />debt. In order to allow the County to reimburse itself from the proceeds of this future issuance, it <br />is necessary to adopt the attached resolution prepared by the County's bond counsel. <br />FINANCIAL IMPACT: There is no fiscal impact associated with approval of this reimbursement <br />resolution. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the <br />reimbursement resolution. <br />