Orange County NC Website
Browse       Search
2 <br />REIMBURSEMENT RESOLUTION - <br />AFFORDABLE HOUSING PROJECTS <br />WHEREAS, the Manager has described to the Board the desirability of <br />adopting a resolution, as provided under federal tax law, to facilitate the County's <br />using proceeds of tax-exempt financing to restore the County's funds when the <br />County makes capital expenditures prior to closing on the financing. <br />BE IT RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />Section 1. The project is the payment of capital costs of providing <br />housing for the benefit of persons of low and moderate income. <br />Section 2. The County intends to finance the project. The <br />expected type of financing (which is subject to change) is the general obligation <br />bonds approved at the County's 2001 bond referendum, or in the alternative <br />installment financing pursuant to 160A-20 of the General Statutes. The expected <br />maximum amount of bonds or other obligations to be issued or contracted for the <br />project is $1,400,000. <br />Section 3. The County intends that funds that have been <br />advanced, or may be advanced, from the County's general fund for project costs <br />will be reimbursed from the financing proceeds. <br />Section 4. The County intends that the adoption of this resolution <br />will be a declaration of this County's official intent to reimburse project <br />expenditures from financing proceeds. <br />~ ~ * * ~ ~ ~ <br />I certify that the foregoing resolution was duly adopted at a meeting of <br />the Board of Commissioners of Orange County, North Carolina, duly called and <br />held on 2008, and that a quorum was present and acting <br />throughout such meeting. Such resolution remains in full effect as of today. <br />Dated this day of , 2008. <br />[SEAL] <br />Donna Baker <br />Clerk, Board of Commissioners <br />Orange County, North Carolina <br />