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ORANGE COUNTY <br />BOARD OF COMMISSIONERS <br />ACTION AGENDA ITEM ABSTRACT <br />Meeting Date: August 19, 2008 <br />Action Agen a <br />Item No. ~p~ <br />SUBJECT: Reimbursement Resolution for Parks and Open Space <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 Parks <br />and Open Space. <br />BACKGROUND: In 2001, the voters approved the issuance of $20 million of Parks and Open <br />Space General Obligation debt to be used for capital costs related to Parks and Open Space. <br />The County has issued $14.5 million of this debt. County staff is planning to ask the Board to <br />authorize the moving forward with the issuance of $5.5 million of Affordable Housing debt to <br />occur early in calendar year 2009. The use of previously issued debt proceeds on the various <br />parks and open space projects is proceeding at a pace such that the existing debt proceeds will <br />be exhausted before the issuance of the additional $5.5 million in debt. In order to allow the <br />County to reimburse itself from the proceeds of this future issuance, it is necessary to adopt the <br />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 />