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2 <br />REIMBURSEMENT RESOLUTION -- <br />PARKS, RECREATION AND OPEN SPACE 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 using <br />proceeds of tax-exempt financing to restore the County's funds when the County makes <br />capital expenditures prior to closing on the financing. <br />BE IT RESOLVED by the Board of Commissioners of Orange County, <br />North Carolina, as follows: <br />Section 1. The project is the payment of capital costs of providing parks, <br />open space and recreational facilities. <br />Section 2. The County intends to finance the project. The expected type <br />of financing (which is subject to change) is the general obligation bonds approved at the <br />County's 2001 bond referendum, or in the alternative installment financing pursuant to <br />160A-20 of the General Statutes. The expected maximum amount of bonds or other <br />obligations to be issued or contracted for the project is $5,500,000. <br />Section 3. The County intends that funds that have been advanced, or <br />may be advanced, from the County's general fund for project costs will be reimbursed <br />from the financing proceeds. <br />Section 4. The County intends that the adoption of this resolution will be <br />a declaration of this County's official intent to reimburse project expenditures from <br />financing proceeds. <br />* ~ ~ * ~ * ~ <br />I certify that the foregoing resolution was duly adopted at a meeting of the <br />Board of Commissioners of Orange County, North Carolina, duly called and held on <br />2008, and that a quorum was present and acting throughout such <br />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 />