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RES-2017-008 P114 c� _') -o�z 1 <br /> Reimbursement Resolution- <br /> Related to spending on school capital projects <br /> pending the issuance of the County's voter-approved bonds <br /> WHEREAS-- <br /> Orange County intends to undertake a Project (as described below), use its own funds to <br /> pay initial Project costs, and then reimburse itself from financing proceeds for these early <br /> expenditures. The Finance Officer has advised the Board that it should adopt this resolution to <br /> document the County's plans for reimbursement, in order to comply with certain federal tax rules <br /> relating to reimbursement from financing proceeds. <br /> BE IT RESOLVED by the Board of Commissioners of Orange County,North Carolina, as <br /> follows: <br /> 1. The Project is capital improvements for public schools, both for the Chapel-Hill <br /> Carrboro schools and the Orange County schools. <br /> 2. The County intends to advance funds for initial Project costs, and then reimburse <br /> itself from financing proceeds. The expected primary type of financing for the Project (which is <br /> subject to change) is the County's general obligation school bonds approved by the voters on <br /> November 8. The expected maximum amount of bonds or other obligations to be issued or <br /> contracted for the Project is $120,000,000, which is the amount of the voter-approved school <br /> bonds. <br /> 3. Funds for the early Project expenditures may come from the County's General Fund, <br /> from the County's school capital fund,or from any other County fund. <br /> 4. The County intends for the adoption of this resolution to be a declaration of its <br /> official intent to reimburse itself from financing proceeds for Project cost expenditures. <br /> NOW THEREFORE BE IT ORDAINED by the Board of Orange County Commissioners <br /> th t this resolution is effective upon app val. Upon motion of Commissioner <br /> r , <br /> seconded by C ssii the foregoing resolution was <br /> adopte this the day of=� 2017. <br /> I, Donna Baker, Clerk to the Board of Commissioners for the County of <br /> Orange, North Carolina, DO HEREBY CERTIFY that the forego i a true copy of so <br /> much of the proceedings of said Board at a meeting held on _ 1 , 2017, <br /> as relates in any way to the adoption of the foregoing and that said proceedin s ar <br /> recorded in Minute Book No. of the minutes of said Board. <br /> WITNESS my hand and the seal of said County, the Board <br /> of , <br /> 2017. <br /> 1? <br /> Don ha S. Baker <br /> $� Clerk to the Board <br /> SEAL A <br /> rjr� <br /> �arru liar <br />