Minutes - 5-22-14 Reg. Meeting - Laserfiche WebLink

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BK:00026 PG (d) $23,000,000 is the maximum principal amount of debt expected to be incurred for the purpose of paying the costs of the Project. (e) This declaration of official intent is made pursuant to Section 1.150 -2 of the Treasury Regulations to expressly declare the official intent of the County to reimburse itself from the proceeds of debt to be hereinafter incurred by the County for certain expenditures paid by the County on or after the date which is sixty (60) days prior to the date hereof. (f) The funds heretofore advanced or to be advanced by the County to pay the Original Expenditures are or will be available only on a temporary basis, and do not consist of funds that were otherwise earmarked or intended to be used by the County to permanently finance the Original Expenditures. (g) All Original Expenditures to be reimbursed by the County were paid no more than sixty (60) days prior to, or will be paid on or after the date of, this declaration of official intent, except with respect to certain amounts incurred before such 60 -day period not exceeding 20% of the issue price of the proceeds of the debt to be hereinafter incurred which are expended for "preliminary expenditures" within the meaning of Section 1.150 -2 of the Treasury Regulations (the "Preliminary Expenditures "). The County understands that, except for the Preliminary Expenditures, such reimbursement must occur not later than eighteen (18) months after the later of (a) the date the Original Expenditures were paid and (b) the date the Project is placed in service or abandoned, but in no event more than three (3) years after the Original Expenditures were paid. Section 2. This resolution shall take effect upon its passage. Upon motion of Commissioner Jim Womack , the foregoing resolution entitled "RESOLUTION OF THE COUNTY OF LEE, NORTH CAROLINA DECLARING ITS 5