01241997
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HARNETT COUNTY BOARD OF COMMISSIONERS
Minutes of Special Session
January 24, 1997
The Harnett County Board of Commissioners met in special session
on Friday, January 24, 1997, at the Harnett County Law
Enforcement Center, Li11ington, North Carolina.
. Members present: Dan B. Andrews, Chairman
Beatrice B. Hill, Vice Chairman
Joseph T. Bowden
Teddy J. Byrd
Walt Titchener
Staff present: Neil Emory, County Manager
Wm. A. (Tony) Wilder, Assistant County Manager
Vanessa W. Young, Finance Officer
Kay S. Blanchard, Clerk to the Board
Invited guests present: Senator Dan Page
Representative Don Davis
Representative Bobby Hall
Chairman Andrews called the meeting to order at 8 a.m. and
welcomed the guests. Representative Davis offered the
invocation.
N~il Emory, County Manager, led the group in a review and
d~scussion of local issues and goals.
Neil Emory, County Manager, presented for the Board's
consideration a Resolution Approving the Issuance of
Approximately $6,265,000 Housing Revenue Bonds by Eastern
Carolina Reg~onal Housing Authority to Finance the Purchase and
Improvement by Continuum Care Corporation of Assisted Living
Faci~it~es wit~in Harnett County (and other similar facilities).
Comm~ss~oner T~tchener moved for adoption of the resolution.
. Comm~ssioner Bowden seconded the motion and it passed with a
unan~mous vote.
<Attachment 1)
There being no further business, the meeting adjourned at 10:00
a.m.
))~ 15_ Qg~
Dan B. Andrews, Chairman
l~ B{~n~o the Board
Attachment 1. EXHIDfi' A
RESOLLIION A:I ~AO"'lNG 1 ~ ISSUANCE OF As.r'.i'.OXL\fA TEL Y
$6,165,000 HOUSING REVENUE BONDS BY EASTERN CAROLl'iA
REGIONAL HOUSING At.; .lnORITY TO FINANCE THE PURCHASE
AND IMPROVEMENf BY CONTINUUM CARE CORPORATION OF
ASSISTED LIVING FACn..rrIES \\1THIN HARNETT COUNTY (AND
o uu;R SIMILAR FACIL.l.l~)
. \\THEREAS, the Eastern Carolina Regional Housing Authority (the "Authority") has
given its preli.minary approval to a plan of financing whereby the Authority will issue its housing
revenue bonds in an aggregate amount of approximately $6,265,000 to provide funds, together
with other available funds, to ftnance the purchase and imprc\'eoenL by" Continuum Care
Corporation the ("Corporation") of Pinecrest Rest Home and Knollwood Retirement Home (and
other similar facilities).
WHEREAS, such bonds will be payable solely from revenues to be derived by the
Corporation from the operation of Pinecrest Rest Home and Knollwood Retirement Center and
such other facilities, and by the other specific security pledged tCl such payment; the bends will
not be general obligations of the Authorit)" or of the Hamen County. and neither the County's
faith and credit nor its taxing power will be pledged, directly, indL.--ec:.iy or contingently, to my
payments on such bonds;
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WHEREAS, the United States Internal Revenue Code (the "Code") requires that for such
bonds to be issued on a tax-exempt basis, the issuance of such brmds m~st receive o;he prior
a.pproval of the Harnett COWlty Board of Commissioners; and
WHEREAS. the COUD'Y has held a public hearing on the issuance of such bonds after
published notice as required by the Code~
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY
OF HARNETT, NORTH CAROLINA, that the issuance of such bonds in a principal amount
currently estimated at approximately $6.265,000 to carry out the plan of fmancin,g described .
above is hereby approved; and
BE IT FURTHER RESOLVED. that this approval is designed to be "public approval"
for the issuance of such bonds pursuant to Code Section 147.
.
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