2009/10/19 RESOLUTION DECLARING THE INTENT OF THE CTY OF HARNETT TO DESIGNATE THE CTY OF HARNETT AS A RECOVERY ZONE FOR THE PURPOSES OF ISSUING RECOVERY ZONE BONDSEXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
A regular meeting of the Board of Commissioners of the County of Harnett, North Carolina was
held on Monday, October 19, 2009, at 7:00 p.m. in the County Commissioners' Meeting Room, Harnett
County Administration Building, 102 East Front Street, Lillington, North Carolina, Timothy B. McNeill,
Chairman of the Board of Commissioners of the County of Harnett, North Carolina (the "Board "),
presiding and the following Commissioners present:
The following members were present:
Chairman Timothy B. McNeill
Vice Chairman Beatrice Hill
Commissioner Dan Andrews
Commissioner Gary House
Commissioner Jim Burgin
The following members were absent:
Also present:
Scott Sauer, County Manager
Tony Wilder, Deputy County Manager
Dwight Snow, County Attorney
Sylvia Blinson, Finance Officer
Gina Daniel, Acting Clerk
Commissioner Andrews moved that the following resolution (the "Resolution'), a copy of which
was available with the Board and which was read by title:
RESOLUTION OF THE COUNTY OF HARNETT, NORTH CAROLINA DECLARING THE
INTENT OF THE COUNTY OF HARNETT, NORTH CAROLINA TO DESIGNATE THE
COUNTY OF HARNETT, NORTH CAROLINA AS A RECOVERY ZONE FOR THE PURPOSES
OF ISSUING RECOVERY ZONE BONDS.
WHEREAS, the County of Hamett, North Carolina (the "County') is a validly existing political
subdivision of the State of North Carolina (the "State "), existing as such under and by virtue of the
Constitution, statutes and laws of the State;
WHEREAS, Section 1401 of the American Recovery and Reinvestment Act of 2009 (the "Act")
revised the Internal Revenue Code of 1986, as amended (the "Code'), to create "recovery zone economic
development bonds" and "recovery zone facility bonds" (collectively, "Recovery Zone Bonds'), which
may be used to finance certain qualified projects in areas designated by an issuer as a "recovery zone"
within the meaning of Section 1400U -1(b) of the Code;
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WHEREAS, pursuant to the Act, the County has initially been allocated (1) $5,684,000 of its
recovery zone economic development bond volume limitation and (2) $8,526,000 of its recovery zone
facility bond volume limitation, which amounts are subject to change;
WHEREAS, the Board has determined that it would be in the County's best interest designate the
entire County as a recovery zone so as to permit the issuance of all or a portion of the County's Recovery
Zone Bond allocation for one or more qualified purposes, including purposes that may not otherwise be
eligible for tax - exempt financing;
WHEREAS, as a result of recent economic conditions, the County as a whole has experienced
general economic distress;
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
Section 1. Official Designation. The Board hereby finds that the County as a whole has
experienced general economic distress and hereby designates the entire geographical territory of the
County as a "recovery zone" in accordance with Section 1400U -1 of the Code.
Section 2. Effective Date This Resolution is effective immediately on the date of its adoption.
On motion of Commissioner Andrews, seconded by Vice Chairman Hill, the foregoing resolution
entitled "RESOLUTION OF THE COUNTY OF HARNETT, NORTH CAROLINA DECLARING THE INTENT OF
THE COUNTY OF HARNETT, NORTH CAROLINA To DESIGNATE THE COUNTY OF HARNETT, NORTH
CAROLINA AS A RECOVERY ZONE FOR THE PURPOSES OF ISSUING RECOVERY ZONE BONDS" was
duly adopted by the following vote:
AYES: FIVE
NAYS: NONE
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STATE OF NORTH CAROLINA
ss:
COUNTY OF HARNETT
I, MARGARET REGINA DANIEL, Acting Clerk to the Board of Commissioners of the County of
Harnett, North Carolina, DO HEREBY CERTIFY that the foregoing is a true and exact copy of a
resolution entitled "RESOLUTION OF THE COUNTY OF HARNETT, NORTH CAROLINA DECLARING THE
INTENT OF THE COUNTY OF HARNETT, NORTH CAROLINA TO DESIGNATE THE COUNTY OF
HARNETT, NORTH CAROLINA AS A RECOVERY ZONE FOR THE PURPOSES OF ISSUING RECOVERY
ZONE BONDS" adopted by the Board of Commissioners of the County of Harnett, North Carolina, at a
meeting held on the 19'" day of October, 2009.
WIMESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 19
day of October, 2009.
AaALJ
MAR T REGINA IEL
Acti lerk to the B d
Coun of Harnett, North Carolina
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