08061987HARNETT, COUNTY BOARD .OF COMMISSIONERS 'SPECIAL MEETING
OF'AUGUST 6, 1987
CALL TO ORDER:
The Harnett County Board of commissioners met in special session on Thursday,
August 6, 1987, at the County Office Building, Lillington, North Carolina, with
the following members present:- Bill Shaw, Mack Reid Hudson, Mayo Smith, and
Chairman Lloyd G. Stewart presiding. Rudy Collins was absent. Others present
were:_ Vanessa W. Young, Clerk to, the Board; Dallas H. Pope, County Manager;
Glenn Johnson, County Attorney, and Kay S. Blanchard, Recording Secretary.
Chairman Stewart called the meeting to. order at 4:00 p:m.
RESOLUTION'RE'' Glenn Johnson, County Attorney, read and presented for - approval a resolution
LAW ENFORCEMENT relating to County's Law Enforcement Center 'Installment Purchase Agreement and
CENTER Designation as Qualified Tax - Exempt' Obligation.
Commissioner Smith made a motion to. approve thei resolution. Commissioner Hudson
seconded the motion and it' passed with a'unanimous..vote. The resolution is
copied, in full at the end of these - minutes dated August 6, 1987, as- document No. 1.
Commissioner Shaw made a motion to.authorize Lloyd G.-Stewart, Chairman, Harnett
County Board of Commissioners, and Vanessa W. Young, Clerk to the Board, to sign
'documents for Harnett County at the second closing of the Harnett County Law
Enforcement Center based on the County's Law Enforcement Center Installment Purchas
Agreement Commissioner Smith seconded the motion and'' it passed'with.a unanimous
ADJOURNMENT
Document No. 1.
There being-no further business, the Harnett County Board of Commissioners'
special meeting of August 6, 1987, duly adjourned at 4:15 p.m.
Lloyd . Stewart, Chairman
Vanessa W.
Young,
Ka Blanchard,
RESOLUTION. RELATING TO INSTALLMENT
PURCHASE AGREEMENT AND DESIGNATION AS
QUALIFIED TAX - EXEMPT OBLIGATION
unnfcr
lerk 4 the Board
IT RESOLVED by the Board of County Commissioners
of Harnett County,.. North Carolina (the Issuer),. as follows:
Section 1. Recitals and. Authorization. The Issuer,
as lessee, has .heretofore entered into an Installment Purchase
Agreement dated as. of July 10, 1986.. (the Agreement), with
Davidson. and Jones Development Company, as seller, the obligation
to make installment purchase payments under which will commence
upon completion of the project financed thereby. It is hereby
determined that it is necessary and desirable and in the best
interests of the Issuer to enter into the Agreement for the
purposes therein specified, and the execution and delivery of
the Agreement by the Issuer are hereby approved and confirmed.
Section 2. Designation as Qualified Tax - Exempt
Obligation. Pursuant to Section 265(b)(3)(B)(ii) of the Internal
Revenue Code of 1986 (the Code), the Issuer hereby specifically
designates the Agreement as a ".qualified tax- exempt obligation"
for purposes of section 265(b)(3)(D). of the Code. In compliance
with Section 265(b)(3)(D) of the Code, the Issuer hereby
represents that .the Issuer will not designate .. more than
$10,000,000 of obligations issued -by the *Issuer in the calendar
year during which the, obligation to make installment purchase
payments pursuant to the Agreement commences as such "qualified
tax- exempt obligations."
Section 3. Issuance Limitation. In compliance with
the requirements of Section 265(6)(3)(o) of the Code, the Issuer
hereby represents that the Issuer (including all "subordinate
entities" of the Issuer within the meaning of Section
265(b)(3)(E) of the. Code) reasonably anticipates not to issue
in the calendar year during which the obligation to make
installment purchase payments pursuant to the Agreement
commences, obligations bearing interest exempt from federal
income taxation under Section 103 . of. the Code (other than.
"private activity bonds" as defined in Section 141 of the Code)
in an amount greater than $10,000,000. Attached hereto as
Exhibit A is a list of all such obligations issued by the Issuer
(including any "subordinate entity") during such calendar year.
Attest:
Lts
person