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HomeMy WebLinkAbout2011/12/05 RESOLUTION TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES INCURRED IN CONNECTION W/THE ACQUISITION, CONST, EQUIPPING & FURNISHING OF CERTAIN SCHOOL FAC IN THE CTYEXTRACTS 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, December 5, 2011 at 9:00 a.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: Timothy B. McNeill, Chairman Beatrice B. Hill, Vice Chairman Dan Andrews, Commissioner Gary House, Commissioner Jim Burgin, Commissioner The following members were absent: 0 Also present: Scott Sauer, County Manager Tony Wilder, Deputy County Manager Dwight Snow, County Attorney Sylvia Blinson, Finance Officer Margaret Regina Wheeler, Clerk Commissioner Burgin 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 REIMBURSE ITSELF FOR CAPITAL EXPENDITURES INCURRED IN CONNECTION WITH THE ACQUISITION, CONSTRUCTION, EQUIPPING AND FURNISHING OF CERTAIN SCHOOL FACILITIES IN THE COUNTY FROM THE PROCEEDS OF QUALIFIED SCHOOL CONSTRUCTION BONDS OR TAX - EXEMPT OBLIGATIONS TO BE EXECUTED AND DELIVERED IN CALENDAR YEARS 2012 OR 2013. WHEREAS, the Board of Commissioners (the "Board") of the County of Harnett, North Carolina (the "County") has determined that it is in the best interests of the County to construct, furnish and equip Highland Middle School and Highland High School in the County, including the acquisition of land therefor (collectively, the "Projects "); WHEREAS, the County presently intends, at one time or from time to time, to finance all or a portion of the costs of the Projects with proceeds of "qualified school construction bonds" (the "Bonds ") within the meaning of Section 54F of the Internal Revenue Code of 1986, as amended (the "Code "), or with proceeds of its tax - exempt obligations (the "Tax- Exempt Obligations," and together with the Bonds, the "Obligations "), and reasonably expects to execute and deliver the Obligations to finance, or to reimburse itself for, all or a portion of the costs of the Projects; and PPAB 1873002v2 WHEREAS, the County desires to proceed with the Projects and will incur and pay certain expenditures in connection with the Projects prior to the date of the initial execution and delivery of the Obligations (the "Original Expenditures "), such Original Expenditures to be paid for originally from a source other than the proceeds of the Obligations, and the County intends, and reasonably expects, to be reimbursed for such Original Expenditures from a portion of the proceeds of the Obligations to be executed and delivered at a date occurring after the dates of such Original Expenditures; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of Harnett, North Carolina as follows: Section 1. Official Declaration of Intent The County presently intends, and reasonably expects, to reimburse itself for the Original Expenditures incurred and paid by the County on or after the date of adoption of this Resolution from a portion of the proceeds of the Obligations. The County reasonably expects to execute and deliver the Obligations in calendar years 2012 or 2013 to finance all or a portion of the costs of the Projects. The maximum principal amount of Bonds expected to be executed and delivered by the County to pay for all or a portion of the costs of the Projects, which amount is subject to change, is expected to be approximately $32,000,000, and the maximum principal amount of Tax - Exempt Obligations expected to be executed and delivered by the County to pay for all or a portion of the costs of the Projects, which amount is subject to change, is expected to be approximately $30,000,000. Section 2. Compliance with Regulations. The County adopts this Resolution as a declaration of official intent under Section 1.150 -2 of the Treasury Regulations promulgated under Section 103 of the Code and under Section 54A(d)(2)(D) of the Code to evidence the County's intent to reimburse itself for the Original Expenditures from proceeds of the Tax - Exempt Obligations and the Bonds, respectively. Section 3. Itemization of Capital Expenditures. The Finance Officer of the County, with advice from special counsel, is hereby authorized, directed and designated to act on behalf of the County in determining and itemizing all of the Original Expenditures incurred and paid by the County in connection with the Projects during the period commencing on the date of adoption of this Resolution and ending on the date of the initial execution and delivery of the Obligations. Section 4. Effective Date. This Resolution is effective immediately on the date of its adoption. On motion of Commissioner Bur ig n , seconded by Commissioner Andrews . the foregoing resolution entitled "RESOLUTION OF THE COUNTY OF HARNETT, NORTH CAROLINA DECLARING THE INTENT OF THE COUNTY OF HARNETT, NORTH CAROLINA TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES INCURRED IN CONNECTION WITH THE ACQUISITION, CONSTRUCTION, EQUIPPING AND FURNISHING OF CERTAIN SCHOOL FACILITIES IN THE COUNTY FROM THE PROCEEDS OF QUALIFIED SCHOOL CONSTRUCTION BONDS OR TAX - EXEMPT OBLIGATIONS TO BE EXECUTED AND DELIVERED IN CALENDAR YEARS 2012 OR 2013" was duly adopted by the following vote: AYES: 5 NAYS: 0 PPAB 1873002v2 STATE OF NORTH CAROLINA ss: COUNTY OF HARNETT 1, MARGARET REGINA WHEELER, 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 REIMBURSE ITSELF FOR CAPITAL EXPENDITURES INCURRED IN CONNECTION WITH THE ACQUISITION, CONSTRUCTION, EQUIPPING AND FURNISHING OF CERTAIN SCHOOL FACILITIES IN THE COUNTY FROM THE PROCEEDS OF QUALIFIED SCHOOL CONSTRUCTION BONDS OR TAX - EXEMPT OBLIGATIONS TO BE EXECUTED AND DELIVERED IN CALENDAR YEARS 2012 OR 2013" adopted by the Board of Commissioners of the County of Harnett, North Carolina, at a meeting held on the 5 °i day of December, 2011. WITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 114 day of December, 2011. `0�Hn ngr,r v :O' O PPAB 1873002v2 [AN EELER Clerk tj6 the Board V Count of Harnett, North Carolina