HomeMy WebLinkAbout2012/08/20 RESOLUTION CALLING FOR A PUB HEARING W/RESPECT TO A PROPOSED INSTALLMENT FINANCING CONTRACT HIGHLND MIDDLE SCHOOLEXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
A regular meeting of the Board of Commissioners (the "Board") of the County of Harnett, North
Carolina (the "County") was held on Monday, August 20, 2012, 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 presiding and the following
Commissioners present:
Commissioners Present: Timothy B. McNeill, Chairman
Beatrice B. Hill, Vice Chairman
Jim Burgin, Commissioner
Gary House, Commissioner
Dan Andrews, Commissioner
Commissioners Absent: none
Commissioner Timothy B. McNeill 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 BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT,
NORTH CAROLINA, CALLING FOR A PUBLIC HEARING WITH RESPECT TO A
PROPOSED INSTALLMENT FINANCING CONTRACT
WHEREAS, the County of Harnett, North Carolina (the "County') is a validly existing political
subdivision of the State of North Carolina, existing as such under and by virtue of the Constitution,
statutes and laws of the State of North Carolina (the "State ");
WHEREAS, the County has the power, pursuant to the General Statutes of North Carolina to
(1) purchase real and personal property, (2) enter into installment purchase contracts in order to finance or
refinance the purchase of real and personal property used, or to be used, for public purposes, and (3) grant
a security interest in some or all of the property purchased to secure repayment of the purchase price;
WHEREAS, the County is considering (1) entering into an installment financing contract in an
amount not to exceed $31,500,000 (the "Proposed Contract") to finance the acquisition, construction,
furnishing and equipping of a new Highland Middle School (the "Project") and (2) executing and
delivering a deed of trust, security agreement and fixture filing (the "Proposed Deed of Trust ") related to
all or a portion of the County's fee simple interest in the real property on which the Project will be
located, together with the improvements thereon, as may be required by the entity providing the funds to
the County under the Contract;
WHEREAS, no deficiency judgment may be rendered against the County in any action for its
breach of the Proposed Contract, and the taxing power of the County may not be pledged in any way
directly or indirectly or contingently to secure any moneys due under the Proposed Contract; and
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WHEREAS, a public hearing on the Proposed Contract after publication of a notice with respect to
such public hearing must be held and approval of the Local Government Commission with respect to
entering the Proposed Contract must be received;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
COUNTY OFHARNETT, NORTH CAROLINA, AS FOLLOWS:
Section 1. Direction to Retain Special Counsel, Financial Advisor. The County Manager
and the Finance Officer, with advice from the County Attorney, are hereby authorized and directed to
retain the assistance of Parker Poe Adams & Bernstein LLP, Charlotte, North Carolina, as special
counsel, and Davenport & Company LLC, as financial advisor.
Section 2. Public Hearing. A public hearing (the "Public Hearing") shall be conducted by
the Board of Commissioners on September 4, 2012 at 9:00 a.m. in the County Commissioners' Meeting
Room, Harnett County Administration Building, 102 East Front Street, Lillington, North Carolina,
concerning the Proposed Contract, the Proposed Deed of Trust, the financing of the Project and any other
transactions contemplated therein and associated therewith.
Section 3. Notice of Public Hearing. The Clerk to the Board is hereby directed to cause a
notice of the Public Hearing in the form attached hereto as Exhibit A to be published once in a qualified
newspaper of general circulation within the County no fewer than 10 days prior to the Public Hearing,
Section 4. Repealer. All motions, orders, resolutions and parts thereof in conflict herewith
are hereby repealed.
Section 5. Effective Date. This Resolution is effective on the date of its adoption.
On motion of Commissioner Timothy B. McNeill, the foregoing resolution entitled
"RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT, NORTH
CAROLINA, CALLING FOR A PUBLIC HEARING WITH RESPECT TO A PROPOSED INSTALLMENT
FINANCING CONTRACT" was duly adopted by the following vote:
AYES: 5
NAYS: 0
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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 BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT, NORTH
CAROLINA, CALLING FOR A PUBLIC HEARING WITH RESPECT TO A PROPOSED INSTALLMENT
FINANCING CONTRACT" adopted by the Board of Commissioners of the County of Harnett, North
Carolina, at a meeting held on the 20`h day of August, 2012.
WITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 20th
day of August, 2012.
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MAR RET REGIN HEELER
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County of Harnett, North Carolina
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EXHIBIT A
NOTICE OF PUBLIC HEARING
The Board of Commissioners (the "Board") of the County of Harnett, North Carolina
(the "County") is considering (1) entering into an installment financing contract in an amount not to
exceed $31,500,000 (the "Contract ") to finance the acquisition, construction, furnishing and equipping of
a new Highland Middle School (the "Project") and (2) executing and delivering a deed of trust, security
agreement and fixture filing (the "Deed of Trust") related to all or a portion of the County's fee simple
interest in the real property on which Highland Middle School will be located, together with the
improvements thereon (collectively, the "Premises "), as may be required by the entity providing the funds
to the County under the Contract.
Highland Middle School will be located on a parcel between Buffalo Lake Road (SR 1115) and
Tingen Road (SR 1139), adjacent to Highland Elementary School, which is located at 1915 Buffalo Lake
Road, Sanford, North Carolina 27332. The Premises identified above would be mortgaged under the
Deed of Trust. On the County's payment of all installment payments due under the Contract, the Deed of
Trust and any lien created thereunder would terminate and the County's title to the Premises would be
unencumbered.
NOTICE IS HEREBY GIVEN, pursuant to Sections 160A -20 and 153A -158.1 of the General
Statutes of North Carolina, that on September 4, 2012 at 9:00 a.m. in the County Commissioners'
Meeting Room, Harnett County Administration Building, 102 East Front Street, Lillington, North
Carolina, a public hearing will be conducted concerning the approval of the execution, delivery and
performance of the Contract and the Deed of Trust and the Project to be financed thereby. All interested
parties are invited to present comments at the public hearing regarding the execution, delivery and
performance of the Contract and the Deed of Trust and the Project to be financed thereby.
/s/ Margaret Regina Wheeler
Clerk to the Board of Commissioners
County of Harnett, North Carolina
Published: August 24, 2012
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