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HomeMy WebLinkAbout2012/09/17 RESOLUTION TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES INCURRED IN CONNECT W/IMPROVEMENTS TO CERTAIN OF SOLID WASTE FACILITIES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS TO BE EXECUTED & DELIVERED IN FY 2013.EXTRACTS 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, September 17, 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 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 Jim Burgin, Commissioner Gary House, Commissioner The following members were absent: none Also present: Scott Sauer, County Manager Tony Wilder, Deputy County Manager Dwight Snow, County Attorney Sylvia Blinson, Finance Officer Margaret Regina Wheeler, Clerk Commissioner House 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 IMPROVEMENTS TO CERTAIN OF SOLID WASTE FACILITIES FROM THE PROCEEDS OF TAX - EXEMPT OBLIGATIONS TO BE EXECUTED AND DELIVERED IN FISCAL YEAR 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 make certain improvements to the County's solid waste facilities, including the acquisition and construction of a lined cell for the disposal of solid waste, the acquisition and construction of a leachate collection system and certain transfer station improvements (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 its tax - exempt obligations (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 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 PPAB 1999338v2 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 occurring 60 days prior to 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 fiscal year 2013 to finance all or a portion of the costs of the Projects. The maximum principal amount of the Obligations expected to be executed and delivered by the County to pay for all or a portion of the costs of the Projects is $1,750,000. 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 Internal Revenue Code of 1986, as amended, to evidence the County's intent to reimburse itself for the Original Expenditures from proceeds of the Obligations. 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 occurring 60 days prior to 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 House, seconded by Commissioner 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 REIMBURSE ITSELF FOR CAPITAL EXPENDITURES INCURRED IN CONNECTION WITH IMPROVEMENTS TO CERTAIN OF SOLID WASTE FACILITIES FROM THE PROCEEDS OF TAX - EXEMPT OBLIGATIONS TO BE EXECUTED AND DELIVERED IN FISCAL YEAR 2013" was duly adopted by the following vote: AYES: 5 NAYS: 0 PPAB 1999338v2 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 IMPROVEMENTS TO CERTAIN OF SOLID WASTE FACILITIES FROM THE PROCEEDS OF TAX- EXEMPT OBLIGATIONS TO BE EXECUTED AND DELIVERED IN FISCAL YEAR 2013" adopted by the Board of Commissioners of the County of Harnett, North Carolina, at a meeting held on the 17`h day of September, 2012. WITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 171h day of September, 2012. v'�OF +BMM�S � el, S , Cn PPAB 1999338v2 Q MAR ARET REGIN WHEELER Cler to the Board County of Harnett, North Carolina