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HomeMy WebLinkAbout2012/11/19 RESOLUTION DIRECTING THE APPLICATION TO THE LOCAL GOV'T COMM FOR APPROVAL OF A SPECIAL OBLIGATION BOND; REQUESTING LOCAL GOV'T COMMISSION APPROVAL OF THE COUNTY'S SPECIAL OBLIGATION BOND & CERTAIN RELATED MATTERSParker Poe EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS A regular meeting of the Board of Commissioners of the County of Harnett, North Carolina (the "County ") was held in the Commissioners' Meeting Room, County Administration Building, 102 East Front Street, Lillington, North Carolina, at 7:00 p.m. on November 19, 2012, after proper notice, and was called to order by Chairman Timothy B. McNeill, and upon the roll being called, the following members of the Board answered present: Timothy B. McNeill, Chairman Beatrice B. Hill, Vice Chairman Dan B. Andrews, Commissioner Jim Burgin, Commissioner Gary House, Commissioner The following members of the Board were absent: All were present Also present: Scott Sauer, County Manager Tony Wilder, Deputy County Manager Dwight Snow, Staff Attorney Sylvia Blinson, Finance Officer Margaret Regina Wheeler, Clerk to the Board Commissioner Jim Burgin introduced the following resolution, a summary of which had been provided to each Commissioner, a copy of which was available with the Clerk to the Board and which was read by title: RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT, NORTH CAROLINA, DIRECTING THE APPLICATION TO THE LOCAL GOVERNMENT COMMISSION FOR APPROVAL OF A SPECIAL OBLIGATION BOND; REQUESTING LOCAL GOVERNMENT COMMISSION APPROVAL OF THE COUNTY'S SPECIAL OBLIGATION BOND AND CERTAIN RELATED MATTERS WHEREAS, the Board of Commissioners (the "Board") of the County of Hamett, North Carolina (the "County") hereby determines that it is necessary to make certain improvements to the County's Dunn Erwin Landfill facility, including (1) the acquisition, construction and installation of a leachate collection system and (2) improvements to the facility's convenience center and transfer station (collectively, the "Projects "); WHEREAS, the Board is considering the issuance of the County's Special Obligation Bond, Series 2012 (the "2012 Bond") in an aggregate principal amount not to exceed $1,750,000 (1) to finance all or a portion of the costs of the Projects and (2) to pay the costs of issuing the 2012 Bond; WHEREAS, in connection with the issuance of the 2012 Bond, the County has retained Parker Poe Adams & Bernstein LLP, as bond counsel, and Davenport & Company LLC, as financial advisor (collectively, the "Financing Team "); and WHEREAS, the Board desires that the County Manager and the Finance Officer of the County (1) file with the Local Government Commission of North Carolina (the "Commission ") an application for PPAB 2021743v2 its approval of the 2012 Bond on a form prescribed by the Commission, (2) request in such application that the Commission approve (a) the negotiation of the sale of the 2012 Bond to a financial institution to be determined (the "Purchaser ") through a private placement and (b) the County's use of the Financing Team in connection with the issuance of the 2012 Bond, (3) state in such application such facts and attach to such application such exhibits in regard to the 2012 Bond and to the County and its financial condition as may be required by the Commission and (4) take all other action necessary for the issuance of the 2012 Bond; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OFHARNETT, NORTH CAROLINA, AS FOLLOWS: Section 1. The 2012 Bond is to be issued by the County for the purpose of providing funds (1) to finance all or a portion of the.costs of the Projects and (2) to pay the costs of issuing the 2012 Bond, all as set out fully in the document attached to the County's application to the Commission. The Projects are necessary in order to comply with state and federal rules and regulations applicable to the Dunn Erwin Landfill facility. Section 2. The County Manager and the Finance Officer of the County are hereby authorized, directed and designated, individually and collectively, (1) to file an application with the Commission for its approval of the issuance of the 2012 Bond, (2) to request bids from financial institutions for the purchase of the 2012 Bond and (3) to designate, with advice from bond counsel and the County's financial advisor, the Purchaser of the 2012 Bond. The Finance Officer or her designee is authorized and directed to file all notices required in connection with the issuance of the 2012 Bond. All actions taken by the County Manager and the Finance Officer or any of their respective designees in furtherance of this Resolution are hereby ratified and approved. Section 3. The Board finds and determines, and asks the Commission to find and determine from the County's application and supporting documentation, as follows: (a) the issuance of the 2012 Bond is necessary; (b) the not to exceed stated principal amount of the 2012 Bond will be sufficient (but not excessive), when added to other money available for such purposes, for the financing of the Projects; (c) the Projects are feasible; (d) the County's debt management procedures and policies are good; and (e) the 2012 Bond can be marketed at reasonable rates of interest. Section 4. The Chairman of the Board, the County Manager, the Finance Officer and the Clerk to the Board are hereby authorized to do any and all other things necessary to complete the steps necessary for the issuance of the 2012 Bond. Section 5. The Board requests that the Commission sell the 2012 Bond through a private placement to the Purchaser on such terms as may be agreed upon, but at a true interest cost not to exceed 5.50 %. PPAB 2021743v2 Section 6. This Resolution is effective on the date of its adoption. On motion of Commissioner Jim Burgin, seconded by Vice Chairman Beatrice Hill, the foregoing resolution entitled "RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT, NORTH CAROLINA, DIRECTING THE APPLICATION TO THE LOCAL GOVERNMENT COMMISSION FOR APPROVAL OF A SPECIAL OBLIGATION BOND; REQUESTING LOCAL GOVERNMENT COMMISSION APPROVAL OF THE COUNTY'S SPECIAL OBLIGATION BOND AND CERTAIN RELATED MATTERS" was duly adopted by the following vote: AYES: 5 NAYS: 0 PPAB 2021743v2 STATE OF NORTH CAROLINA ss: COUNTY OF HARNETT I, 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, DIRECTING THE APPLICATION TO THE LOCAL GOVERNMENT COMMISSION FOR APPROVAL OF A SPECIAL OBLIGATION BOND; REQUESTING LOCAL GOVERNMENT COMMISSION APPROVAL OF THE COUNTY'S SPECIAL OBLIGATION BOND AND CERTAIN RELATED MATTERS" adopted by the Board of Commissioners of the County of Harnett, North Carolina, at a meeting held on the 19th day of November, 2012. WITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 19th day of November, 2012. 'Is yr 4 %5 e PPAB 2021743v2 L-- ar ret Regina Wheeler CIA to the Board County of Harnett, North Carolina