HomeMy WebLinkAbout2015/03/16 RESOLUTION OF THE COUNTY OF HARNETT BOC DIRECTING THE APPLICATION TO THE LOCAL GOVERNMENT COMMISSION FOR APPROVAL OF AN ENTERPRISE SYSTEMS REVENUE REFUNDING 2015 BONDEXTRACTS 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, March 16, 2015, at 7:00 p.m. in the County
Commissioners' Meeting Room, Harnett County Administration Building, 102 East Front Street,
Lillington, North Carolina, Jim Burgin, Chairman of the Board presiding and the following
Commissioners present:
Jim Burgin, Chairman
Gordon Springle, Vice - Chairman
Abe Elmore, Commissioner
Barbara McKoy, Commissioner
Joe Miller, Commissioner
Commissioners absent: n/a
Also present: Joseph Jeffries, Interim County Manager
Paula Stewart, Interim Deputy County Manager
Dwight Snow, County Attorney
Kimberly Honeycutt, Finance Officer
Margaret Regina Wheeler, Clerk
Vice Chairman Springle 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 AN ENTERPRISE SYSTEMS REVENUE REFUNDING
BOND; REQUESTING LOCAL GOVERNMENT COMMISSION APPROVAL OF THE
COUNTY'S ENTERPRISE SYSTEMS REVENUE REFUNDING BOND AND CERTAIN
RELATED MATTERS
WHEREAS, the Board of Commissioners (the "Board') of the County of Harnett, North Carolina
(the "County') hereby determines that it is desirable to refund in advance of their maturities the County's
Enterprise System Revenue Bonds, Series 2007A maturing on and after May 1, 2018 (the "Refunded
Bonds ") in order to achieve debt service savings;
WHEREAS, the Board is considering the issuance of a County of Harnett, North Carolina
Enterprise Systems Revenue Refunding Bond, Series 2015 (the "2015 Bond') in a principal amount not to
exceed $11,000,000, the proceeds of which will be used to refund the Refunded Bonds and to pay the
costs of issuing the 2015 Bond;
WHEREAS, in connection with the issuance of the 2015 Bond, the Board authorizes retaining
Parker Poe Adams & Bernstein LLP, as bond counsel, Davenport & Company LLC, as financial advisor,
and U.S. Bank National Association, as trustee (collectively, the "Financing Team");
WHEREAS, the County staff and the County's financial advisor have solicited requests for
proposals from financial institutions to purchase the 2015 Bond; and
PPAB 27293890
WHEREAS, the Board desires for the Finance Officer and her designees (1) to file with the Local
Government Commission of North Carolina (the "Commission ") an application for its approval of the
2015 Bond on a form prescribed by the Commission; (2) to request in such application that the
Commission approve (a) the negotiation of the sale of the 2015 Bond to a financial institution to be
determined pursuant to the request for proposal process and (b) the County's use of the Financing Team
in connection with the issuance of the 2015 Bond; (3) to state in such application such facts and to attach
thereto such exhibits in regard to the 2015 Bond and to the County and its financial condition as may be
required by the Commission; and (4) to take all other action necessary to the issuance of the 2015 Bond.
NOR', THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE COUNTY OFHARNETT, NORTH CAROLINA, AS FOLLOWS:
Section 1. The 2015 Bond is to be issued by the County for the purpose of providing funds
(1) to refund the Refunded Bonds and (2) to pay the costs of issuing the 2015 Bond. The use of the
proceeds of the 2015 Bond, as described, is necessary in order to achieve debt service savings for the
benefit of the users of the Enterprise System.
Section 2. The Financing Team is hereby approved in connection with the County's
issuance of the 2015 Bond. In addition, the County Manager and the Finance Officer are hereby
authorized and directed to select Regions Capital Advantage, Inc. as the initial purchaser of the
2015 Bond.
Section 3. The Finance Officer, with advice from the County Manager and bond counsel, is
hereby authorized, directed and designated to file an application with the Commission for its approval of
the issuance of the 2015 Bond.
Section 4. 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 2015 Bond is necessary or expedient;
(b) the not to exceed stated principal amount of the 2015 Bond will be
sufficient but is not excessive, when added to other money available to
the Combined Enterprise System, to refinance the projects financed with
the Refunded Bonds and achieve debt service savings for the benefit of
the users of the Enterprise System;
(c) the Enterprise System as now constituted is feasible;
(d) the County's debt management procedure and policies are excellent; and
(e) the 2015 Bond can be marketed at a reasonable interest cost to the
County.
Section 5. This Resolution is effective on the date of its adoption.
On motion of Vice Chairman Springle, seconded by Commissioner McKoy, 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 AN ENTERPRISE SYSTEMS REVENUE REFUNDING BOND; REQUESTING LOCAL
GOVERNMENT COMMISSION APPROVAL OF THE COUNTY'S ENTERPRISE SYSTEMS REVENUE
REFUNDING BOND AND CERTAIN RELATED MATTERS" was duly adopted by the following vote:
AYES: 5
NAYS: 0
PPAB 27293890
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, DIRECTING THE APPLICATION TO THE LOCAL GOVERNMENT COMMISSION FOR
APPROVAL OF AN ENTERPRISE SYSTEMS REVENUE REFUNDING BOND; REQUESTING LOCAL
GOVERNMENT COMMISSION APPROVAL OF THE COUNTY'S ENTERPRISE SYSTEMS REVENUE
REFUNDING BOND AND CERTAIN RELATED MATTERS" adopted by the Board of Commissioners of the
County of Hamett, North Carolina, at a meeting held on the 16' day of March, 2015.
WITNESS my hand and the corporate seal of the County of Hamett, North Carolina, this the
16th day of March, 2015.
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County of Harnett, North Carolina