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HomeMy WebLinkAbout2015/04/06 BOND ORDER AUTHORIZING THE ISSUANCE OF ENTERPRISE SYSTEMS REVENUE REFUNDING BOND OF THE COUNTY OF HARNETT, NCEXTRACTS 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, April 6, 2015, at 9:00 a.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 s s s * s s Vice Chairman Springle introduced the following order, 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: BOND ORDER AUTHORIZING THE ISSUANCE OF ENTERPRISE SYSTEMS REVENUE REFUNDING BOND OF THE COUNTY OF HARNETT, NORTH CAROLINA WHEREAS, the County of Harnett, North Carolina (the "County") is authorized by The State and Local Government Revenue Bond Act, General Statutes of North Carolina, Section 159 -80 et seq. (the "Act"), to issue, subject to the approval of the Local Government Commission of North Carolina (the "Commission "), at one time or from time to time revenue bonds and revenue refunding bonds of the County for the purposes as specified in the Act; and WHEREAS, the Board of Commissioners of the County (the "Board") has determined to issue not to exceed $11,000,000 of the County's Enterprise Systems Revenue Refunding Bond, Series 2015 (the "2015 Bond'), the proceeds of which will be used (1) 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 ") and (2) pay the costs of issuing the 2015 Bond; and WHEREAS, the County will issue the 2015 Bond under (1) a General Trust Indenture dated as of May 15, 2007 (the "General Indenture ") between the County and Regions Bank, the successor to which is U.S. Bank National Association, as trustee (the "Trustee "), and (2) Series Indenture, Number 3 dated as of April 1, 2015 (the "Third Series Indenture ") between the County and the Trustee; and PPAB 27482000 WHEREAS, the County and the Commission have arranged for the sale of the 2015 Bond to Regions Capital Advantage, Inc. (the "Purchaser"); and WHEREAS, an application has been filed with the Secretary of the Commission requesting Commission approval of the 2015 Bond as required by the Act, and the Secretary has notified the Board that the application has been received by the Commission. NOW THEREFORE, BE IT ORDERED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT; NORTH CAROLINA: Section 1. In order to raise the money required to refund the Refunded Bonds and to pay the costs of issuance of the 2015 Bond, in addition to any funds which may be made available for such purpose from any other source, the 2015 Bond is hereby authorized and shall be issued pursuant to the Act. Section 2. The aggregate principal amount of the 2015 Bond authorized by this order may not exceed $11,000,000. The 2015 Bond hereby authorized is a special obligation of the County, secured by and paid solely from the proceeds thereof or from revenues, income, receipts and other money received or accrued by or on behalf of the County from or in connection with the operation of the County's Enterprise Systems. Section 3. The issuance of the 2015 Bond by the County, in substantially the form to be set forth in the Third Series Indenture, is hereby in all respects approved and confirmed. The form and content of the 2015 Bond and the provisions of the Third Series Indenture with respect to the 2015 Bond (including without limitation the maturity dates and rates of interest) will be approved and confirmed in a subsequent resolution of the Board. The principal of, premium, if any, and interest on the 2015 Bond are not payable from the general funds of the County, nor do they constitute a legal or equitable pledge, charge, lien or encumbrance on any of its property or on any of its income, receipts or revenues except the funds which are pledged under the General Indenture and the Third Series Indenture. Neither the credit nor the taxing power of the State of North Carolina or the County is pledged for the payment of the principal of, premium, if any, or interest on the 2015 Bond, and no holder of the 2015 Bond has the right to compel the exercise of the taxing power by the State of North Carolina or the County or the forfeiture of any of its property in connection with any default thereon. Section 4. The 2015 Bond shall be sold to the Purchaser pursuant to the terms of the Third Series Indenture, and if applicable, a bond purchase agreement among the Commission, the County and the Purchaser, as the same shall be approved in a subsequent resolution of the Board. Section 5. The proceeds from the sale of the 2015 Bond will be deposited in accordance with the Third Series Indenture. Section 6. If any one or more of the agreements or provisions herein contained are contrary to any express provision of law or contrary to the policy of express law, though not expressly prohibited, or against public policy, or are for any reason whatsoever invalid, then such agreements or provisions are null and void and are to be deemed separable from the remaining agreements and provisions and will in no way affect the validity of any of the other agreements and provisions hereof or of the 2015 Bond authorized hereunder. Section 7. All resolutions or parts thereof of the Board in conflict with the provisions herein contained are, to the extent of such conflict, hereby superseded and repealed. 2 PPAB 2748200x3 Section & This Bond Order is effective immediately on its adoption and pursuant to § 159- 88 of the General Statutes of North Carolina, as amended, need not be published or subjected to any procedural requirements governing the adoption of ordinances or resolutions by the Board other than the procedures set out in the Act. On motion of Vice Chairman Springle, seconded by Commissioner Miller, the foregoing order entitled "BOND ORDER AUTHORIZING THE ISSUANCE OF ENTERPRISE SYSTEMS REVENUE REFUNDING BOND OF THE COUNTY OF HARNETT, NORTH CAROLINA" was adopted by the Board of Commissioners on the following vote: AYES: 5 NAYS: 0 PPAB 27482000 STATE OF NORTH CAROLINA ) ss: COUN'T'Y 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 bond order entitled "BOND ORDER AUTHORIZING THE ISSUANCE OF ENTERPRISE SYSTEMS REVENUE REFUNDING BOND OF THE COUNTY OF HARNETT, NORTH CAROLINA" adopted by the Board of Commissioners of the County of Harnett, North Carolina, at a meeting held on the 6t° day of April, 2015. WITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 6' day of April, 2015. `QOM' ° r ?gyp dQ Mar t Regina y eeler Cler to the Board County of Harnett, North Carolina 4 PPAB 27482000