The URL can be used to link to this page

Home My WebLink About2016/10/3 RESOLUTION AUTHORIZING DELIVERY OF AN INSTALLMENT FINANCING AGREEMENT BY ERWIN FIRE AND RESCUE AND THE TAX EXEMPT LOAN EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS A regular meeting of the Board of Commissioners of the County of Harnett,North Carolina(the"Board') was held at the County Commissioners' Meeting Room, Harnett County Administration Building, 102 East Front Street, Lillington, North Carolina, at 9:00 a.m. on October 3, 2016 (the"Meeting'), after proper notice, and was called to order by Chairman Jim Burgin, and upon the roll being called, the following members of the Board answered present: Jim Burgin, Chairman Gordon Springle, Vice Chairman Abe Elmore, Commissioner Barbara McKoy, Commissioner Joe Miller, Commissioner The following members of the Board were absent: N/A Also present: Joseph Jeffries, County Manager Paula Stewart, Deputy County Manager Dwight Snow, County Attorney Kimberly Honeycutt, Finance Officer Margaret Regina Wheeler, Clerk • ts The Chairman of the Board of Commissioners(the"Board`)for the County of Harnett,North Carolina(the "County")stated that the Board has been requested by the Erwin Fire and Rescue Squad, Inc. ("EFRS')to approve an installment financing agreement between BB&T Bank and EFRS(the"Agreement"). EFRS will use the proceeds of the Agreement to refinance annual debt and, if applicable, to pay certain expenses incurred in connection with the delivery of the Agreement. The Chairman then stated that a notice of public hearing by the Board regarding the refinancing of annual debt and the execution and delivery of the Agreement had been published on September 22, 2016 in The Daily Record. Chairman Burgin declared the public hearing on the Equipment and the execution and delivery of the Agreement to be open. At approximately 7:10 p.m.,the Chairman announced that the Board would hear anyone who wished to be heard on the advisability of the refinancing of annual debt and the proposed execution and delivery of the Agreement, and that a representative of EFRS was available and prepared to discuss the details concerning such matters. The names and addresses of the persons who were present, summaries of their oral comments and copies of their written comments are set forth as an appendix hereto. After the Board had heard all persons who requested to be heard,the Chairman declared the public hearing closed. Commissioner Elmore then introduced the following resolution, the title of which was read and copies of which had been previously distributed to each Commissioner: RESOLUTION AUTHORIZING AND APPROVING THE DELIVERY OF AN INSTALLMENT FINANCING AGREEMENT BY ERWIN FIRE AND RESCUE SQUAD, INC. AND THE TAX-EXEMPT LOAN RELATED THERETO PPAB 2826527v1 WHEREAS, Erwin Fire and Rescue Squad, Inc. (the "EFRS') and the County of Harnett, North Carolina (the"County")have heretofore entered into an agreement on July 1, 2015 whereby EFRS has agreed to provide the County fire protection services; and WHEREAS, EFRS wishes to refinance annual debt and, if applicable, to pay certain expenses incurred in connection with the delivery of the Agreement(as defined below); and WHEREAS, EFRS and BB&T Bank intend to enter into an installment financing agreement (the "Agreement") whereby BB&T Bank will advance to EFRS funds for the refinancing of annual debt and, if applicable, such related costs; and WHEREAS, the interest component of the repayment obligations under the Agreement are intended to be excludable from the gross income of the recipients thereof; and WHEREAS, pursuant to the Internal Revenue Code of 1986, as amended (the "Code"), the execution and delivery of the Agreement must be approved, after a public hearing required by Sections I50(e)(3) and 147(1) of the Code, by the governmental unit having jurisdiction over the area in which the EFRS is located; and WHEREAS, the Agreement does not constitute a debt of the State of North Carolina or any political subdivision or any agency thereof, including the County, or a pledge of the faith and credit of the State of North Carolina or any political subdivision or any such agency, including the County, but is payable solely from the revenues and other funds provided for by EFRS in the Agreement; and WHEREAS, because no revenues or taxes of the County are legally pledged to the repayment obligations under the Agreement, the staff of the County has made no financial analysis of the Agreement or the refinancing of annual debt to be financed thereby; and WHEREAS,the Board of Commissioners of the County(the"Board"),pursuant to public notice duly given, has held a public hearing on the advisability of the delivery of the Agreement to refinance annual debt and has considered the comments of all persons who requested to be heard; and WHEREAS, the Board desires to approve the delivery of the Agreement for the purpose of refinancing of annual debt; NOW THEREFORE, BE IT RESOLVED by the Board as follows: 1. The Board has held the public hearing and taken the actions set forth herein in order to satisfy Sections 150(e)(3)and 147(f)of the Code. 2. The delivery of the Agreement in an aggregate principal amount not exceeding $1,266,510 to refinance annual debt and, if applicable, certain related costs is hereby approved. 3. The Clerk to the Board is hereby authorized and directed to provide a certified copy of this resolution to EFRS and BB&T Bank. 4. THE AGREEMENT DOES NOT CONSTITUTE A DEBT OF THE STATE OF NORTH CAROLINA OR ANY POLITICAL SUBDIVISION OR ANY AGENCY THEREOF, INCLUDING THE COUNTY, OR A PLEDGE OF THE FAITH AND CREDIT OF THE STATE OF NORTH CAROLINA OR ANY POLITICAL SUBDIVISION OR ANY SUCH AGENCY, INCLUDING THE COUNTY. 5. This resolution is effective on its adoption. 2 PPAB 2826527v I • 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 AUTHORIZING AND APPROVING THE DELIVERY OF AN INSTALLMENT FINANCING AGREEMENT BY ERWIN FIRE AND RESCUE SQUAD, INC. AND THE TAX-EXEMPT LOAN RELATED THERETO" adopted by the Board of Commissioners of the County of Harnett, North Carolina, in regular session convened on the 3rd day of October. 2016. WITNESS my hand and the corporate seal of the County of Harnett. North Carolina, this the 3`d day of October, 2016. ///1 // - ,,,t. '., Mar r t Regina W ler eII e Cler t the Board o ommissioners (SEAL) *: i!Att _ fr! .,Is h V . THIS IN. 'UMENT HAS BEEN REI"r• 8 E • FICER • t HARNETT COU I INANCE e F PPAB 2826527v1 LI: IT • ..„ . 1 •L"',1•71. , , • I •-, \ tr ..•