HomeMy WebLinkAbout2016/12/05 RESOLUTION TO ISSUE 23,000,000 GENERAL OBLIGATION SCHOOL BONDS TO FINANCE BENHAVEN ELEMENTARY SCHOOL EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
A regular meeting of the Board of Commissioners (the "Board") of the County of Harnett. North
Carolina was held on December 5. 2016, 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
The following members 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
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Commissioner Miller 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 ISSUE APPROXIMATELY
S23,000,000 GENERAL OBLIGATION SCHOOL BONDS TO FINANCE BENHAVEN
ELEMENTARY SCHOOL,AS REQUESTED BY THE BOARD OF EDUCATION OF HARNETT
COUNTY, AND TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES INCURRED IN
CONNECTION WITH THE ACQUISITION AND CONSTRUCTION OF BENHAVEN
ELEMENTARY SCHOOL FROM THE PROCEEDS OF SUCH GENERAL OBLIGATION
SCHOOL BONDS EXPECTED TO BE ISSUED IN FISCAL YEAR 2017.
WHEREAS, the Board of Education of the County of Harnett (the "Board of Education-) has
requested that the Board of Commissioners (the "Board") of the County of Harnett. North Carolina (the
"County") issue approximately$23,000,000 of tax-exempt general obligation school bonds(the "Bonds")
in order to finance the acquisition and construction of Benhaven Elementary School (the "Project"),
pursuant to the bond order adopted by the Board on July 21, 2014 and effective on approval by the voters
of the County at a referendum duly held on November 4. 2014; and
WHEREAS, the County intends to proceed with the Project and expects to incur and pay certain
expenditures in connection with the Project prior to the date of issuance of the Bonds (the "Original
Expenditures"), such Original Expenditures to be paid for originally from a source other than the proceeds
of the Bonds, and the County intends, and reasonably expects, to be reimbursed for such Original
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Expenditures from a portion of the proceeds of the Bonds to be issued 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
Bonds. The County reasonably expects to issue the Bonds in the fiscal year ending June 30, 2017, and the
maximum principal amount of Bonds reasonably expected to be issued by the County to pay for all or a
portion of the costs of the Project, which amount is subject to change, is expected to be approximately
523.000,000.
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 Bonds.
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 Project 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 issuance of the Bonds.
Section 4. Effective Date. This Resolution is effective immediately on the date of its adoption.
On motion of Commissioner Miller,seconded by Vice Chairman Springle,the foregoing resolution
entitled "RESOLUTION OF THE COUNTY OF HARNETT,NORTH CAROLINA DECLARING THE INTENT OF
THE COUNTY OF HARNETT, NORTH CAROLINA TO ISSUE APPROXIMATELY $23,000,000 GENERAL
OBLIGATION SCHOOL BONDS TO FINANCE BENHAVEN ELEMENTARY SCHOOL,AS REQUESTED BY THE
BOARD OF EDUCATION OF HARNETT COUNTY, AND TO REIMBURSE ITSELF FOR CAPITAL
EXPENDITURES INCURRED IN CONNECTION WITH THE ACQUISITION AND CONSTRUCTION OF
BENHAVEN ELEMENTARY SCHOOL FROM THE PROCEEDS OF SUCH GENERAL OBLIGATION SCHOOL
BONDS EXPECTED TO BE ISSUED IN FISCAL YEAR 2017" was duly adopted by the following vote:
AYES: 5
NAYS: 0
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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 COUNTY OF HARNETT, NORTH CAROLINA DECLARING THE INTENT OF THE
COUNTY OF HARNETT, NORTH CAROLINA TO ISSUE APPROXIMATELY 523,000,000 GENERAL
OBLIGATION SCHOOL BONDS TO FINANCE BENHAVEN ELEMENTARY SCHOOL,AS REQUESTED BY THE
BOARD OF EDUCATION OF HARNETT COUNTY, AND TO REIMBURSE ITSELF FOR CAPITAL
EXPENDITURES INCURRED IN CONNECTION WITH THE ACQUISITION AND CONSTRUCTION OF
BENHAVEN ELEMENTARY SCHOOL FROM THE PROCEEDS OF SUCH GENERAL OBLIGATION SCHOOL
BONDS EXPECTED TO BE ISSUED IN FISCAL YEAR 2017" adopted by the Board of Commissioners of the
County of Harnett, North Carolina, at a meeting held on the 5th day of December, 2016.
WITNESS my hand and the corporate seal of the County of Harnett. North Carolina, this the 5th
day of December, 2016.
`F(,OMMI`g�0 Ls; .
pPQO �' ARIARET • EGII ' WHEELER
m Ns, • Clerk o the Boars.
•* • - Cou • of Harnett, North Carolina
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