HomeMy WebLinkAbout2017/06/05 RESOLUTION DELCARING INTENT OF COUNTY TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES FROM PROCEEDS OF TAX EXEMPT OBLIGATIONS 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 June 5, 2017, at 9:00 a.m. in the County Commissioners' Meeting Room, Harnett
County Administration Building, 102 East Front Street, Lillington, North Carolina, Gordon Springle,
Chairman of the Board,presiding and the following Commissioners present:
Gordon Springle, Chairman
Joe Miller,Vice-Chairman
Abe Elmore, Commissioner
Barbara McKoy, Commissioner
Howard Penny, Commissioner
The following members of the Board were absent: NA
Also present: Joseph Jeffries, County Manager
Paula Stewart,Deputy County Manager
Dwight Snow, County Attorney
Kimberly Honeycutt,Finance Officer
Margaret Regina Wheeler, Clerk
Commissioner Elmore 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 REIMBURSE ITSELF
FOR CAPITAL EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS
EXPECTED TO BE EXECUTED AND DELIVERED IN FISCAL YEAR 2018.
WHEREAS, the County intends to finance the acquisition of software and audio-visual
equipment (the "Project") and expects to incur and pay certain expenditures in connection with the
Project prior to the date of execution and delivery of the tax-exempt obligation (the "Original
Expenditures"),such Original Expenditures to be paid for originally from a source other than the proceeds
of the tax-exempt obligation, and the County intends, and reasonably expects, to be reimbursed for such
Original Expenditures from a portion of the proceeds of the tax-exempt obligation 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 a tax-
exempt obligation. The County reasonably expects to execute and deliver such tax-exempt obligation
during the fiscal year ending June 30, 2018, and the maximum principal amount of such tax-exempt
obligation reasonably expected to be executed and delivered by the County for the costs of the Project is
expected to be approximately$2,500,000.
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 tax-exempt obligation.
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 execution and delivery of the tax-exempt obligation.
Section 4. Effective Date. This Resolution is effective immediately on the date of its adoption.
On motion of Commissioner Elmore, seconded by Commissioner Penny,the foregoing resolution
entitled "RESOLUTION OF THE COUNTY OF HARNETT, NORTH CAROLINA DECLARING THE INTENT
OF THE COUNTY OF HARNETT, NORTH CAROLINA TO REIMBURSE ITSELF FOR CAPITAL
EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS EXPECTED TO BE EXECUTED
AND DELIVERED IN FISCAL YEAR 2018"was duly adopted by the following vote:
AYES: 5
NAYS: 0
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 REIMBURSE ITSELF FOR CAPITAL
EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS EXPECTED TO BE EXECUTED
AND DELIVERED IN FISCAL YEAR 2018" adopted by the Board of Commissioners of the County of
Harnett,North Carolina, at a meeting held on the 5th day of June,2017.
WITNESS my hand and the corporate seal of the County of Harnett,North Carolina, this the 5th
day of June,2017.
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