HomeMy WebLinkAbout2017/08/07 RESOLUTION OF THE CTY OF HARNETT DECLARING THE INTENT OF THE CTY OF HARNETT TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS EXPECTED IN FY 2018 Exi RACES FROM MINUTES OF BOARD OF COMMISSIONERS
A regular meeting of the Board of Commissioners(the"Board') of the County of l larnett, North
Carolina was held on August 7, 2017. at 9:00 a.m. in the County Commissioners' Meeting Room, Harnett
County Administration Building, 102 Fast Front Street, Lillington, North Carolina, Gordon Springle,
Chairman of the Board, presiding and the following Commissioners present:
Gordon Springle, Chairman
Joe Miller, Vice Chairman
Barbara McKoy, Commissioner
Abe Elmore, Commissioner
the following menthe's were absent: Howard Penny, Commissioner
Also present: Joseph Jeffries.CountyManager
Paula Stewart. Deputy County Manager
Dwight Snow, County Attorney
Kimberly I loneycutt, 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 'IDE COUNTY OF IIARNF:1'l', NORTH CAROLINA DECLARING THE
INTENT OF THE COUNTY OF HARNE I', NORTII CAROLINA TO REIMBURSE ITSELF
FOR CAPITAL EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS
EXPECTED 10 BE EXL<:I:T El)AM)DELIVERED IN FISCAL YEAR 2018.
WHEREAS, the County intends to finance the construction of a new governmental building and
the remodeling of an existing governmental building (the "PrrgecC) 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 he 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 he issued at a date occurring after the dates of such Original lixpenditures:
NOW, THEREFORE, RE IT RESOLVED by the Board of Commissioners of the County of
Harnett, North Carolina as follows:
Section I- 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 dale 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 not exceed 520,000,000.
I'I'A13 3711074v I
Section 2. Compliance with Regulations. The County adopts this Resolution as a declaration of
official intent under Section 1.150--2 of the l reasury 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
loin 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. "I his Resolution is effective immediately on the date of its adoption.
On motion of Commissioner Elmore, seconded by Commissioner McKoy, the foregoing
resolution entitled "RESOLUTION OF THE COUNTY OF HARNETT,NORTH CAROLINA DECLARING DIE
INTENT OF T'IIE COUNTY OF HARNETT, NORTH CAROLINA TO REIMBURSE ITSELF FOR CAPITAL
EXPENDITURES I ROM l'IlE PROCEEDS OF TAX-EXEMPT OBLIGATIONS EXPECTED TO BE EXECUTED
AND DELIVERED IN FISCAL YEAR 21118"was duly adopted by the following vote:
Miss: 4
NAYS: 0
PI'AR 371 111740
STATE OF NORTH CAROLINA )
) ss:
COIINIY OP I IARN[I I )
I. MARGARI':I RUGINA WI INA Ht. 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 EHE INTENT'
OF THE COUNTY OF HARNETT, NORTH CAROLINA TO REIMBURSE ITSELF FOR CAPITAL
EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS EXPECTED TO BE EXECI1IED
AND DELIVERED IN FISCAL YEAR 20I r adopted by the Board of Commissioners of the County of
Harnett, North Carolina, at a meeting held on the 71h day of August, 2017.
WITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 7ih
day of August 2017. y //� �//�
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PPAB 3711074' I