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HomeMy WebLinkAbout2015/07/20 RESOLUTION AUTHORIZING AN INSTALLMENT FINANCING AGREEMENT BY BOONE TRAIL EMERGENCY SERVICES & THE TAX EXEMPT LOAN RELATED THERETO AGREED TO PROVIDE COUNTY FIRE PROTECTION SERVICES 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 7:00 p.m. on July 20,2015 (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 * * * 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 Boone Trail Emergency Services ("BTES") to approve an installment financing agreement between Branch Banking and Trust Company and BTES (the "Agreement"). BTES will use the proceeds of the Agreement to finance an addition and other improvements to their facility(the"Project")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 Project and the execution and delivery of the Agreement had been published on July 6,2015 in The Daily Record. Chairman Burgin declared the public hearing on the Project and the execution and delivery of the Agreement to be open. The Chairman announced that the Board would hear anyone who wished to be heard on the advisability of the financing of the Project and the proposed execution and delivery of the Agreement, and that a representative of BTES was available and prepared to discuss the details concerning such matters. Kris Nystrom of 391 Center Lane in Bunnlevel spoke in support of the request. 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 BOONE TRAIL EMERGENCY SERVICES AND THE TAX- EXEMPT LOAN RELATED THERETO WHEREAS, Boone Trail Emergency Services(the "BTES") and the County of Harnett, North Carolina (the "County") have heretofore entered into an agreement in March 1992 whereby BTES has agreed to provide the County fire protection services; and PPAB 2826527v1 WHEREAS, BTES wishes to fmance an addition and other improvements to its facility (the "Project") and, if applicable, to pay certain expenses incurred in connection with the delivery of the Agreement(as defined below);and WHEREAS, BTES and Branch Banking and Trust Company(the "Bank") intend to enter into an installment financing agreement(the"Agreement")whereby the Bank will advance to BTES funds for the Project 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 150(e)(3) and 147(f) of the Code, by the governmental unit having jurisdiction over the area in which the Equipment 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 BTES 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 fmancial analysis of the Agreement or the Project 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 fmance the Project 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 financing the Project; 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$400,000 to finance the Project 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 BTES and the 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 2826527v1 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 BOONE TRAIL EMERGENCY SERVICES 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 20th day of July,2015. WITNESS my hand and the corporate seal of the County of Harnett,North Carolina, this the 20th day of July,2015. r I _ _____,,,, loit , , ,... ,,,, Marg -t Regina Wh er It `4 s , Clerk t the Board o mmissioners (SEAL) ;* 7 i -•1.::;. �; �4 PPAB 2826527v1