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Home My WebLink About091013ss HARNETT COUNTY BOARD OF COMMISSIONERS Minutes of Special Session September 10, 2013 The Harnett County Board of Commissioners met in special session on Tuesday, September 23 2013, in the Commissioners Meeting Room, County Administration Building, 102 East Front Street, Lillington,North Carolina. Members present: Jim Burgin, Chairman Beatrice B. Hill, Commissioner C. Gordon Springle, Commissioner Members absent: Gary House,Vice Chairman Joe Miller, Commissioner Staff present: Tommy Burns, County Manager Joseph Jeffries,Deputy County Manager Tony Wilder,Deputy County Manager Dwight Snow, County Attorney Kimberly Honeycutt, Interim Finance Officer Margaret Regina Wheeler, Clerk to the Board Chairman Burgin called the meeting to order at 9:00 am and led the Pledge of Allegiance and invocation. The following agenda was before the Board: > Proposed Training Project, Sheriff Larry Rollins > **Approval of Resolution Authorizing the Execution and Delivery of a Repurchase Agreement and related matters,Dwight Snow and Michael Juby via phone > Solid Waste fee discussion,Tony Wilder and Amanda Bader > Animal Control Discussion > . •, ,• . . • ' ' • . . k • • , • • • • _, (postponed) Commissioners Burgin and Springle > Finance Officer's Report and update on sales tax paid by school system > County Manager's Report: - Early Retirement Update - September 24th Joint meeting with Board of Education > Closed Session September 10,2013, Special Session Minutes Harnett County Board of Commissioners Page 1 of 2 County Attorney Dwight Snow and Michael Juby with Parker&Poe,participating on the phone,presented the Resolution Authorizing the Execution and Delivery of a Repurchase Agreement and related matters for consideration. Commission Hill moved to approve the Resolution Authorizing the Execution and Delivery of a Repurchase Agreement and related matters as presented. Commissioner Springle seconded the motion that passed 3 to 0. (Attachment 1) Commissioner Hill moved that the Board go into closed session to consult with the County's legal counsel in order to preserve the attorney-client privilege concerning the handling of certain legal claims including the following cases: (a) "County of Harnett vs Randy D. Rogers and Gary A. House"Harnett County File No. 12 CVS 890. This motion is made pursuant to N.C. General Statute Section 143-318.11(a)(3). Commissioner Springle seconded the motion which passed 3 to 0. Commissioners Hill and Springle amended their original motion to include discussion of economic development matters. Commissioner Hill moved to adjourn the meeting at 12:27 pm. Commissioner Springle seconded the motion which passed 3 -0. 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Brooks Matthews, Chaffin. c� _ar:t Regi a Wh-`ler, Clerk d APPROVED APRIL 5,2021 `///,) �S'' September 10, 2013, Special Session Minutes Harnett County Board of Commissioners Page 2 of 2 ATTACHMENT 1 EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS A special meeting of the Board of Commissioners (the"Board") of the County of Harnett,North Carolina was duly called and held on Tuesday, September 10, 2013, 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 Beatrice B.Hill, Commissioner Gordon Springle,Commissioner Commissioners Absent: Gary House,Vice Chairman Joe Miller, Commissioner * * * * * * * * Commissioner Hill introduced the following resolution, a summary of which had been provided to each Commissioner, a copy of which was available with the Clerk to the Board and which was read by title: is RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT, NORTH CAROLINA,APPROVING THE EXECUTION AND DELIVERY OF A REPURCHASE AGREEMENT AND CERTAIN RELATED MATTERS WHEREAS, the County of Harnett, North Carolina (the "County") is a political subdivision validly existing under the Constitution, statutes and laws of the State(the"State"); WHEREAS, the Board of Commissioners of the County (the"Board")has previously determined that it is in the best interest of the County to execute and deliver an Installment Financing Contract dated as of November 1, 2012 (the "Contract") between the County and Harnett County Public Facilities Corporation, a North Carolina nonprofit corporation(the"Corporation"), in order to pay the capital costs of acquiring, constructing,furnishing and equipping a new Highland Middle School(the"Project"); WHEREAS, in connection with the fmancing of the Project, the Corporation executed and delivered an Indenture of Trust dated as of November 1, 2012(the"Indenture")between the Corporation and U.S. Bank National Association, as trustee (the "Trustee"), pursuant to which the Corporation executed and delivered(1)its$1,105,000 Limited Obligation Bonds(County of Harnett,North Carolina), Series 2012A (the"2012A Bonds"), and (2) its $29,435,000 Taxable Limited Obligation Bonds (County of Harnett, North Carolina, Qualified School Construction Bonds), Series 2012B (the"2012B Bonds"), each evidencing proportionate undivided interests in rights to receive certain revenues under the Contract; WHEREAS, the County must pay to the Trustee annual installments of principal with respect to the 2012B Bonds on the dates and in the amounts set forth in the Contract and the Indenture(collectively, the"Sinking Fund Payments") for deposit in the 2012B Sinking Fund Account (as defined in the Indenture); WHEREAS, pursuant to the Indenture, the Trustee is required(1)to invest the funds deposited in the 2012B Sinking Fund Account as directed by the County and as permitted by the Indenture and PPAB 2158066v1 applicable law, including the Internal Revenue Code of 1986, as amended, and (2) to apply the funds deposited in the 2012B Sinking Fund Account, together with any investment earnings thereon, to pay in full the principal with respect to the 2012B Bonds on November 1,2035; WHEREAS, under the Indenture,the County's obligation to make Sinking Fund Payments will be reduced by the amount of investment earnings on the funds deposited in the 2012B Sinking Fund Account; WHEREAS, the Board previously determined that it was in the County's best interest to engage Kensington Capital Advisors, LLC (the"Bidding Agent")to solicit bids from qualified forward purchase agreement and repurchase agreement providers for the investment of the funds deposited in the 2012B Sinking Fund Account in order to identify the most favorable investment options available to the County in the current marketplace; WHEREAS, at the conclusion of the bidding process, the County awarded the bid to Deutsche Bank Securities, Inc. (the"Provider") on the basis described in the Bidding Agent's bid specifications, which award is subject to the approval of the County and its advisors of the Provider's investment agreement and any related documentation; WHEREAS, there have been described to the Board the forms of (1) a Master Purchase Agreement, as supplemented by Annex I, each among the Provider, the Trustee and the County (collectively, the"Repurchase Agreement"), and (2) a Collateral Custody and Valuation Services Agreement(the"Custody Agreement') among the Provider, the Trustee and Wells Fargo Bank,National Association, as custodian, copies of which have been made available to the Board, which the Board proposes to approve,enter into and deliver,as applicable;and WHEREAS, it appears that each of the Repurchase Agreement and the Custody Agreement (collectively,the"Investment Agreements") is in an appropriate form and is an appropriate instrument for the purposes intended; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT,NORTH CAROLINA,AS FOLLOWS: Section 1. Ratification. All actions of the County, the Chairman of the Board, the County Manager,the Finance Officer,the Clerk to the Board and their respective designees, whether previously or hereinafter taken, in effecting the transactions contemplated by the Investment Agreements are hereby approved,ratified and authorized. Section 2. Authorization to Execute the Repurchase Agreement. The County approves the investment of the funds deposited in the 2012B Sinking Fund Account in accordance with the terms of the Repurchase Agreement, which will be a valid, legal and binding obligation of the County in accordance with its terms. The form and content of the Repurchase Agreement are hereby in all respects authorized, approved and confirmed, and the County Manager, the Finance Officer and the Clerk to the Board and their respective designees are hereby authorized, empowered and directed to execute and deliver the Repurchase Agreement, including necessary counterparts, in substantially the form and content presented to the Board, but with such changes, modifications, additions or deletions therein as they may deem necessary, desirable or appropriate, their execution thereof to constitute conclusive evidence of the County's approval of any and all changes,modifications,additions or deletions therein from the form and t presented to the Board. From and after the execution and delivery of the Repurchase A eemen es P �' P of the Repurchase Agreement,the Chairman,the Clerk to the Board,the County Manager and the Finance Officer are hereby authorized, empowered and directed to do all such acts and things and to execute all 2 PPAB 2158066v1 such documents as may be necessary to carry out and comply with the provisions of the Repurchase Agreement as executed. Section 3. Approval of the Custody Agreement. The form and content of the Custody Agreement are hereby in all respects approved. Section 4. County Representative. The Chairman,the County Manager and the Finance Officer are hereby designated as the County's representative to act on behalf of the County in connection with the transactions contemplated by the Investment Agreements,and the Chairman,the County Manager and the Finance Officer are authorized, individually and collectively, to proceed with the transactions contemplated by the Investment Agreements and to seek opinions as a matter of law from the County Attorney, which the County Attorney is authorized to furnish on behalf of the County, and opinions of law from such other attorneys for all documents contemplated by this Resolution as required by law or by the Provider. The County's representatives or their respective designees are hereby authorized, empowered and directed, individually and collectively,to do any and all other acts and to execute any and all other documents, which they, in their discretion, deem necessary or appropriate to consummate the transactions contemplated by the Investment Agreements or as they deem necessary or appropriate to implement and carry out the intent and purposes of this Resolution. Section 5. Severability. If any section, phrase or provision of this Resolution is for any reason declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases or provisions of this Resolution. Section 6. Repealer. All motions, orders, resolutions and parts thereof, in conflict herewith are hereby repealed. Section 7. Effective Date. This Resolution is effective on the date of its adoption. On motion of Commissioner Hill, seconded by Commissioner Springle, the foregoing resolution entitled "RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT,NORTH CAROLINA, APPROVING THE EXECUTION AND DELIVERY OF A REPURCHASE AGREEMENT AND CERTAIN RELATED MATTERS"was duly adopted by the following vote: AYEs: 3 NAYS: 0 3 PPAB 2158066v1 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 BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT, NORTH CAROLINA, APPROVING THE EXECUTION AND DELIVERY OF A REPURCHASE AGREEMENT AND CERTAIN RELATED MATTERS"adopted by the Board of Commissioners of the County of Harnett,North Carolina at a special meeting held on the 10th day of September,2013. WITNESS my hand and the corporate seal of the County of Harnett,North Carolina,this the 10th day of September,2013. it:rl4ttu:r,, `I G •, /�,I Cd eL. ��1Zk� m0< O . MARG T REGINA ELER � •• Clerk t the Board o �. n •-73 Coni f Harnett,.North Carolina v ay m 4;•• , , r • i '/tllllll4ti�` PPAB 2158066v1