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HomeMy WebLinkAbout2022-14 RESOLUTION AUTHORIZING AND APPROVING THE ISSUANCE BY NORTHWEST HARNETT VOLUNTEER FIRE DEPARTMENT OF CERTAIN TAX-EXEMPT OBLIGATIONSEXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS The Board of Commissioners for the County of Harnett, North Carolina (the "County") held a regular meeting in the Board of Commissioners Meeting Room on the second floor of the Harnett County Resource Center and Library, 455 McKinney Parkway, Lillington, North Carolina 27546, the regular place of meeting, at 9:00 a.m. on June 6, 2022. The following Commissioners were: Present: Chairman Lewis Weatherspoon; Vice Chairman Matt Nicol; Commissioner Barbara McKoy; Commissioner Mark Johnson; and Commissioner Brooks Matthews Absent: The Chairman of the Board of Commissioners (the "Board of Commissioners") for the County of Harnett, North Carolina (the "County") stated that the Board of Commissioners has been requested by Northwest Harnett Volunteer Fire Department ("NHVFD") to approve its issuance of "qualified volunteer fine department" obligations under the Internal Revenue Code of 1986, as amended (the "Code") in order to finance the costs of the purchase of a new fire truck and a new Station #3 to be located at 8300 US 401 N, Fuquay-Varina, North Carolina (collectively, the "Project"). The Chairman then stated that a notice of public hearing by the Board of Commissioners regarding the Project and the proposed issue to finance the Project had been published on the County's website on May 25, 2022. Chairman Weatherspoon declared the public hearing open on the Project and the proposed issue to finance the Project. At approximately 9:34 a.m., the Chairman announced that the Board of Commissioners would hear anyone who wished to be heard on the advisability of the Project and the proposed issue to finance the Project, and that a representative of NHVFD (or other personnel familiar with the Project) was available and prepared to discuss the details concerning the Project. The names and addresses of the persons who were present, summaries of their oral comments and copies of their written comments are as follows: 1. Richard Chapman, 5220 Christian Light Road, Fuquay Varina, NC, spoke in favor of the proposal. 2. Chris Prince, Chief, 6015 Christian Light Road, Fuquay Varina, NC shared information regarding the project. After the Board of Commissioners had heard all persons who requested to be heard, the Chairman declared the public hearing closed. Commissioner Matthews then introduced the following resolution, the title of which was read and copies of which had been previously distributed to each Commissioner: PPAB 75278M RESOLUTION NO. 2022-14 RESOLUTION AUTHORIZING AND APPROVING THE ISSUANCE BY NORTHWEST HARNETT VOLUNTEER FIRE DEPARTMENT OF CERTAIN TAX-EXEMPT OBLIGATIONS WHEREAS, Northwest Harnett Volunteer Fire Department (the "NHVFD") and the County of Harnett, North Carolina (the "County") have heretofore entered into an agreement on August 1, 2019 whereby NHVFD has agreed to provide the County fire protection services; and WHEREAS, NHVFD wishes to finance the costs of a new fire truck and a new Station #3 to be located at 8300 US 401 N, Fuquay-Varina, North Carolina (collectively, the "Project") and, if applicable, to pay certain expenses incurred in connection with the delivery of the Agreement (as defined below); and WHEREAS, NHVFD and First Bank intend to enter into an installment financing agreement (the "Agreement") whereby First Bank will advance to NHVFD funds for the construction of 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 Code, the issuance by a "qualified volunteer fire department" (within the meaning of the Code) of obligations to finance the acquisition, construction, reconstruction, or improvement of a firehouse (including land which is functionally related and subordinate thereto) must be approved, after a public hearing required by Sections 150(e)(3) and 147(f) of the Code (collectively, the "Federal Tax Regulations", by the governmental unit having jurisdiction over the area in which the Project is located; WHEREAS, the Board of Commissioners, pursuant to public notice duly given, has held such public hearing in accordance with the Federal Tax Regulations regarding the proposed transactions of NHVFD contemplated by this Resolution and has considered the comments of all persons who requested to be heard; and WHEREAS, the NHVFD has requested that the Board of Commissioners approve NHVFD's proposed issue in order to satisfy the requirements of the Federal Tax Regulations; NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners as follows: 1. The Board of Commissioners has held the public hearing and taken the actions set forth herein in accordance with and in order to satisfy the requirements of the Federal Tax Regulations in connection with the Project. 2. The Board of Commissioners hereby approves the issuance by NHVFD of its "qualified volunteer fire department" obligations in accordance with and in order to satisfy the requirements of the Federal Tax Regulations in a maximum stated principal amount not exceeding $4,300,000 in connection with the Project. 3. The issuance by NHVFD of its "qualified volunteer fire department" obligations does not constitute, directly or indirectly, or contingently obligate or otherwise constitute an PPAB 7527889v obligation of or a charge against the credit of the County in any way. The County has no legal responsibility for the payment of the principal of or interest on the "qualified volunteer fire department" obligations or for any costs incurred by the NHVFD in connection with the Project. 4. The Clerk to the Board of Commissioners is hereby authorized and directed to provide a certified copy of this resolution to NHVFD and First Bank. 5. This resolution takes effect upon its adoption. Vice Chairman Nicol seconded the motion and the motion was adopted by the following vote: AYES: Chairman Lewis Weatherspoon; Vice Chairman Matt Nicol; Commissioner Barbara McKoy; Commissioner Mark Johnson; and Commissioner Brooks Matthews NAYS: PPAB 7527889v STATE OF NORTH CAROLINA COUNTY OF HARNETT I, Melissa Capps, Clerk to the Board of Commissioners of the County of Harnett, DO HEREBY CERTIFY as follows: 1. A meeting of the Board of Commissioners of the County of Harnett, located in the State of North Carolina, was duly held June 6, 2022, such meeting having been noticed, held and conducted in accordance with all requirements of law (including open meetings requirements), and minutes of that meeting have been or will be duly recorded in the Minute Book kept by me in accordance with law for the purpose of recording the minutes of the Board of Commissioners. 2. The attached extract accurately reflects the actions taken by the Board of Commissioners with respect to the matters therein. 3. The attached extract correctly states the time when the meeting was convened and the place where the meeting was held and the members of the Board of Commissioners who attended the meeting. IN WITNESS WHEREOF, I have hereunto set my hand and have hereunto affixed the seal of the County of Harnett as of June 6, 2022. (SEAL) 1 n ".,. r-tv� 7 Clerl o the Board ofr ommissioners 0 PPAB 7527889vl