HomeMy WebLinkAbout2023-15 RESOLUTION AUTHORIZING AND APPROVING THE ISSUANCE BY BENHAVEN EMERGENCY SERVICES INC OF CERTAIN TAX-EXEMPT OBLIGATIONS ' RESOLUTION NO. 2023-15
RESOLUTION AUTHORIZING AND APPROVING THE ISSUANCE BY
BENHAYEN EMERGENCY SERVICES, INC OF CERTAIN TAX-EXEMPT OBLIGATIONS
WHEREAS, Benhaven Emergency Services, Inc ("BES") and the County of Harnett,
North Carolina(the"County"),have heretofore entered into an agreement on Jul 1,2019 whereby
Benhaven Emergency Services, Inc. has agreed to provide County fire protection services;and
WHEREAS,BES wishes to finance the costs of a new Fire Station to be located at 13151
NC 27 W,Broadway, Harnett County,North Carolina 27505 (the"Project")and, if applicable,to
pay certain expenses incurred in connection with the delivery of the Agreement(as defined below);
and
WHEREAS, BES and First Bank intend to enter into an installment financing agreement
(the "Agreement") whereby First Bank will advance to BES 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;and
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 BES contemplated by this Resolution and has considered the comments of all
persons who requested to be heard; and
WHEREAS,BES has requested that the Board of Commissioners approve BES'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 BES 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
$5,000,000 in connection with the Project.
3. The issuance by BES of its"qualified volunteer fire department" obligations does
not constitute,directly or indirectly,or contingently obligate or otherwise constitute an 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 BES 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 BES and First Bank.
5. This resolution takes effect upon its adoption.
Duly adopted this the lst day of May, 2023.
HARNETT COUNTY BOARD OF COMMISSIONERS
Matthew B.Nicol,
Chairman of the Board of Commissioners
ATTEST:
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Meliss apps, Clerk to the oard ;im •
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