1997/07/07 RESOLUTION HC FARM BUREAU WAS ORGANIZED AS A NON PROFIT CORP FOR THE PURPOSE OF ADVANCING, IMPROVING, & PROMOTING AGRIC & COMMUNITY DEVELOPMENT IN HCN.
RESOLUTION
WHEREAS, the Harnett County Farm Bureau was organized as a non -profit
corporation for the purpose of advancing, improving, and promoting agricultural and
community development in Harnett County, North Carolina; and
WHEREAS, the Harnett County Farm Bureau has for many years had its principal
office in Harnett county and has its current principal office located in Lillington, Harnett
County, North Carolina; and
WHEREAS, the Harnett County Farm Bureau, for the purpose of promoting
agricultural and community development and/or improving or constructing office facilities
located in Dunn, Harnett County, North Carolina for these stated purposes, proposes to issue
debentures not to exceed $200,000.00; and
WHEREAS, the Board of Directors of the Harnett County Farm Bureau has authorized
the sale of debentures to Harnett County Farm Bureau members in good standing; and
WHEREAS, in connection with the sale of said debentures, no commission or other
remuneration will be paid or given directly or indirectly for soliciting any prospective buyer
in North Carolina; and
WHEREAS, the proceeds from the sale of said debentures will be used exclusively for
the purposes set forth above;
NOW, THEREFORE, BE IT RESOLVED by the Harnett County Board of
Commissioners, pursuant to the provisions of North Carolina General Statute 78A- 17(13), that
the offer and sale of debentures by the Harnett County Farm Bureau, for the purposes herein
stated, are approved; provided however, this approval shall in no way constitute an
endorsement of the debentures by Harnett County or its Board of Commissioners to any
prospective purchaser, nor create any liability whatsoever on the part of Harnett County or its
Board of Commissioners to any prospective purchaser, nor create any liability whatsoever on
the part of Harnett County or its Board of Commissioners.
This 7th day of July, 1997.
ATTEST:
K"t, ,d ,(L[GIh dwAd
Kay S. VBlanchard, Clerk
HARNETT COUNTY BOARD OF COMMISSIONERS
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Dan B. Andrews, Chairman
June 30, 1997
Mr. Neil Emory
Harnett County Manager
P.O. Box 759
Lillington, North Carolina 27545
Re: Resolution by Harnett County Board of Commissioners approving
offer and sale of debentures by Harnett County Farm Bureau
Dear Neil:
Pursuant to your request, I have reviewed a proposed Resolution (copy enclosed) which has been
forwarded for the Board of Commissioners' consideration by Jim Sholar, agency manager for
North Carolina Farm Bureau Mutual Insurance Company. This Resolution concerns the
approval by the Board of Commissioners for the issuance, offer and sale by the Harnett County
Farm Bureau of debentures in an amount not to exceed $200,000.00. The proceeds from this
debenture sale shall be used to construct a Farm Bureau operations building in Dunn, N.C.
In order for this debenture sale to be exempt from the provisions of the North Carolina
Securities Act, it is necessary that Harnett County Farm Bureau which is a non - profit
corporation show that it was organized for the purpose of promoting community and agriculture
development in the Harnett County area. In addition Farm Bureau must also show that the
proposed debenture offer has been approved by resolution of the County Commissioners and the
municipal governing body where the principal office is located.
In the attached Resolution, the Harnett Board of Commissioners would be approving the offer
and sale of the Harnett County Farm Bureau debentures. This Resolution would assist Farm
Bureau in exempting this debenture offer under the terms of N.C. General Statutes §78A- 17(13).
As further stated in the Resolution, this approval by the Board of Commissioners is in no way
an endorsement or guarantee by Harnett County or the Board on the debentures and there would
be no liability by the County or the Board regarding the same.
DWIGHT W. SNOW
;tr:�%t1VED
ATTORNEY AT LAW
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302 W. EDGERTON STREET=
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FACSIMILE 910-892-5487 910-892-2194 DUNN, NORTH CAROLINA 28334
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June 30, 1997
Mr. Neil Emory
Harnett County Manager
P.O. Box 759
Lillington, North Carolina 27545
Re: Resolution by Harnett County Board of Commissioners approving
offer and sale of debentures by Harnett County Farm Bureau
Dear Neil:
Pursuant to your request, I have reviewed a proposed Resolution (copy enclosed) which has been
forwarded for the Board of Commissioners' consideration by Jim Sholar, agency manager for
North Carolina Farm Bureau Mutual Insurance Company. This Resolution concerns the
approval by the Board of Commissioners for the issuance, offer and sale by the Harnett County
Farm Bureau of debentures in an amount not to exceed $200,000.00. The proceeds from this
debenture sale shall be used to construct a Farm Bureau operations building in Dunn, N.C.
In order for this debenture sale to be exempt from the provisions of the North Carolina
Securities Act, it is necessary that Harnett County Farm Bureau which is a non - profit
corporation show that it was organized for the purpose of promoting community and agriculture
development in the Harnett County area. In addition Farm Bureau must also show that the
proposed debenture offer has been approved by resolution of the County Commissioners and the
municipal governing body where the principal office is located.
In the attached Resolution, the Harnett Board of Commissioners would be approving the offer
and sale of the Harnett County Farm Bureau debentures. This Resolution would assist Farm
Bureau in exempting this debenture offer under the terms of N.C. General Statutes §78A- 17(13).
As further stated in the Resolution, this approval by the Board of Commissioners is in no way
an endorsement or guarantee by Harnett County or the Board on the debentures and there would
be no liability by the County or the Board regarding the same.
a
June 30, 1997
Page 2
If you should have any further questions regarding this matter, then please do not hesitate to call
me.
DWS:hn
Enc.
cc: Jim Sholar
Dwight W. Snow
Harnett County Attorney