2011/12/05 RESOLUTION TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES INCURRED IN CONNECTION W/THE ACQUISITION, CONST, EQUIPPING & FURNISHING OF CERTAIN SCHOOL FAC IN THE CTYEXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
A regular meeting of the Board of Commissioners of the County of Harnett, North Carolina was
held on Monday, December 5, 2011 at 9:00 a.m. in the County Commissioners' Meeting Room, Harnett
County Administration Building, 102 East Front Street, Lillington, North Carolina, Timothy B. McNeill,
Chairman of the Board of Commissioners of the County of Harnett, North Carolina (the "Board"),
presiding and the following Commissioners present:
The following members were present: Timothy B. McNeill, Chairman
Beatrice B. Hill, Vice Chairman
Dan Andrews, Commissioner
Gary House, Commissioner
Jim Burgin, Commissioner
The following members were absent: 0
Also present: Scott Sauer, County Manager
Tony Wilder, Deputy County Manager
Dwight Snow, County Attorney
Sylvia Blinson, Finance Officer
Margaret Regina Wheeler, Clerk
Commissioner Burgin moved that the following resolution (the "Resolution "), a copy of
which was available with the Board and which was read by title:
RESOLUTION OF THE COUNTY OF HARNETT, NORTH CAROLINA DECLARING THE
INTENT OF THE COUNTY OF HARNETT, NORTH CAROLINA TO REIMBURSE ITSELF FOR
CAPITAL EXPENDITURES INCURRED IN CONNECTION WITH THE ACQUISITION,
CONSTRUCTION, EQUIPPING AND FURNISHING OF CERTAIN SCHOOL FACILITIES IN
THE COUNTY FROM THE PROCEEDS OF QUALIFIED SCHOOL CONSTRUCTION BONDS
OR TAX - EXEMPT OBLIGATIONS TO BE EXECUTED AND DELIVERED IN CALENDAR
YEARS 2012 OR 2013.
WHEREAS, the Board of Commissioners (the "Board") of the County of Harnett, North Carolina
(the "County") has determined that it is in the best interests of the County to construct, furnish and equip
Highland Middle School and Highland High School in the County, including the acquisition of land
therefor (collectively, the "Projects ");
WHEREAS, the County presently intends, at one time or from time to time, to finance all or a
portion of the costs of the Projects with proceeds of "qualified school construction bonds" (the "Bonds ")
within the meaning of Section 54F of the Internal Revenue Code of 1986, as amended (the "Code "), or
with proceeds of its tax - exempt obligations (the "Tax- Exempt Obligations," and together with the Bonds,
the "Obligations "), and reasonably expects to execute and deliver the Obligations to finance, or to
reimburse itself for, all or a portion of the costs of the Projects; and
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WHEREAS, the County desires to proceed with the Projects and will incur and pay certain
expenditures in connection with the Projects prior to the date of the initial execution and delivery of the
Obligations (the "Original Expenditures "), such Original Expenditures to be paid for originally from a
source other than the proceeds of the Obligations, and the County intends, and reasonably expects, to be
reimbursed for such Original Expenditures from a portion of the proceeds of the Obligations to be
executed and delivered at a date occurring after the dates of such Original Expenditures;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of
Harnett, North Carolina as follows:
Section 1. Official Declaration of Intent The County presently intends, and reasonably expects,
to reimburse itself for the Original Expenditures incurred and paid by the County on or after the date of
adoption of this Resolution from a portion of the proceeds of the Obligations. The County reasonably
expects to execute and deliver the Obligations in calendar years 2012 or 2013 to finance all or a portion of
the costs of the Projects. The maximum principal amount of Bonds expected to be executed and delivered
by the County to pay for all or a portion of the costs of the Projects, which amount is subject to change, is
expected to be approximately $32,000,000, and the maximum principal amount of Tax - Exempt
Obligations expected to be executed and delivered by the County to pay for all or a portion of the costs of
the Projects, which amount is subject to change, is expected to be approximately $30,000,000.
Section 2. Compliance with Regulations. The County adopts this Resolution as a declaration of
official intent under Section 1.150 -2 of the Treasury Regulations promulgated under Section 103 of the
Code and under Section 54A(d)(2)(D) of the Code to evidence the County's intent to reimburse itself for
the Original Expenditures from proceeds of the Tax - Exempt Obligations and the Bonds, respectively.
Section 3. Itemization of Capital Expenditures. The Finance Officer of the County, with advice
from special counsel, is hereby authorized, directed and designated to act on behalf of the County in
determining and itemizing all of the Original Expenditures incurred and paid by the County in connection
with the Projects during the period commencing on the date of adoption of this Resolution and ending on
the date of the initial execution and delivery of the Obligations.
Section 4. Effective Date. This Resolution is effective immediately on the date of its adoption.
On motion of Commissioner Bur ig n , seconded by Commissioner Andrews .
the foregoing resolution entitled "RESOLUTION OF THE COUNTY OF HARNETT, NORTH CAROLINA
DECLARING THE INTENT OF THE COUNTY OF HARNETT, NORTH CAROLINA TO REIMBURSE ITSELF
FOR CAPITAL EXPENDITURES INCURRED IN CONNECTION WITH THE ACQUISITION, CONSTRUCTION,
EQUIPPING AND FURNISHING OF CERTAIN SCHOOL FACILITIES IN THE COUNTY FROM THE
PROCEEDS OF QUALIFIED SCHOOL CONSTRUCTION BONDS OR TAX - EXEMPT OBLIGATIONS TO BE
EXECUTED AND DELIVERED IN CALENDAR YEARS 2012 OR 2013" was duly adopted by the following
vote:
AYES: 5
NAYS: 0
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STATE OF NORTH CAROLINA
ss:
COUNTY OF HARNETT
1, 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 COUNTY OF HARNETT, NORTH CAROLINA DECLARING THE INTENT OF
THE COUNTY OF HARNETT, NORTH CAROLINA TO REIMBURSE ITSELF FOR CAPITAL EXPENDITURES
INCURRED IN CONNECTION WITH THE ACQUISITION, CONSTRUCTION, EQUIPPING AND FURNISHING
OF CERTAIN SCHOOL FACILITIES IN THE COUNTY FROM THE PROCEEDS OF QUALIFIED SCHOOL
CONSTRUCTION BONDS OR TAX - EXEMPT OBLIGATIONS TO BE EXECUTED AND DELIVERED IN
CALENDAR YEARS 2012 OR 2013" adopted by the Board of Commissioners of the County of Harnett,
North Carolina, at a meeting held on the 5 °i day of December, 2011.
WITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 114
day of December, 2011.
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[AN
EELER
Clerk tj6 the Board V
Count of Harnett, North Carolina