2012/06/18 RESOLUTION APPROVING FINANCING TERMS PROJECT TO PURCHASE A CHEV CONVERSION VAN & CHASSISResolution Approving Financing Terms
IfIIEREAS. The County of Harnett ( "County ") has previously determined to undertake a project for purchase of
of a Chevrolet Conversion Van and Chassis (the "Project "), and the Finance Officer has now presented a proposal for
the financing of such Project.
BE IT THEREFORE RESOLVED, as follows:
1. The County hereby determines to finance the Project through Branch Banking and Trust Company
('BB &T "), in accordance with the proposal dated June 14, 2012. The amount financed shall not exceed $79,999.99, the
annual interest rate (in the absence of default or change in tax status) shall not exceed 2.07 %, and the financing term shall
not exceed three (3) years from closing.
2. All financing contracts and all related documents for the closing of the financing (the "Financing
Documents ") shall be consistent with the foregoing terms. All officers and employees of the County are hereby authorized
and directed to execute and deliver any Financing Documents, and to take all such further action as they may consider
necessary or desirable, to carry out the financing of the Project as contemplated by the proposal and this resolution. The
Financing Documents shall include a Financing Agreement and Deed of Trust and a Project Fund Agreement as BB &T
may request.
3. The Finance Officer is hereby authorized and directed to hold executed copies of the Financing
Documents until the conditions for the delivery of the Financing Documents have been completed to such officer's
satisfaction. The Finance Officer is authorized to approve changes to any Financing Documents previously signed by
County officers or employees, provided that such changes shall not substantially alter the intent of such documents or
certificates from the intent expressed in the forms executed by such officers. The Financing Documents shall be in such
final forms as the Finance Officer shall approve, with the Finance Officer's release of any Financing Document for delivery
constituting conclusive evidence of such officer's final approval of the Document's final form.
4. The County shall not take or omit to take any action the taking or omission of which shall cause its
interest payments on this financing to be includable in the gross income for federal income tax purposes of the registered
owners of the interest payment obligations. The County hereby designates its obligations to make principal and interest
payments under the Financing Documents as "qualified tax- exempt obligations" for the purpose of Internal Revenue Code
Section 265(b)(3).
5. The County intends that the adoption of this resolution will be a declaration of the County's official intent
to reimburse expenditures for the project that is to be financed from the proceeds of the BB &T financing described above.
The County intends that funds that have been advanced, or that may be advanced, from the County's general fund, or any
other County fund related to the project, for project costs may be reimbursed from the financing proceeds.
6. All prior actions of County officers in furtherance of the purposes of this resolution are hereby ratified,
approved and confirmed. All other resolutions (or parts thereof) in conflict with this resolution are hereby repealed, to the
extent of the conflict. This resolution shall take effect immediately.
Approved this J day of u 11 e 2012.
By;
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Compound Period: Annual
Nominal Annual Rate: 2.070%
AMORTIZATION SCHEDULE - Normal Amortization, 360 Day Year
Date Payment Interest Principal Balance
Loan 5/3/2012 79,999.00
1 5/3/2013 27,777.86 1,655.98 26,121.88 53,877.12
2 5/3/2014
27,777.86
1,115.26
26,662.60
27,214.52
3 5/3/2015
27,777.86
563.34
27,214.52
0.00
Grand Totals 83,333.58 3,334.58 79,999.00