2012/11/19 RESOLUTION DIRECTING THE APPLICATION TO THE LOCAL GOV'T COMM FOR APPROVAL OF A SPECIAL OBLIGATION BOND; REQUESTING LOCAL GOV'T COMMISSION APPROVAL OF THE COUNTY'S SPECIAL OBLIGATION BOND & CERTAIN RELATED MATTERSParker Poe
EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
A regular meeting of the Board of Commissioners of the County of Harnett, North Carolina
(the "County ") was held in the Commissioners' Meeting Room, County Administration Building,
102 East Front Street, Lillington, North Carolina, at 7:00 p.m. on November 19, 2012, after proper notice,
and was called to order by Chairman Timothy B. McNeill, and upon the roll being called, the following
members of the Board answered present:
Timothy B. McNeill, Chairman
Beatrice B. Hill, Vice Chairman
Dan B. Andrews, Commissioner
Jim Burgin, Commissioner
Gary House, Commissioner
The following members of the Board were absent: All were present
Also present: Scott Sauer, County Manager
Tony Wilder, Deputy County Manager
Dwight Snow, Staff Attorney
Sylvia Blinson, Finance Officer
Margaret Regina Wheeler, Clerk to the Board
Commissioner Jim Burgin introduced the following resolution, a summary of which had been
provided to each Commissioner, a copy of which was available with the Clerk to the Board and which
was read by title:
RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT,
NORTH CAROLINA, DIRECTING THE APPLICATION TO THE LOCAL GOVERNMENT
COMMISSION FOR APPROVAL OF A SPECIAL OBLIGATION BOND; REQUESTING
LOCAL GOVERNMENT COMMISSION APPROVAL OF THE COUNTY'S SPECIAL
OBLIGATION BOND AND CERTAIN RELATED MATTERS
WHEREAS, the Board of Commissioners (the "Board") of the County of Hamett, North Carolina
(the "County") hereby determines that it is necessary to make certain improvements to the County's Dunn
Erwin Landfill facility, including (1) the acquisition, construction and installation of a leachate collection
system and (2) improvements to the facility's convenience center and transfer station (collectively, the
"Projects ");
WHEREAS, the Board is considering the issuance of the County's Special Obligation Bond,
Series 2012 (the "2012 Bond") in an aggregate principal amount not to exceed $1,750,000 (1) to finance
all or a portion of the costs of the Projects and (2) to pay the costs of issuing the 2012 Bond;
WHEREAS, in connection with the issuance of the 2012 Bond, the County has retained Parker
Poe Adams & Bernstein LLP, as bond counsel, and Davenport & Company LLC, as financial advisor
(collectively, the "Financing Team "); and
WHEREAS, the Board desires that the County Manager and the Finance Officer of the County
(1) file with the Local Government Commission of North Carolina (the "Commission ") an application for
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its approval of the 2012 Bond on a form prescribed by the Commission, (2) request in such application
that the Commission approve (a) the negotiation of the sale of the 2012 Bond to a financial institution to
be determined (the "Purchaser ") through a private placement and (b) the County's use of the Financing
Team in connection with the issuance of the 2012 Bond, (3) state in such application such facts and attach
to such application such exhibits in regard to the 2012 Bond and to the County and its financial condition
as may be required by the Commission and (4) take all other action necessary for the issuance of the
2012 Bond;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE COUNTY OFHARNETT, NORTH CAROLINA, AS FOLLOWS:
Section 1. The 2012 Bond is to be issued by the County for the purpose of providing funds
(1) to finance all or a portion of the.costs of the Projects and (2) to pay the costs of issuing the 2012 Bond,
all as set out fully in the document attached to the County's application to the Commission. The Projects
are necessary in order to comply with state and federal rules and regulations applicable to the Dunn Erwin
Landfill facility.
Section 2. The County Manager and the Finance Officer of the County are hereby
authorized, directed and designated, individually and collectively, (1) to file an application with the
Commission for its approval of the issuance of the 2012 Bond, (2) to request bids from financial
institutions for the purchase of the 2012 Bond and (3) to designate, with advice from bond counsel and
the County's financial advisor, the Purchaser of the 2012 Bond. The Finance Officer or her designee is
authorized and directed to file all notices required in connection with the issuance of the 2012 Bond. All
actions taken by the County Manager and the Finance Officer or any of their respective designees in
furtherance of this Resolution are hereby ratified and approved.
Section 3. The Board finds and determines, and asks the Commission to find and determine
from the County's application and supporting documentation, as follows:
(a) the issuance of the 2012 Bond is necessary;
(b) the not to exceed stated principal amount of the 2012 Bond will be
sufficient (but not excessive), when added to other money available for such purposes,
for the financing of the Projects;
(c) the Projects are feasible;
(d) the County's debt management procedures and policies are good; and
(e) the 2012 Bond can be marketed at reasonable rates of interest.
Section 4. The Chairman of the Board, the County Manager, the Finance Officer and the
Clerk to the Board are hereby authorized to do any and all other things necessary to complete the steps
necessary for the issuance of the 2012 Bond.
Section 5. The Board requests that the Commission sell the 2012 Bond through a private
placement to the Purchaser on such terms as may be agreed upon, but at a true interest cost not to exceed
5.50 %.
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Section 6. This Resolution is effective on the date of its adoption.
On motion of Commissioner Jim Burgin, seconded by Vice Chairman Beatrice Hill, the foregoing
resolution entitled "RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT,
NORTH CAROLINA, DIRECTING THE APPLICATION TO THE LOCAL GOVERNMENT COMMISSION FOR
APPROVAL OF A SPECIAL OBLIGATION BOND; REQUESTING LOCAL GOVERNMENT COMMISSION
APPROVAL OF THE COUNTY'S SPECIAL OBLIGATION BOND AND CERTAIN RELATED MATTERS" was
duly adopted by the following vote:
AYES: 5
NAYS: 0
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STATE OF NORTH CAROLINA
ss:
COUNTY OF HARNETT
I, 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 BOARD OF COMMISSIONERS OF THE COUNTY OF HARNETT, NORTH
CAROLINA, DIRECTING THE APPLICATION TO THE LOCAL GOVERNMENT COMMISSION FOR
APPROVAL OF A SPECIAL OBLIGATION BOND; REQUESTING LOCAL GOVERNMENT COMMISSION
APPROVAL OF THE COUNTY'S SPECIAL OBLIGATION BOND AND CERTAIN RELATED MATTERS"
adopted by the Board of Commissioners of the County of Harnett, North Carolina, at a meeting held on
the 19th day of November, 2012.
WITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 19th
day of November, 2012.
'Is
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L--
ar ret Regina Wheeler
CIA to the Board
County of Harnett, North Carolina