2014/06/02 RESOLUTION OF THE BD OF COMMISSIONERS COUNTY OF HARNETT, NC MAKING CERTAIN STATEMENTS OF FACT CONCERNING BOND ISSUEEXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS
A regular meeting of the Board of Commissioners of the County of Harnett, North Carolina
(the "Board") was held at the County Commissioners' Meeting Room, Harnett County Administration
Building, 102 East Front Street, Lillington, North Carolina, at 9:00 a.m. on June 2, 2014 (the "Meeting"),
after proper notice, and was called to order by Chairman Joe Miller, and upon the roll being called, the
following members of the Board answered present:
Joe Miller, Chairman
Gary House, Vice Chairman
Jim Burgin, Commissioner
Beatrice B. Hill, Commissioner
Gordon Springle, Commissioner
The following members of the Board were absent: none
Also present: Tommy Bums, County Manager
Joseph Jeffries, Deputy County Manager
Dwight Snow, County Attorney
Kimberly Honeycutt, Finance Officer
Margaret Regina Wheeler, Clerk
Commissioner Beatrice B. Hill introduced the following resolution (the "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 MAKING CERTAIN STATEMENTS OF FACT CONCERNING
PROPOSED BOND ISSUE
WHEREAS, the Board of Commissioners (the "Board") of the County of Harnett, North Carolina
(the "County") is considering the issuance of bonds of the County which shall be for the following
purpose and in the following maximum amount:
$100,000,000 of bonds to pay the costs of providing for the construction,
renovation, improvement, equipping and furnishing of public school
facilities within the County, including the acquisition of land, rights -of-
way and easements required therefor.
WHEREAS, certain findings of fact by the Board must be presented to enable the Local
Government Commission of the State of North Carolina to make certain determinations as set forth in
Section 159 -52 the North Carolina General Statutes, as amended.
NOW, THEREFORE, BE IT RESOLVED that the Board, meeting in open session on the 2nd
day of June, 2014, has made the following factual findings in regard to this matter:
A. Facts Regarding Necessity of Proposed Financing. The proposed bonds are necessary
and expedient to pay the capital costs of providing for the construction, renovation, improvement,
equipping and famishing of public school facilities within the County, including the acquisition of land,
rights-of-way and easements required therefor.
B. Facts Supporting the Amount of Bonds Proposed The sums estimated for these bonds
are adequate and not excessive for the proposed purposes. Estimates for the proposed projects to be
financed with such bonds have been carefully analyzed and determined by persons knowledgeable about
the proposed projects.
C. Past Debt Management Procedures and Policies. The County's debt management
procedures and policies are excellent and have been carried out in compliance with law. The County
employs a Finance Officer to oversee compliance with applicable laws relating to debt management. The
Board requires annual audits of County finances. In connection with these audits, compliance with laws
is reviewed. The County is not in default in any of its debt service obligations. The County Attorney
reviews all debt - related documents for compliance with laws.
D. Past Budgetary and Fiscal Management Policies. The County's budgetary and fiscal
management policies have been carried out in compliance with laws. Annual budgets are closely
reviewed by the Board before final approval of budget ordinances. Budget amendments changing a
function total or between functions are presented to the Board at regular Board meetings. The Finance
Officer presents financial information to the Board which shows budget to actual comparisons annually
and otherwise as the County Manager deems necessary or as a member of the Board may request.
E. Increase in Taxes, Retirement of Debt The increase in taxes necessary to service the
proposed debt will not be excessive. The schedule for issuance anticipates issuing all of the bonds in
more than one series during calendar years 2015 through 2020.
Upon motion of Commissioner Beatrice B. Hill, seconded by Commissioner Vice Chairman
Gary House, the foregoing resolution entitled: "RESOLUTION OF THE BOARD OF COMMISSIONERS OF
THE COUNTY OF HARNETT, NORTH CAROLINA MAKING CERTAIN STATEMENTS OF FACT
CONCERNING PROPOSED BOND ISSUE" was adopted by the following vote:
AYES: 5
NAYS: 0
PASSED, ADOPTED AND APPROVED this 2' day of June, 2014.
STATE OF NORTH CAROLINA
SS:
M LIr • .: c . NN
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 MAKING CERTAIN STATEMENTS OF FACT CONCERNING PROPOSED BOND ISSUE" adopted
by the Board of Commissioners of the County of Harnett, North Carolina, in regular session convened on
the 2' day of June, 2014.
R'ITNESS my hand and the corporate seal of the County of Harnett, North Carolina, this the 2nd
day of June, 2014.
PPAB 2449814v1
arga t Regina Wh er
Clerk the Board o ommissioners