2015/09/21 RESOLUTION AUTHORIZING REALLOCATION OF THE COUNTY'S QUALIFIED ENERGY CONSERVATION BOND ALLOCATION TO THE NORTH CAROLINA AGRICULTURAL FINANCE AUTHORITYHARNETT COUNTY
BOARD OF COMMISSIONERS
Excerpt of Minutes
of Meeting on
September 21, 2015
Present: Chairman Jim Burgin presiding, Vice Chairman Gordon Springle and
Commissioners Abe Elmore, Barbara McKoy and Joe Miller
Absent: N/A
The following resolution was discussed and its title was read:
RESOLUTION AUTHORIZING REALLOCATION OF THE
COUNTY'S QUALIFIED ENERGY CONSERVATION BOND
ALLOCATION TO THE NORTH CAROLINA
AGRICULTURAL FINANCE AUTHORITY
WHEREAS, Section 54D of the Internal Revenue Code of 1986, as amended (the
"Code") authorizes the issuance of qualified energy conservations bonds ("QECBs") to finance a
wide range of renewable energy and energy conservation facilities, all as described in the Code
("Qualified Conservation Purposes"); and
WHEREAS, under the American Recovery and Reinvestment Act of 2009 ("ARRA") the
total amount of QECBs authorized was increased to $3.2 billion, which was then allocated to
each state based on population; and
WHEREAS, the State of North Carolina received $95,677,000 in QECB allocation,
which was then reallocated by the North Carolina Tax Reform Allocation Committee ("TRAC")
in accordance with Section 54D of the Code and IRS Notice 2009-29 to "large local
govemments" (i.e. cities and counties with more than 100,000 in population); and
WHEREAS, Harnett County qualifies as a "large local govemment," and as part of the
reallocation process, the Harnett County received from TRAC $1,146,405 in QECB allocation
(the "Harnett QECB Allocation"); and
WHEREAS, Hamett County does not anticipate using its QECB allocation for a
Qualified Conservation Purpose; and
WHEREAS, IRS Notice 2009-29 provides that "large local governments" that receive an
allocation to issue QECBs are authorized to reallocate such QECB allocation to another eligible
issuer, provided that the QECB allocation is used to finance a qualifying project within the
jurisdiction of the large local government; and
WHEREAS, the North Carolina Agricultural Finance Authority (the "Authority") has
requested that Harnett County reallocate its QECB allocation to the Authority to be used by the
Authority in its Green Community Program to provide a portion of the financing for energy
projects to be located entirely within the jurisdiction of Harnett County, and the County desires
to make such reallocation in order to facilitate such projects within the jurisdiction of the
County;
NOW THEREFORE BE IT RESOLVED, by the Harnett County Board of
Commissioners that the County hereby reallocates the Harnett QECB Allocation to the Authority
to be used in its Green Community Program to finance one or more energy projects located in
Harnett County. To the extent the North Carolina Agricultural Finance Authority does not use
such allocation within one year of the date of this resolution through the issuance of qualified
energy conservation bonds, such Harnett QECB Allocation shall revert to the County to be used
by the County or to be reallocated for another purpose. The officers of the County are hereby
authorized and directed to take such action and file such reports and notices as may be required
to carry out this resolution.
Vice Chairman Springle moved the passage of the foregoing resolution, Commissioner
Elmore seconded the motion, and the resolution was passed by the following vote:
Ayes: 5
Nays: 0
Not Voting: N/A
1, Margaret Regina Wheeler, Clerk to the Board of Commissioners for Harnett County,
North Carolina, DO HEREBY CERTIFY that the foregoing is a true and complete copy of so
much of the proceedings of the Board of Commissioners for said County at a regular meeting
duly called and held June 15, 2015, as it relates in any way to the resolution hereinabove set
forth. Pursuant to G.S. § 143-318.12, a current copy of a schedule of regular meetings of the
Board of Commissioners for said County is on file in my office.
WITNESS my hand and the common seal of said County, this 2151 day of September,
2015.
(SEAL)
2
53251.000012 EMF US 55734653v2
Marg et Regina Nheeler
Clerk to the Boarof Commissioners
Harhckt County, North Carolina