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HomeMy WebLinkAbout2003-03-20 Special Meeting NEW HANOVER COUNTY BOARD OF COMMISSIONERSBOOK 29 SPECIAL MEETING, MARCH 20, 2003PAGE 535 ASSEMBLY The New Hanover County Board of Commissioners held a Special Meeting on Monday, March 20, 2003 at 4:00 p.m. in Room 501of the New Hanover County Administration Building, 320 Chestnut Street, Wilmington, North Carolina. Present: Ted Davis, Jr., Chairman Robert G. Greer, Vice-Chairman Julia Boseman, County Commissioner Nancy H. Pritchett, County Commissioner Absent:William A. Caster, County Commissioner Chairman Davis advised that the members of the Board of Commissioners needed to consider and take action on a resolution that, among other things, approves, ratifies and confirms the authorization, execution and delivery of documents in connection with the sale and issuance of Certificates of Participation, Series 2003, the proceeds of which will be used to finance and/or refinance the acquisition, construction, renovation and equipping of water/sewer, county administration, fire safety and airport facilities (collectively, the "Facilities"), all as described in the notice of public hearing that was published on February 6, 2003 in the Wilmington Morning Star News. Commissioner Davis introduced the Resolution and moved that it be adopted after the County Attorney read the resolution into the record. County Attorney Copley read the following resolution into the record: RESOLUTION APPROVING AN INSTALLMENT FINANCING OF WATER AND SEWER, COUNTY ADMINISTRATION, FIRE SAFETY AND AIRPORT FACILITIES AND THE SALE OF NOT MORE THAN $42,000,000 CERTIFICATES OF PARTICIPATION, SERIES 2003 AND AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS IN CONNECTION THEREWITH WHEREAS, there have been available at this meeting forms of the following: (1)A form of Installment Financing Contract to be dated March 1, 2003 (the "Contract") between New Hanover County, North Carolina (the "County") and the New Hanover County Financing Corporation (the "Corporation"); (2)A form of Deed of Trust and Security Agreement to be dated March 1, 2003 (the "Deed of Trust"), from the County to a trustee for the benefit of the Corporation; (3)A form of Indenture of Trust to be dated March 1, 2003 (the "Indenture") between the Corporation and First- Citizens Bank & Trust Company, as trustee (the "Trustee"); (4)The Preliminary Official Statement (the "Preliminary Official Statement") and the final Official Statement (the “Official Statement”) related to the Certificates of Participation, Series 2003 (the "Certificates"); (5)The Contract of Purchase to be dated as of March 13, 2003 (the "Purchase Contract"), between Scott & Stringfellow, Inc., trading as BB&T Capital Markets, and Banc of America Securities LLC (the "Underwriters") and the Corporation; and (6)The Letter of Representation dated as of March 13, 2003 (the "Letter of Representation"), from the County to the Underwriters. WHEREAS, the Board of Commissioners of the County duly conducted a public hearing on February 17, 2003 regarding the Contract to finance and refinance the acquisition, construction, renovation and equipping of the Facilities, as the case may be, and made certain findings and determinations with respect to the installment financing thereof; and WHEREAS, the Board of Commissioners of the County desires to approve the sale of the Certificates and to authorize other actions in connection therewith; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County as follows: 1.All actions heretofore taken by the County Manager and the Finance Director, effectuating the installment financing and refinancing of the Facilities, as the case may be, are hereby approved, ratified and confirmed pursuant to and in accordance with the transactions contemplated by the documents referred to above. 2.Each of the Contract and the Deed of Trust, in the form submitted to this meeting, is hereby approved, in substantially such form and the Chairman or Vice Chairman of the Board, the County Manager, the Finance Director and the Clerk to the Board are each hereby authorized and directed to execute and deliver each of those documents on behalf of the County, with such changes, insertions or omissions as they may approve with the advice of counsel (including provisions that relate to a municipal bond insurance policy procured by the County, their execution thereof to constitute conclusive evidence of their approval. 3.The execution, delivery and performance of the Letter of Representation and the Purchase Contract are hereby approved, ratified and confirmed in all respects and the Chairman or Vice Chairman of the Board, the County Manager, the Finance Director and the Clerk to the Board are hereby authorized to make such changes as they may approve with NEW HANOVER COUNTY BOARD OF COMMISSIONERSBOOK 29 SPECIAL MEETING, MARCH 20, 2003PAGE 536 the advice of counsel. 4.The Indenture, in the form submitted to this meeting, is hereby approved with such changes, insertions or omissions as the Chairman or Vice Chairman of the Board and the County Manager and Finance Director may approve with the advice of counsel, including provisions (if applicable) that relate to a municipal bond insurance policy procured by the County. 5.The Preliminary Official Statement and the Official Statement in theforms presented to this meeting, are hereby approved, ratified and confirmed in all respects, and the use thereof in connection with the public offering and sale of the Certificates is hereby approved, ratified and confirmed. The Chairman or Vice Chairman of the Board and the County Manager and Finance Director are hereby authorized and directed to execute and deliver on behalf of the County the Official Statement, with such changes, insertions and omissions as they may approve with the advice of counsel, their execution thereof to constitute conclusive evidence of their approval. 6.The terms of the Certificates, including but not limited to, the aggregate principal amount and the dates and amounts of maturities thereof, the redemption provisions thereof and the interest rates thereon, all as more particularly described in the Official Statement and the Purchase Contract, are hereby approved, ratified and confirmed in all respects. 7.The Chairman or Vice Chairman of the Board, the County Manager, the Finance Director, the Clerk to the Board, and the County Attorney are hereby authorized to take any and all such further action and to execute and deliver such other documents as may be necessary or advisable or carry out the intent of this Resolution and to effect the installment financing pursuant to the Contract, including, without limitation, procuring a municipal bond insurance policy and entering into tax compliance agreements. Without limiting the generality of the foregoing, the County Manager and Finance Director is authorized to approve all details of the financing, including without limitation, the amount advanced under the Contract (which shall not exceed $42,000,000), the annual payments under the Contract, the interest rates with respect to such payments, the term of the Contract, and the discount below or premium above the principal amount of the Certificates at which the Certificates are sold to the Underwriter. Execution of the Contract by the Chairman or Vice Chairman of the Board or the County Manager and Finance Director shall conclusively evidence approval of all such details of the financing. 8.This Resolution shall become effective immediately upon its adoption. Vice Chairman Greer seconded the motion and the resolution was adopted by the following vote: AYES: Ted Davis, Jr., Chairman Robert G. Greer, Vice Chairman Nancy H. Pritchett, County Commissioner NAYS: Julia Boseman, County Commissioner ABSENT: William A. Caster, County Commissioner ADJOURNMENT Chairman Davis called for a motion to adjourn. Motion: Commissioner Boseman MOVED, SECONDED by Commissioner Caster, to adjourn the meeting. Upon vote, the MOTION CARRIED UNANIMOUSLY. Chairman Davis adjourned the meeting at 4:15 p.m. Respectfully submitted, Lucie F. Harrell Clerk to the Board