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Home My WebLink About1999-02-05 Continued Meeting NEW HANOVER COUNTY BOARD OF COMMISSIONERSBOOK 27 CONTINUED MEETING OF FEBRUARY 1, 1999PAGE 62 FEBRUARY 5, 1999 ASSEMBLY The New Hanover County Board of Commissioners reconvened to the continued meeting of February 1, 1999 on Friday, February 5, 1999 at 1:00 p.m. in the New Hanover County Administration Building, Room 501, 320 Chestnut Street, Wilmington, North Carolina. Members present were: Commissioner Buzz Birzenieks; Commissioner Charles R. Howell; Vice-Chairman Robert G. Greer; Chairman William A. Caster; County Manager, Allen O’Neal; County Attorney, Wanda M. Copley; and Clerk to the Board, Lucie F. Harrell. Commissioner Ted Davis, Jr. was absent. Chairman Caster called the meeting to order and stated the purpose of the continued meeting from February 1, 1999 was to conduct a Public Hearing regarding issuance of revenue bonds by New Hanover County in an amount not to exceed $130,000,000 for the New Hanover Regional Medical Center. He advised that notice of the Public Hearing had been published in the Wilmington Star- News at least 14 days prior to the Public Hearing and that the affidavit of public notice would be attached to the resolution. Chairman Caster requested a motion to hold a Public Hearing on the projects and purposes for which the revenue bonds will be issued. Motion: Commissioner Birzenieks MOVED for the Board to hold a Public Hearing. The motion was SECONDED by Commissioner Howell. Upon vote, the MOTION CARRIED AS FOLLOWS: Ayes:William A. Caster, Chairman Robert G. Greer, Vice-Chairman Uldis “Buzz” Birzenieks, Commissioner Charles R. Howell, Commissioner Nays:None Chairman Caster announced that the Board would hear anyone who wished to be heard on the advisability of the issuance of revenue bonds to finance projects of the New Hanover Regional Medical Center. No comments were received. Chairman Caster requested a motion to close the Public Hearing. Motion: Commissioner Birzenieks MOVED that the Public Hearing be closed. The motion was SECONDED by Vice-Chairman Greer. Upon vote, the MOTION CARRIED AS FOLLOWS: Ayes:William A. Caster, Chairman Robert G. Greer, Vice-Chairman Uldis “Buzz” Birzenieks, Commissioner Charles R. Howell, Commissioner Nays:None Chairman Caster requested a motion to approve the projects and purposes for which the revenue bonds will be issued and the issuance of revenue bonds to finance the projects and purposes described. Motion: Commissioner Birzenieks MOVED that the projects and purposes described be approved and that the issuance of the bonds also be approved. The motion was SECONDED by Commissioner Howell. Upon vote, the MOTION CARRIED AS FOLLOWS: NEW HANOVER COUNTY BOARD OF COMMISSIONERSBOOK 27 CONTINUED MEETING OF FEBRUARY 1, 1999PAGE 63 FEBRUARY 5, 1999 Ayes:William A. Caster, Chairman Robert G. Greer, Vice-Chairman Uldis “Buzz” Birzenieks, Commissioner Charles R. Howell, Commissioner Nays:None Chairman Caster said that in order to issue revenue bonds for the Medical Center, the Board must adopt the following items: ? Series Resolution, which includes the Bond Purchase Order Agreement and the Preliminary Official Statement ? First Supplemental Bond Order ? Second Amendment to the Lease Agreement Chairman Caster advised that the Series Resolution authorizes and approves the issuance and sale of not exceeding $130,000,000 aggregate principal amount of the County of New Hanover, Hospital Revenue Bonds Series 1999, in order to provide funds for certain health care purposes, and to authorize and approve the form and terms of the official statement, a second amendment to the lease agreement and the bond purchase agreement. Chairman Caster requested a motion to adopt the Series 1999 Resolution. Motion: Commissioner Birzenieks MOVED to adopt the Series 1999 Resolution. Vice-Chairman Greer seconded the motion. Upon vote, the MOTION CARRIED AS FOLLOWS: Ayes:William A. Caster, Chairman Robert G. Greer, Vice-Chairman Uldis “Buzz Birzenieks, Commissioner Charles R. Howell, Commissioner Nays:None A copy of the resolution is hereby incorporated as a part of the minutes and is contained in Exhibit XXV, Page 4. Chairman Caster advised that the Board of County Commissioners adopted a Bond Order on October 6, 1993 authorizing the issuance of the County’s hospital revenue bonds. The County has now adopted a Series 1999 Resolution pursuant to which the County will issue Hospital Revenue Bonds. In connection with the issuance of the Series 1999 Bonds, the County and the Medical Center corporation desire to make certain changes to the Bond Order. The amendments are found in the document marked “First Supplemental Bond Order”. Chairman Caster requested a motion to adopt the Bond Order. Motion: Commissioner Birzenieks moved to adopt the First Supplemental Bond Order. The motion was SECONDED by Vice-Chairman Greer. Upon vote, the MOTION CARRIED AS FOLLOWS: Ayes:William A. Caster, Chairman Robert G. Greer, Vice-Chairman Uldis “Buzz” Birzenieks, Commissioner Charles R. Howell, Commissioner Nays:None NEW HANOVER COUNTY BOARD OF COMMISSIONERSBOOK 27 CONTINUED MEETING OF FEBRUARY 1, 1999PAGE 64 FEBRUARY 5, 1999 A copy of the First Supplemental Bond Order is hereby incorporated as a part of the minutes and is contained in Exhibit Book XXV, Page 5. Chairman Caster presented the Second Amendment to the Lease Agreement and stated the County needs to amend the Lease Agreement between the County and the Medical Center in order to reflect all the requirements for issuance of the revenue bonds. The majority of the language contained in the lease agreement pertains to the financial requirements for the bonds. Please note that on Page 9 of the Lease, Section 4.06, the term of the lease with the Medical Center is extended for the term of the bonds. This extension does not prevent the County or the Medical Center from terminating the lease with 90 days notice. Chairman Caster requested a motion to adopt the Second Amendment to the Lease Agreement. Motion: Commissioner Howell MOVED to approve and adopt the Second Amendment to the Lease Agreement. The motion was SECONDED by Commissioner Birzenieks. Upon vote, the MOTION CARRIED AS FOLLOWS: Ayes: William A. Caster, Chairman Robert G. Greer, Vice-Chairman Uldis “Buzz” Birzenieks, Commissioner Charles R. Howell, Commissioner Nays:None A copy of the Second Amendment to the Lease Agreement is hereby incorporated as a part of the minutes and is contained in Exhibit Book XXV, Page 5. Vice-Chairman Greer expressed concern for receiving the bond documents at the last minute and not having time to thoroughly read the text. He recommended placing future bond items on the next agenda if the documents are not received in a timely fashion. After further discussion, the Board requested the County Attorney to convey this message to bond counsel. Commissioner Birzenieks stated, for the record, the debt limit at the Medical Center was close to reaching a maximum point. He said that no additional debt should be approved by the Board of County Commissioners until a complete feasibility study has been performed. The Board agreed that a feasibility study should be performed before issuing another series of bonds for the Medical Center. ADJOURNMENT Chairman Caster requested a motion to adjourn the continued meeting of February 1, 1999. Motion: Commissioner Birzenieks MOVED, SECONDED by Commissioner Howell to adjourn the continued meeting. Upon vote, the MOTION CARRIED AS FOLLOWS: Voting Aye:William A. Caster, Chairman Robert G. Greer, Vice-Chairman Uldis “Buzz” Birzenieks, Commissioner Charles R. Howell, Commissioner Nays:None NEW HANOVER COUNTY BOARD OF COMMISSIONERSBOOK 27 CONTINUED MEETING OF FEBRUARY 1, 1999PAGE 65 FEBRUARY 5, 1999 Chairman Caster adjourned the meeting at 1:30 p.m. Respectfully submitted, Lucie F. Harrell Clerk to the Board