1997-11-17 RM Exhibit
EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
A special meeting of the Board of County Commissioners of the County of New
Hanover, North Carolina was held on December 1, 1997 at 9"00 a.m. in Room 501 of the County
Administration Building in Wilmington, North Carolina, and the following members were present
and absent:
PRESENT Chainnan Robert G. Greer
Commissioner Charles R. Howell
Commissioner Uldis "Buzz" Birzenieks
ABSENT Vice-Chainnan William A. Caster
Commissioner Ted Davis, Jr
Chairman Greer advised the members that the purpose of the meeting was to
consider and take action on a resolution approving an installment financing contract and the sale
of not more than $25,000,000 Certificates of Participation, Series 1997 (the "Resolution").
Commissioner Howell introduced the Resolution, a copy of which was submitted
to the meeting, and moved that it be adopted with such revisions as the Chairman or Vice
Chairman and the County Manager deem advisable:
"RESOLUTION APPROVING AN INSTALLMENT FINANCING CONTRACT AND
TIlE SALE OF NOT MORE THAN $23,925,000 CERTIFICATES OF
PARTICIPATION, SERIES 1997 AND AUTIIORIZING TIlE EXECUTION AND
DELIVERY OF DOCUMENTS IN CONNECTION TIlEREWITH
WHEREAS there have been submitted to this meeting forms of the following (drafts dated
November 25, 1997 unless otherwise indicated):
(1) Installment Financing Contract dated as of December 1, 1997 (the 'Contract")
between the New Hanover County Financing Corporation (the 'Corporation") and
the County of New Hanover, North Carolina (the 'County");
(2) Deed of Trust and Security Agreement dated as of December 1, 1997 (the "Deed
of Trust") from the County to a Deed of Trust Trustee for the benefit of the
Corporation;
(3) Indenture of Trust dated as of December 1, 1997 (the "Indenture ') between the
Corporation and First-Citizens Bank & Trust Company, as Trustee (the 'Trustee");
(4). Preliminary Official Statement dated November 24, 1997 (the 'Preliminary Official
Statement") relating to the Certificates of Participation, Series 1997 (the
'Certificates") and the payments to be made under the Contract; and
(5) Letter of Representation, to be dated on or about December 4, 1997, delivered by
the County to Craigie Incorporated, a BB & T Company and J Lee Peeler &
Company, Division of Morgan Keegan & Company, Inc. (the "Underwriters") and
attached as Exhibit A to the Purchase Contract between the Corporation and the
Underwriters.
WHEREAS, the Board of County Commissioners duly conducted a public hearing
on November 3, 1997 regarding the installment financing of (i) the construction of certain sewer
interceptors, (ii) the acquisition of rights in property for use by County law enforcement, (iii) the
acquisition of certain landfill equipment and (iv) the acquisition of land and a building for use as
a library and administrative facility (collectively, the "Facilities") and the installment refinancing
of the purchase of County land (the "County Land"); and
WHEREAS, by resolution adopted by the Board of County Commissioners on
November 3, 1997, the installment financing of the Facilities and the installment refinancing of
the County Land were approved subject to further action of the Board of County Commissioners;
and
WHEREAS, the North Carolina Local Government Commission approved the
County's application for approval of the Contract on November 4, 1997; and
WHEREAS, the Board of County Commissioners desires to approve the sale of
the Certificates pursuant to the Purchase Contract and to authorize the execution and delivery of
the Contract, the Deed of Trust, the Preliminary Official Statement and the Letter of
Representation and other documents in connection therewith;
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of the County of New Hanover, North Carolina, as follows:
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1 The Contract, in the form submitted to this meeting, is hereby approved, and the
Chairman or Vice Chairman of the Board of County Commissioners and the Clerk
to the Board of County Commissioners are hereby authorized and directed to
execute and deliver the Contract on behalf of the County, with such changes,
insertions or omissions as the Chairman or Vice Chairman may approve, and the
Clerk is hereby authorized and directed to affix thereto and attest the seal of the
County
2. The Deed of Trust, in the form submitted to this meeting, is hereby approved, and
the Chairman or Vice Chairman of the Board of County Commissioners and the
Clerk to the Board of County Commissioners are hereby authorized and directed
to execute and deliver the Deed of Trust on behalf of the County, with such
changes, insertions or omissions as the Chairman or Vice Chairman may approve,
and the Clerk is hereby authorized and directed to affix thereto and attest the seal
of the County
3 The Indenture, in the form submitted to this meeting, is hereby approved, with
such changes, insertions or omissi~:ms as the Chairman or Vice Chairman may
approve.
4 The Preliminary Official Statement relating to the Certificates and the use thereof
in connection with the public offering of the Certificates are hereby ratified and
approved.
5 A final Official Statement to be dated the date of the sale of the Certificates in
substantially the form of the Preliminary Official Statement, modified to reflect the
results of the sale of the Certificates, and the use thereof in connection with the
public offering and sale of the Certificates are hereby authorized and approved.
The Chairman of the Board of County Commissioners is hereby authorized and
directed to execute and deliver on behalf of the County a final Official Statement
in substantially such form, with such changes, insertions and omissions as he may
approve.
6. The Letter of Representation in the form submitted to this meeting is hereby
approved, and the County Manager and the Director of Finance are each hereby
authorized and directed to execute and deliver the Letter of Representation on
behalf of the County with such changes, insertions or omissions as he may
approve.
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7 Subject to the limitations set forth 'herein, the County Manager is hereby authorized
to approve the tenns of the Certificates, including but not limited to, the aggregate
principal amount and maturities thereof, the redemption provisions thereof and the
interest rates thereon; provided that (i) the principal amount of the Certificates shall
not exceed $23,925,000, (ii) the final maturity date of the Certificates shall not be
more than 20 years from the date thereof and (iii) the true interest cost and the
effective interest rate thereof shall not exceed 5.95% and 6%, respectively
8. The actions of the County Manager and the Finance Director of the County in
applying to various financial guaranty insurance companies for a commitment from
one or more of such companies to issue its insurance policy ensuring timely
payment of principal and interest with respect to the Certificates are hereby
ratified, approved and confinned, In connection with the execution and delivery
of the Contract, the Deed of Trust and the Indenture, (collectively, the
"Agreements"), the Chairman and Vice Chairman are each authorized to approve
any changes to the Agreements he deems in the County's best interest as may be
necessary or desirable to fulfIll the terms of any such commitment.
9 The Chairman or the Vice Chairman of the Board of County Commissioners, the
Clerk to the Board of County Commissioners, the County Manager, the Deputy
County Manager, the Finance Director of the County and the County Attorney are
each hereby authorized to take any and all such further action and to execute and
deliver such other documents as may be necessary or advisable to carry out the
intent of this Resolution and to effect the installment financing and refinancing
pursuant to the Contract.
10 This Resolution shall become effective immediately upon its adoption. "
Following a discussion of the Resolution, Commissioner Birzenieks
motion and the Resolution was adopted by the following vote:
seconded the
A YES. Chairman Robert G Greer
Commissioner Charles R. Howell
Cormnissioner Uldis "Buzz" Birzenieks
NAYS None
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I(
STATE OF NORTH CAROLINA )
COUNTY OF NEW HANOVER )
I, LUCIE F HARRELL, Clerk to the Board of Commissioners of the County of New
Hanover, DO HEREBY CERTIFY as follows:
A meeting of the Board of Commissioners of the County of New Hanover, located in
the State of North Carolina, was duly held November 17 1997 such meeting having been noticed,
held and conducted in accordance with all requirements oflaw (including open meetings requirements),
and minutes of that meeting have been duly recorded in the Minute Book kept by me in accordance
with law for the purpose of recording the minutes of the Board.
2. I have compared the attached extract with the minutes so recorded and the extract is a
true copy of those minutes and of the whole thereof insofar as those minutes relate to matters referred
to in the extract.
3 Those minutes correctly state the time when the meeting was convened and the place
where the meeting was held and the members of the Board who attended the meeting.
IN WITNESS WHEREOF, I have hereunto set my hand and have hereunto affixed the seal of
said County on November LZ 1997
~"<:;;(-.~A'./
Cle 0 the Board of ComrrusslOners
C-46374SvOI!.13704.000l1
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,
EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
A regular meeting of the Board of County Commissioners of
New Hanover County, North Carolina was held on November 17, 1997
at 9 00 a m at the place established for the Board of County
Commissioners' regular meetings in Wilmington, North Carolina,
and the following members were present and absent
PRESENT Chainnan, Robert G. Greer, Vice-Chairman, William A. Caster,
Cormnissioner Buzz Birzenieks, Corrunissioner Ted Davis, Jr and
Commissioner Charles R. Howell
ABSENT None
Chairman Greer advised the Commissioners that the next order
of business was to consider and take action on a resolution
approving the distribution and use of a Preliminary Official
Statement in connection with the offering of approximately
$25,000,000 Certificates of Participation, Series 1997 (the
"Resolution) Commissioner R;rzr-m;pk", introduced the
Resolution, a copy of which was submitted to the meeting, and
moved that it be adopted with such revisions as the Chairman or
vice Chairman and the County Manager deem advisable
'RESOLUTION APPROVING THE DISTRIBUTION AND USE OF
A PRELIMINARY OFFICIAL STATEMENT IN CONNECTION
WITH THE OFFERING OF APPROXIMATELY $25,000,000
CERTIFICATES OF PARTICIPATION, SERIES 1997"
WHEREAS, there has been submitted to this meeting a form of
Preliminary Official Statement to be dated on or about November
21, 1997 (the "Preliminary Official Statement) relating to the
Certificates of Participation, Series 1997 (the Certificates")
proposed for delivery by New Hanover County; and
WHEREAS, the Board of County Commissioners desires to
approve the distribution and use of the Preliminary Official
Statement in connection with the offering to the public of the
Certificates;
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of New Hanover County, North Carolina, as follows
1 The Preliminary Official Statement relating to the
Certificates and the distribution and use thereof in connection
with the public offering of the Certificates are hereby
authorized and approved
-
2 The Chairman or the Vice Chairman of and the Clerk to
the Board of County Commissioners, the County Manager, the
Finance Director of the County 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
to carry out the intent of this Resolution
3 This Resolution shall become effective immediately upon
its adoption
Following a discussion of the Resolution, Commissioner
Caster seconded the motion and the Resolution was adopted
by the following vote
AYES
Chairman, Robert G Greer, Vice-Chairman, William A. Caster,
Commissionr Birzenieks, Commissioner Ted R. Davis, Jr and Commissioner
Charles R. Howell
NONE
This the 17th day of November, 1997
NAYS
EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
A meeting of the Board of Commissioners of the County of New Hanover North Carolina,
was held in the New Hanover County Courthouse, 24 North Third Street, Room 301, Wilmmgton,
North Carolina, at 9.00 A.M. on November 17 1997
Present:
Ch3irrran, Robert G. Greer, Vice Olairman, William Caster, Commissioner,
Buzz Blrzenleks, ComffilSSlOner, Ted DaVlS, Jr , and Commissioner,
L.harles K. Howell
Absent:
Also present: Countv Manaqer. Allen 0' Neal. Countv Attornev. Wanda Copley
and Clerk to the Board, Lucie F Harrell
*
*
*
The Clerk to the Board of Commissioners placed before the Board of CommIssioners a
Certificate of Canvass of the New Hanover County Board of ElectIons certifYing to the Board of
Commissioners the results ofthe speG1al election held for the County of New Hanover on November 4,
1997 The Certificate was considered by the Board.
Cl::rrmi..ssicr R= Birza1.i.Eks
moved the adoption of the following resolution:
WHEREAS, the Board of Commissioners has considered the Certificate of Canvass of the
New Hanover County Board of Elections canvassing the referendum held for the County of New
Hanover on November 4, 1997 and certifYing the results thereof to the Board of Commissioners and
has canvassed the results of that special election;
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of
New Hanover that it be and hereby is certified and declared that the number of voters registered and
qualified to vote at that special election was 102,958
C-46374.5v(l]!.IJ70<1,OOOII
FURTHER RESOLVED, that it be and hereby is certified and declared that the total number
of voters who voted "YES" in answer to the question,
"SHALL the order authorizing $]25000,000 of bonds secured by a pledge of the faith and
credit of the County of New Hanover to pay capital costs of providing school facilities,
including the acquisition and construction of new school facilities, the improvement and
expansion of existing school facilitIes and the acquIsition and installation of furnishmgs and
equipment and the acquisition of interests in real property required therefor. and a tax to be
levied for the payment thereof, be approved?",
was 13,860 The total number of voters who voted "NO" in answer to such question was 10,380
"SHALL the order authorizing $38,300,000 of bonds secured by a pledge of the faith and
credit of the County of New Hanover to pay capital costs of providing community college
facilities, including the acquisition and construction of new community college facilities, the
improvement and expansion of existing community college facilities and the acquisItion and
installation of furnishings and equipment and the acquisition of interests in real property
required therefor; and a tax to be levied for the payment thereof, be approved?"
was 14,880 The total number of voters who voted "NO" in answer to such question was 9,308
FURTHER RESOLVED that a statement substantially in the form hereinafter set forth
declaring the result of the election shall be prepared and published in accordance with laW"
C-463745vil\U3704,OOOlI
2
STATEMENT OF RESULT OF SPECIAL ELECTION
HELD FOR THE
COUNTY OF NEW HANOVER
NOVEMBER 4, 1997
WHEREAS, by direction of the Board of Commissioners of the County of New Hanover, in
the State of North Carolina, a special election was duly called and held for the County on November 4,
1997 for the purposes of submitting to the qualified voters of the County the questions hereinafter set
forth, and that Board has received from the New Hanover County Board of Elections a certification of
the results of the election, and has detennined the results of the election to be as hereinafter stated;
NOW THEREFORE,
The Board of Commissioners of the County of New Hanover hereby makes the following
statement of the result of the election pursuant to The Local Government Bond Act:
(1) The total number of voters registered and qualified to vote at the election was
102,958
(2) The number of voters who voted "YES" in answer to the question,
"SHALL the order authorizing $125 000 000 of bonds secured by a pledge of the faith
and credit of the County of New Hanover to pay capital costs of providing school
facilities, including the acquisition and construction of new school facilities, the
improvement and expansion of existing school facilities and the acquisition and
installation offumishings and equipment and the acquisition of interests in real property
required therefor" and a tax to be levied for the payment thereof, be approved?"
C-463745vOl!.I3704.00011
3
was 13,860 The total number of voters who voted "NO" in answer to that question was 10,380 The
question in the form submitted was approved
by the vote of a majority of those who voted
thereon at the election.
(3) The number of voters who voted "YES" in answer to the question,
"SHALL the order authorizing $38,300000 of bonds secured by a pledge of the faith
and credit of the County of New Hanover to pay capital costs of providing community
college facilitIes, including the acquisition and construction of new community college
facilities, the improvement and expansion of existing community college facilities and
the acquisItion and installation of furnishings and eqUIpment and the acquisition of
interests in real property required therefor. and a tax to be levied for the payment
thereof, be approved?"
was 14,880 The total number of voters who voted "NO" in answer to that question was 9,308 The
question in the form submitted was approved
by the vote ofa majority of those who voted
thereon at the election.
Any action or proceeding challenging the regularity of validity of this bond referendum must be
begun within 30 days after
11/10/97
, the date of publication hereof
Board of Commissioners of
the County of New Hanover,
North Carolina
C-463745vOII.13704.000]]
4
Commissioner William Caster
seconded the motion, and the motion
was adopted by the following vote:
AYES.
xxx
NAYS
*
*
*
*
*
C-4637451lO1! 13704.00011
5
CONSENT AGENOA
DATE:_________
ITEM NOo______
NEW HANOVER CDUNTY FIRE DISTRICT TAX COLLECTIONS
COLLECTIONS THRU 10/31/97
CURRENT TAX YEAR - 1997
-----------------------
ORIGINAL TAX LEVY PER "SCROLL
DISCOVERIES ADDED
LESS ABATEMENTS
TOTAL TAXES CHARGED
LISTING PENALTIES CHARGED
TOTAL LEVY
COLLECTIONS TO DATE
OUTSTANDING BALANCE
PERCENTAGE COLLECTED
BACK TAXES
----------
REAL ESTATE AND PERSONAL PROPERTY $
CHARGES ADDEO
LESS ABATEMENTS
TOTAL TAXES DUE
COLLECTIONS TO DATE
OUTSTANDING BALANCE
PERCENTAGE COLLECTEO
THIS REPORT IS FOR FISCAL YEAR BEGINNING
RE.sP.~C TFULL Y SUBM ITTED,
"\ ' r,''J.
PA7;t({i(J:~ RdloR ,,-U "
COLLECTOR OF REVENUE
AD VALOREM
MOTOR. VEHICLE
$' -1,239,942."47
56,711.28
23,095.20-
---------------
$ '1,'273,558.55
9.85.99
$ - - 72,'775;71
541.39~
1,236.08-
---------------
$ 72,079.02
.00
$ 1,274,544.54
. 232,170.65-
---------------
$' 1,'042,373.89
16. 22%.
$
72,079.02 "
" ,.50,158.7.6-
---------------
$' 21,920.26
69.59%.
46,805.92
1,989.13
5,672.72-
---------------
$ 43;122.33
6,331.42-
---------------
$ 36,790.91
14.66%
JULY 1, 1997.
.. COMBINED COLLECTION PERCENTAGE - 20.97%
106
NEW HANOVER CDUNTY TAX CDLLECTIONS
CDLLECTIONS THRU 10/31/97
CURRENT TAX YEAR - 1997
-----------------------
~RIGINAL TAX LEVY ~ER SCROLL
DISCOVERIES ADDED
LESS ABATEMENTS
TDTAL TAXES CHARGED
ADVE~TISING FEES CHARGED
LISTING PENALTIES CHARGED
TDTAL LEVY
COLLECTIDNS TO DATE
OUTSTANDING BALANCE
PERCENTAGE COLLECTED
BACK TAXE.S
----------
~EAL ESTATE AND PERSONAL PRDPERTY
CHARGES ADDED
LESS ABATEMENTS
TDTAL T AXES DUE
CDLLECTIONS TO DATE
DUTSTANDING BALANCE
PERCENTAGE CDLLECTED
RDDM DCCUPANCY TAX CDLLECTIDNS
PRIVILEGE LICENSE COLLECTIDNS
EMS COLLECTIONS
.AD VALDREM
$ '56 ;737 ;366. 65
2,527,10.7.05
41,182.4B-
---------------
$ 59,223,291.22
.00.
45,877.99
---------------
$ 59,269,169.21
9 , 36 1 , 28 1. 59-
---------------
$ 49,90.7,887.62
15.79%"
$ 2,469,667.19
23,10.4.84
35,860.10.-
---------------
$ 2,456,9U;93
44B,225.22-
---------------
$ 2,008,686.71
18.24%
OCT.I9.97
-172,299.30.
534.75
.00.
TDTAL ~DNEY PRDCESSED THRU CDLLECTIDN DFFICE FOR
CITY DF WILHINGTON, WRIGHTSVILLE BEACH, CAROLINA
BEACH TO. DATE - $lb,756,213.6D.
THIS REPORT IS FOR FISCAL YEAR BEGINNING JULY 1,
~CTFULLY SU8HI~rED'.
~ . C\ l~, /C, ...,-,(,-"'-
PATRt{ntJ~~ RA+JDR ,-()
COLLECTOR OF RtvENUE
CONSENT AGENDA
DATE
IT EM NO.. ______
MOTOR. VEHICLE.
$ '3,0.94,'55'9.'10.
19,0.97.32 _
43,362.12-
---------------
$ 3,0.70.,294.30.
.0.0.
,.00.
$ '3,0.70,294;30.
2,0.46,620..18-
---------------
$ 1,'0.23,674.12
66.66%$
FISCAL .YTD. _
1,IDr,667.'5D
13,0.65.25
.0.0.
NEW HANDVER CDUNTY,
BEACH AND KURE
1997.
.. CDMBINED COLLECTION PERCENTAGE - 18.30.%
107
CERTIF1CA TE OF CANVASS OF
THE NEW HANOVER COUNTY BOARD OF ELECTlONS
FOR THE SPECIAL ELECTlON
OF THE
COUNTY OF NEW HANOVER
ON THE 4TH DAY OF NOVEMBER, 1997
WE, the undersigned Chairman and Members of the New Hanover County Board of Elections,
DO HEREBY CERTIFY that we met on November l..-., ]997 at ~o ~.M., to canvass the
returns of the special election held in the County of New Hanover on November 4, ]997 and that the
result of such canvass is as follows:
The total number of voters who voted "YES" in answer to the question, "SHALL the
order authorizing $]25,000,000 of bonds secured by a pledge of the faith and credit of the County of
New Hanover to pay capital costs of providing school facilities, including the acquisition and
construction of new school facilities, the improvement and expansion of existing school facilities and
the acquisition and installation of furnishings and equipment and the acquisition of interests in real
property required therefor, and a tax to be levied for the payment thereof, be approved?" was
13,860 The total number of voters who voted "NO" in answer to such question was 10,380
2. The total number of voters who voted "YES" in answer to the question, "SHALL the
order authorizing $38,300,000 of bonds secured by a pledge of the faith and credit of the County of
New Hanover to pay capital costs of providing community college facilities, including the acquisition
and construction of new community college facilities, the improvement and expansion of existing
community college facilities and the acquisition and installation of furnishings and equipment and the
acquisition of interests in real property required therefor and a tax to be levied for the payment thereof,
be approved?" was 14,880
question was 9308
3 All persons voting at said election were required to use ballots or ballot labels setting
forth the questions to be voted upon in the fonn prescribed by the Board of Commissioners of the
County
The total number of voters who voted "NO" in answer to such
4 Only the persons who had been duly registered were pennitted to vote at said election.
The total number of voters who were registered and qualified to vote at said election was 102, 958
5 The polls for said election were opened at the polling places in the County on
November 4, 1997 at the hour of6.30 A.M. and were closed at the hour of7.30 P.M. on that day
IN WITNESS WHEREOF we have set our hands for the purpose of certifYing the result of
the special election held for the County of New Hanover on November 4, 1997 to the Board of
Commissioners of the County this ~ day of November 1997
ver County Board of Elections
C-463744vOll.137040001]
2