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HomeMy WebLinkAbout1997-11-17 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: -2- 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. -3- 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 -4- 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 6 , 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