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HomeMy WebLinkAbout2005-08-09 Continued Meeting NEW HANOVER COUNTY BOARD OF COMMISSIONERS CONTINUED MEETING OF AUGUST 1,2005 HELD ON TUESDAY, AUGUST 9, 2005 BOOK 30 PAGE 380 ASSEMBLY The New Hanover County Board of Connnissioners continued the meeting of August 1,2005, on Tuesday, August 9,2005 at 9:00 a.ill. in the Assembly Room of the New Hanover County Courthouse, 24 North Third Street, Wilmington, North Carolina. Members present were: Chairman Robert G. Greer; Vice-Chairman William A. Caster; Connnissioner William A. Kopp, Jr.; Connnissioner Nancy H. Pritchett; County Manager Allen 0 'Neal; County Attorney Wanda M. Copley and Clerk to the Board Sheila 1. Schult. Connnissioner Ted Davis, Jr. was absent. Chairman Greer called the meeting to order and welcomed everyone present. PUBLIC HEARING ON REFINANCING 1998 GENERAL OBLIGATION BONDS AND EXECUTION AND DELIVERY OF REFUNDING CERTIFICATES OF PARTICIPATION AND RELATED DOCUMENTS Chairman Greer reported that the following public hearing is for the purpose of considering whether the Board of Connnissioners should approve refinancing the 1998 General Obligation Bonds as described in the notice of public hearing that was published on August 2,2005 in the Wilmington Star-News. Finance Director Bruce Shell reported that staff was looking to do a partial refunding if economically feasible of the 1998 General Obligation Bonds in an amount not to exceed $21,000,000. Due to bond market shifts, Staff along with the Local Government Connnission, will monitor market conditions for the next 45 to 60 days. Refunding will only be done if the conditions are favorable with a cash savings to the County of at least $40,000 a year. If market conditions are not favorable Staff will delay the refinancing until the terms are more favorable. Chairman Greer requested the Clerk to the Board to give her report on the bond order. Clerk to the Board Sheila 1. Schult reported that the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $21,000,000 GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF NEW HANO VER," which was introduced on August 1, 2005, was published on August 2, 2005, with notice that the Board would hold a public hearing thereon on August 9, 2005, at 9:00 a.ill. in Room 301 in the New Hanover County Courthouse. The County's Finance Officer has filed in the Clerk's office a statement of debt complying with the provisions of The Local Government Bond Act, and such statement as filed shows the net indebtedness of the County to be 1.8% of the assessed valuation of property in the County subject to taxation. Chairman Greer requested a motion from the Board to proceed with the public hearing on the refunding bond order. Motion: Connnissioner Pritchett MOVED, SECONDED by Vice-Chairman Caster, to proceed with the public hearing on the refunding bond order. Upon vote, the MOTION CARRIED 4 TO O. Chairman Greer reported that the Board would hear anyone who wished to be heard on the questions of the validity of the refunding bond order and the advisability of issuing the refunding bonds and requested that the Clerk to the Board Sheila 1. Schult read the refunding bond order by title and the published notice of hearing. Clerk to the Board Schult read the Bond Order title and the published notice of hearing as was published on August 2,2005. Chairman Greer asked if anyone in the audience would like to be heard on this matter. Being none, Chairman Greer requested a motion from the Board to close the public hearing on the refunding bond order. Motion: Connnissioner Pritchett MOVED, SECONDED by Vice-Chairman Caster, to close the public hearing on the refunding bond order. Upon vote, the MOTION CARRIED 4 TO O. Chairman Greer requested a motion from the Board to adopt, without change or amendment, and direct the Clerk to the Board to publish as prescribed by The Local Government Bond Act the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $21,000,000 GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF NEW HANOVER," introduced at the meeting of the Board ofConnnissioners held on August 1,2005. Motion: Vice-Chairman Caster MOVED, SECONDED by Connnissioner Pritchett, to adopt, without change or amendment, and direct the Clerk to the Board to publish as prescribed by The Local Government Bond Act the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $21,000,000 GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF NEW HANOVER," introduced at the meeting of the Board of Connnissioners held on August 1,2005. Upon vote, the MOTION CARRIED 4 TO O. Chairman Greer requested a motion to present and adopt the resolution providing for the sale of the County's refunding bonds, approving the related Escrow Deposit Agreement and all other necessary undertakings in connection with the issuance of said general obligation refunding bonds. NEW HANOVER COUNTY BOARD OF COMMISSIONERS CONTINUED MEETING OF AUGUST 1,2005 HELD ON TUESDAY, AUGUST 9, 2005 BOOK 30 PAGE 381 Motion: Connnissioner Pritchett MOVED, SECONDED by Vice-Chairman Caster, to present and adopt the resolution providing for the sale of the County's refunding bonds, approving the related Escrow Deposit Agreement and all other necessary undertakings in connection with the issuance of said general obligation refunding bonds. Upon vote, the MOTION CARRIED 4 TO O. A copy of the resolution is hereby incorporated as part of the minutes and is contained in Exhibit Book XXIX, Page 25.7. ADJOURNMENT Hearing no further connnents, Chairman Greer called for a motion to adjourn. Motion: Connnissioner Pritchett MOVED, SECONDED by Vice-Chairman Caster, to adjourn the continued meeting of August 1,2005. Upon vote, the MOTION CARRIED UNANIMOUSLY. Chairman Greer adjourned the meeting at 9: 17 a.ill. Respectfully submitted, Sheila 1. Schult Clerk to the Board