1995-11-06 RM Exhibits
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RESOLUTION
OF THE
BOARD OF COMMISSIONERS
OF
NEW HANOVER COUNTY
AUTHORIZING THE EXECUTION OF AN INSTALLMENT FINANCING CONTRACT
WITH
FIRST UNION NATIONAL BANK OF NORTH CAROLINA
AND
AUTHORIZING THE EXECUTION OF RELATED DOCUMENTS
WHEREAS, the County desires to enter into an Installment Financing Contract, dated as of
November 15, 1995 (the "Contract"), among the County, First Union National Bank of North
Carolina (the "Bank") and First Union National Bank of North Carolina, corporate Trust Department,
as Escrow Agent, execute a Deed of Trust and Security Agreement, dated as of November 15, 1995
(the "Deed of Trust") to Lynn M. Beckham, as deed of trust trustee, for the benefit of the Bank, and
execute a Commitment Letter, dated November 15, 1995 (the "Commitment Letter"), with the Bank;
AND WHEREAS, the Contract provides for
(a) the Bank to advance certain funds (the "amount Advanced") to enable the
County to
(i) construct an addition to the County's Department of Social Services
building, all as more particularly described in the Contract (the
"Project"),
(ii) refinance the County's obligations under an Installment Purchase
Contract, dated as of July 13, 1992, between the County and the
Bank, and
(iii) refinance the County's obligations under an Installment Financing
Contract, dated as of December 14, 1992, among the County, the
Bank and the Escrow Agent, and
(b) the County to repay the amount Advanced in installments (the "Installment
Payments"), as provided in the Contract,
AND WHEREAS, the County has determined that the use of the Project and the Facilities
(both as defined in the Contract) is essential to its proper, efficient and economic operation; that it
anticipates and ongoing need for the Real Property (as defined in the Contract) and the Facilities; that
the Real Property and the Facilities will provide an essential use and permit the County to carry out
public functions that it is authorized by law to perform, and that entering into the Contract and
executing the Deed of Trust is necessary and expedient for the County;
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AND WHEREAS, the County has further determined that the Installment Payments and all
other obligations of the County under the Contract and the Deed of Trust are not excessive for their
stated purposes,
AND WHEREAS, the County has determined that the Contract, the Deed of Trust and the
obligations of the County thereunder are preferable to, and more cost efficient than, a general
obligation or revenue bond issue for the same purpose and that the cost of construction the Facility
exceeds the amount that can be prudently raised from currently available appropriations,
unappropriated fund balances and nonvoted bonds that could be issued by the County in the current
fiscal year pursuant to Article V, Section 4 of the constitution of the State of North Carolina,
AND WHEREAS, the debt management policies of the County have been carried out in strict
compliance with law;
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of New
Hanover County that.
(i) The Contract, the Deed of Trust and the Commitment Letter are hereby approved.
(ii) The officers of the County (Robert G Greer, Chairman of the Board of
Commissioners; Allen O'Neal, County Manager; and Bruce Shell, Finance Director),
jointly and severally, be, and are hereby, authorized, empowered and directed to
execute on its behalf the Commitment Letter, the Contract, the Deed of Trust and any
addenda, exhibits, schedules, notes, UCC financing statements or other instruments
issued under the provisions of the Commitment Letter, the Contract, the Deed of
Trust and any other instrument or document which may be necessary or expedient in
connection with the fulfillment of the provisions of the Commitment Letter, the
Contract, and the Deed of Trust
(iii) This resolution shall take effect immediately upon its passage
This 6th day of November, 1995
(SEAL)
1JJNL
Chairman, Board of County Commissioners
ATTEST'
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'JIfgw :J-fanover County 130ard ofCommisswners
'Procfaniation' , ,
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, ':: wHEREAS, the vast'"" ~djoriry '-'~i i:'tke~' yo~th are 'cOllcehzed,' ,
knmyledgeable and responsible citize~>, ~nd
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WHEREAS, 'the accomplishments' and achievements of the young'
citizens deserVe recognition and praise of the elders; and
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WHEREAS, 'Optimist I~t~m~tio~al':has' since<1954 de~el~ped ;~nd
promoted a program entitled Youth Appreciation Week.
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NOW, THEREFORE, the "'New Ha~over' County, B~ard of
Commissioners hereby proclaims the week of November 12-18, 1995, as
'YOUTH ApPRECIATION : WEEK
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in New Hanover County and encourages all 'citizens to 'join with tlie '
Opti11Jists in expressing apprecia~ion and, approval of the' contribution of
the youth. By this action, let it be known that we hav(! faith in the ability
of today 's youth as they assume responsible roles in the future of mankind.
Ad~pted thi;, the 6th day of Nov'ember, 1995.'
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. Robert G. Greer, Chairman
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Minutes of a Regular Meeting of the
Board of County Commissioners
Of New Hanover County, North Carolina
A regular meeting of the Board of County Commissioners of New Hanover County was
held in the Commissioners' Assembly Room, the regular meeting place, on November 6, 1995.
There were five Commissioners present. The Board of Commissioners was advised that a
proposed contract between New Hanover County and North Carolina Department of Environ-
ment, Health, and Natural Resources for the provision of planning services was presented and
discussed; that, under the terms of said contract, New Hanover County will provide a total of
$12,750 in cash and in-kind matching funds as its local share of the planning costs,
Commissioner William Sisson introduced the following resolution which was seconded by
Vice Chairman E L. Matthews'
"BE IT RESOLVED, BY THE BOARD OF COUNTY COMMISSIONERS OF NEW
HANOVER COUNTY
1. That the contract between New Hanover County and the North Carolina
Department of Environment, Health, and Natural Resources be and the same is
hereby approved,
2. That the Chairman and the Clerk be and they are hereby authorized to sign and
execute the said contract for and on behalf of New Hanover County and forward
the same to the North Carolina Department of Environment, Health, and Natural
Resources,
3. That upon final execution, a copy of said contract be filed with the minutes. Upon
motion of Commissioners William Sisson, seconded by Vice Chairman E. L.
Mathews, said resolution was passed."
I, Lucie Harrell, Clerk of the Board of County Commissioners of New Hanover County,
North Carolina do hereby certify that the foregoing is a true copy of the proceedings of the Board
of County Commissioners of New Hanover County at a meeting held on November 6, 1995, as
related to the contract between the County of New Hanover and the North Carolina Department
of Environment, Health, and Natural Resources, relative to the planning project for New Hanover
County
d.. _ .~~:ne~s my hand and the corporate seal of the said County, this the f -4 day of
~' 1995.
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Cl k to the Board