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HomeMy WebLinkAbout2005-12-07 Continued Meeting NEW HANOVER COUNTY BOARD OF COMMISSIONERS CONTINUED MEETING OF DECEMBER 5, 2005 HELD ON WEDNESDAY, DECEMBER 7,2005 BOOK 30 PAGE 476 ASSEMBLY The New Hanover County Board of Commissioners continued the meeting of December 5, 2005, on Wednesday, December 7, 2005 at 10:03 a.ill. in Room 501 ofthe New Hanover County Administration Building, 320 Chestnut Street, Wilmington, North Carolina. Members present were: Chairman Robert G. Greer; Vice-Chairman William A. Caster; Commissioner William A. Kopp, Jr.; County Manager Bruce T. Shell; County Attorney Wanda M. Copley and Clerk to the Board Sheila 1. Schult. Commissioner Nancy Pritchett was present via phone. Commissioner Ted Davis, Jr. was absent. Chairman Greer called the meeting to order and welcomed everyone present. Chairman Greer reported that the purpose of the meeting is to consider and take action on a Second Supplemental Bond Order authorizing certain amendments to the Bond Order adopted by the Board on October 6, 1993, and amended and supplemented on February 5, 1999. The amendments are being made in accordance with Section 1001 of the Bond Order and in connection with the issuance of the Bonds described below. Chairman Greer asked for a motion to introduce and adopt the Second Supplemental Bond Order entitled "A SECOND SUPPLEMENTAL BOND ORDER PROVIDING FOR CERTAIN AMENDMENTS TO THE BOND ORDER," a copy of which has been submitted to the meeting, and move that it be adopted with such revisions as the Chairman or Vice Chairman of the Board and the Clerk to the Board, with the advice of counsel, may deem necessary and appropriate. Motion: Commissioner Kopp MOVED, SECONDED by Vice-Chairman Caster, to introduce and adopt the Second Supplemental Bond Order entitled" A SECOND SUPPLEMENTAL BOND ORDER PROVIDING FOR CERTAIN AMENDMENTS TO THE BOND ORDER," with such revisions as the Chairman or Vice Chairman of the Board and the Clerk to the Board, with the advice of counsel, may deem necessary and appropriate. Upon vote, the MOTION CARRIED 4 TOO. Chairman Greer reported that the next order of business is to consider and take action on the "Series Resolution" providing for the issuance ofthe New Hanover Regional Medical Center Revenue Refunding Bonds, Series 2005 A-I, Series 2005 A-2, Series 2005 B-1 and Series 2005 B-2 in the aggregate principal amount not exceeding $79,070,000, including the authorization of the execution and delivery of the Bond Purchase Agreement, the Standby Bond Purchase Agreement, the Official Statement, the Escrow Agreement, the Third Amendment to Lease Agreement and the Remarketing Agreements and providing for other matters in connection therewith. The Series Resolution delegates to the County Manager ofthe County the authority to determine certain terms of the Bonds subject to limitations set forth in the Series Resolution. Chairman Greer requested a motion to introduce and adopt the Series Resolution entitled "SERIES RESOLUTION AUTHORIZING AND APPROVING THE ISSUANCE AND SALE OF $11,435,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA VARIABLE RATE HOSPITAL REVENUE REFUNDING BONDS (NEW HANOVER REGIONAL MEDICAL CENTER) SERIES 2005A-l AND $11,435,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA VARIABLE RATE HOSPITAL REVENUE REFUNDING BONDS (NEW HANOVER REGIONAL MEDICAL CENTER) SERIES 2005A-2, TO PROVIDE FUNDS TO CURRENTLY REFUND THE COUNTY'S OUTSTANDING HOSPITAL REVENUE BONDS (NEW HANOVER REGIONAL MEDICAL CENTER PROJECT), SERIES 1993 AND THE ISSUANCE AND SALE OF $28,100,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA VARIABLE RATE HOSPITAL REVENUE REFUNDING BONDS (NEW HANOVER REGIONAL MEDICAL CENTER) SERIES 2005B-l AND $28,100,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA VARIABLE RATE HOSPITAL REVENUE REFUNDING BONDS (NEW HANOVER REGIONAL MEDICAL CENTER) SERIES 2005B-2, TO PROVIDE FUNDS TO ADVANCE REFUND THE COUNTY'S OUTSTANDING HOSPITAL REVENUE BONDS (NEW HANOVER REGIONAL MEDICAL CENTER PROJECT), SERIES 1996 MATURING ON OR AFTER OCTOBER 1,2007, AND AUTHORIZING AND APPROVING THE FORM AND TERMS OF THE OFFICIAL STATEMENT, A THIRD AMENDMENT TO THE LEASE AGREEMENT, THE ESCROW AGREEMENT AND THE BOND PURCHASE AGREEMENT AND THE EXECUTION AND DELIVERY OF THE OFFICIAL STATEMENT, A THIRD AMENDMENT TO THE LEASE AGREEMENT, THE ESCROW AGREEMENT AND THE BOND PURCHASE AGREEMENT AND THE DISTRIBUTION AND USE OF THE OFFICIAL STATEMENT IN CONNECTION WITH THE PUBLIC OFFERING OF SUCH REFUNDING BONDS AND SUCH OTHER MATTERS RELATED THERETO," a copy of which has been submitted to the meeting, and move that it be adopted with such revisions as the Chairman or Vice Chairman of the Board and the Clerk to the Board, with the advice of counsel, may deem necessary and appropriate. Motion: Vice-Chairman Caster MOVED, SECONDED by Commissioner Kopp, to introduce and adopt the Series Resolution entitled "SERIES RESOLUTION AUTHORIZING AND APPROVING THE ISSUANCE AND SALE OF $11,435,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA VARIABLE RATE HOSPITAL REVENUE REFUNDING BONDS (NEW HANOVER REGIONAL NEW HANOVER COUNTY BOARD OF COMMISSIONERS CONTINUED MEETING OF DECEMBER 5, 2005 HELD ON WEDNESDAY, DECEMBER 7,2005 BOOK 30 PAGE 477 MEDICAL CENTER) SERIES 2005A-l AND $11,435,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA VARIABLE RATE HOSPITAL REVENUE REFUNDING BONDS (NEW HANOVER REGIONAL MEDICAL CENTER) SERIES 2005A-2, TO PROVIDE FUNDS TO CURRENTLY REFUND THE COUNTY'S OUTSTANDING HOSPITAL REVENUE BONDS (NEW HANOVER REGIONAL MEDICAL CENTER PROJECT), SERIES 1993 AND THE ISSUANCE AND SALE OF $28,100,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA VARIABLE RATE HOSPITAL REVENUE REFUNDING BONDS (NEW HANOVER REGIONAL MEDICAL CENTER) SERIES 2005B-l AND $28,100,000 AGGREGATE PRINCIPAL AMOUNT OF THE COUNTY OF NEW HANOVER, NORTH CAROLINA VARIABLE RATE HOSPITAL REVENUE REFUNDING BONDS (NEW HANOVER REGIONAL MEDICAL CENTER) SERIES 2005B-2, TO PROVIDE FUNDS TO ADVANCE REFUND THE COUNTY'S OUTSTANDING HOSPITAL REVENUE BONDS (NEW HANOVER REGIONAL MEDICAL CENTER PROJECT), SERIES 1996 MATURING ON OR AFTER OCTOBER 1,2007, AND AUTHORIZING AND APPROVING THE FORM AND TERMS OF THE OFFICIAL STATEMENT, A THIRD AMENDMENT TO THE LEASE AGREEMENT, THE ESCROW AGREEMENT AND THE BOND PURCHASE AGREEMENT AND THE EXECUTION AND DELIVERY OF THE OFFICIAL STATEMENT, A THIRD AMENDMENT TO THE LEASE AGREEMENT, THE ESCROW AGREEMENT AND THE BOND PURCHASE AGREEMENT AND THE DISTRIBUTION AND USE OF THE OFFICIAL STATEMENT IN CONNECTION WITH THE PUBLIC OFFERING OF SUCH REFUNDING BONDS AND SUCH OTHER MATTERS RELATED THERETO," with such revisions as the Chairman or Vice Chairman of the Board and the Clerk to the Board, with the advice of counsel, may deem necessary and appropriate. Upon vote, the MOTION CARRIED 4 TO O. ADJOURNMENT Hearing no further comments, Chairman Greer adjourned the meeting at 10: 10 a.ill. Respectfully submitted, Sheila 1. Schult Clerk to the Board