2005-12-07 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