1992-11-02 RM Exhibits
NORTH CAROLINA STATE DEPARTMENT OF TRANSPORTATION
REQUEST FOR ADDITION TO STATE MAINTAINED SECONDARY ROAD SYSTEM
North Carolina
County of New Hanover
Road(s) Description:
OFFSHORE COURT AND FREEBOARD COURT
CROSSWINDS SUBDIVISION (FILE # 728-N)
WHEREAS, ~he a~~ached pe~ition has been filed with ~he Board of County
Commissioners of the County of New Hanover requesting ~hat ~he above described
road(s), the location of which has been indicated in red on ~he a~~ached map, be
added to the Secondary Road system; and
WHEREAS, the Board of County Commissioners is of the opinion that the above
described road(s) should be added to the Secondary Road System, if the road(s)
meets minimum s~andards and criteria es~ablished by the Division of Highways of
~he Department of Transportation for the addition of roads ~o the System.
NOW, THEREFORE, be i~ resolved by the Board of Commissioners of the county
of New Hanover ~hat ~he Division of Highways is hereby requested ~o review the
above described road(s), and to take over ~he road(s) for maintenance if they
meet established s~andards and criteria.
CERTIFICATE
The foregoing resolution was duly adopted by the Board of
Commissioners of the County of New Hanover at a meeting on the
2nd day of November , 1992.
W~and an~ ~~~~~ial seal this the ~
day of
Lu ie F. Harrell, Clerk
New Hanover County Board of
Commissioners
Form SR-2
Please Note: Forward direct to the District Engineer, Division of Highways.
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RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL
OF A FINANCING AGREEMENT AUTHORIZED BY NORTH CAROLINA GENERAL
STATUTE 160A - 20
WHEREAS, the Board of Commissioners (the "Board") of the
County of New Hanover, North Carolina (the "County") desires to
provide for the construction on certain County-owned real property
(the "Project") named the Mid-South Branch (also Myrtle Grove
Branch) Library to provide additional library services to County
residents in the southern part of the County; and
WHEREAS, the Board desires to finance the Project totalling
approximately $764,000 with approximately $231,238 from a Federal
Department of Education Grant, $50,000 from the State of North
Carolina, and $438,362 through an installment financing contract
(the "Contract") with First Union National Bank of North Carolina,
Charlotte, North Carolina ("First Union"), obligating the County to
repay amounts financed at a fixed annual interest rate of not more
than 6% over a term of approximately seven (7) years, resulting in
a total amount financed not to exceed $438,362, an average annual
payment of approximately $74,803 and total payments of
approximately $518,228. Pursuant to a proposal submitted by First
Union to the Board; and
WHEREAS, pursuant to NCGS Section 160A-20, the County is
authorized to finance the construction and lor renovation of the
Project by entering into an installment financing contract which
creates in the Project a security interest to secure payment of the
obligation thereby created; and
WHEREAS, subject to the prior approval of the Local Government
Commission of North Carolina (the "LGC") pursuant to NCGS Section
159-148, the County intends to finance the Project pursuant to said
Section 160A-20 by executing and delivering to First Union the
Contract providing for the financing of a principal amount not to
exceed $438,362;
NOW, THEREFORE, BE IT RESOLVED that the Board meeting in
regular session on the 2nd day of November, 1992, make the
following findings of fact:
1. The proposed contract is necessary and expedient because
the amount to be financed is small and any other method of
financing would be more expensive and time consuming.
2. The proposed contract is preferable to a bond issue since
the County does not have a "two-thirds" bond option this
fiscal year due to no "net debt reduction". The small
amount of financing needed also lends itself to
installment financing. The sum that falls due under the
Contract on an annual basis can be included in the
County's budget without difficulty, and are not excessive
for the Project.
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3. The County attorney has advised the County that the
Project is authorized by law and is a purpose for which
public funds may be expended pursuant to the Constitution
and laws of North Carolina.
4. There will be no increase in taxes necessary to meet the
sums to fall due under the proposed contract.
5. The County is not in default on any of its debt service
obligations.
6. The County's past Comprehensive Annual Financial Reports
indicate the debt management procedures and policies have
been carried out in strict compliance with the law and the
County has not been censured by the LGC, external
auditors, or any other regulatory agencies in connection
with such management.
NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance
Director is hereby authorized to act on behalf of the County
in filing an application with the LGC for approval ofi the
Project and the proposed financing contract and other actions,
including contracting with the County's bond attorney,
LeBoeuf, Lamb, Leiby and McRae, not inconsistent with this
resolution.
This resolution is effective upon its adoption this 2nd
day of November, 1992.
~ RESOLUTION
A mot i on was made by Vice-Chairman Robert G. Greer
(Name and Tit1 e)
and seconded by Commissioner Fred Retchin for the adoption of the
(Name and Title)
following Resolution, and upon being put to a vote was duly accepted:
WHEREAS, a grant in the amount of $77,151 has been approved by
the Department based on a total estimated cost of $1,888,890 and
WHEREAS, an amount equal to or greater than 50% of the
non-federal share of the total project cost has been appropriated by the
Sponsor for this Project.
NOW THEREFORE, BE AND IT IS RESOLVED THAT THE Cba; Xn;JrI T)
(Title)
~ of the Sponsor be and he hereby is authorized and empowered to enter into a
Grant Agreement with the Department, thereby binding the Sponsor to the
fulfillment of its obligation incurred under this Grant Agreement or any
mutually agreed.upon modification thereof.
I, Lucie F. Harrell, Clerk to the Board of County of
. Com.rru.ss~oners
(Name and Title)
the New Hanover County do hereby
(Sponsor)
certify that the above is a true and correct copy of an excerpt from the
minutes of the NeWT Ham V'er.. cburi:Cy Board of ComroissioIEffTa meeting
(Sponsor)
duly and regul arly held on the 2'nd day of NOvember" 19 92 .
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