060418 extracts for resolution financingEXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
The Board of Commissioners (the "Board") for the County of Randolph (the "County")
held a regular meeting at the 1909 Randolph County Historic Courthouse Meeting Room, 145-C
Worth Street, Asheboro, North Carolina 27203, at 6:00 P.M. on June 4, 2018. The following
Commissioners were:
Present: Commissioners Allen, Frye, McDowell, and Kidd
Absent: Commissioner Haywood
AYES: 4 NAYS: 0
On motion of Frye, seconded by Kidd, the Board voted unanimously to adopt 1) the
Resolution Making Certain Findings and Appointments and Requesting Approval of the Local
Government Commission, and 2) the Resolution Calling for a Public Hearing On Whether The
Board Of Commissioners for the County of Randolph, North Carolina, Should Approve a
Proposed Installment Financing in order to finance a portion of the cost of renovating,
expanding, equipping and improving (i) an existing school facility and (ii) the County's detention
center (collectively, the "Project,') and 3)to set a public hearing for July 9, 2018 at 6:30 pm, as
follows,-
RESOLUTION
ollows:
RESOLUTION MAKING CERTAIN FINDINGS AND APPOINTMENTS AND
REQUESTING APPROVAL OF THE LOCAL GOVERNMENT COMMISSION
WHEREAS, the County of Randolph (the "County") has determined to finance a portion
of the cost of renovating, expanding, equipping and improving (i) an existing school facility and
(ii) the County's detention center (collectively, the "Project"); and
WHEREAS, the County is considering undertaking an installment financing pursuant to
G.S. §160A-20, as amended, for the purpose of providing funds in an amount not to exceed
$36,000,000, with other available funds, for the construction and other accomplishment of the
Project;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners as follows:
1. The Board of Commissioners hereby finds and determines in connection with the
proposed installment financing contract that (a) such proposed installment financing is necessary
or expedient to the County, (b) such proposed installment financing, under current
circumstances, is preferable to a general obligation bond issue of the County for the same
purpose, (c) the sums estimated to fall due under such proposed installment financing are
adequate and not excessive for their proposed purpose, (d) the County's debt management
procedures and policies are good and its debt will continue to be managed in strict compliance
with the law, (e) no increase in taxes will be necessary due to the proposed installment financing
and (l) the County is not in default regarding any of its debt service obligations.
2. The County Manager, the Finance Officer and the County Attorney of the County
are each hereby designated as a representative of the County to file an application for approval of
such installment financing with the Local Government Commission of North Carolina and are
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authorized to take such other actions as may be advisable in connection with such proposed
acquisition and the development of such installment financing; and all actions heretofore taken
by any of such officers or any other officer of the County relating to such matters on behalf of
the County are hereby approved, ratified and confirmed.
3. The Board hereby requests the Local Government Commission of North Carolina
to approve such proposed installment financing under Article 8 of Chapter 159 of the General
Statutes of North Carolina. The Council appoints Robinson Bradshaw & Hinson P.A. as special
counsel for the transaction.
4. This Resolution shall become effective immediately upon its adoption.
RESOLUTION CALLING A PUBLIC HEARING ON WHETHER THE BOARD OF
COMMISSIONERS FOR THE COUNTY OF RANDOLPH, NORTH CAROLINA
SHOULD APPROVE A PROPOSED INSTALLMENT FINANCING
WHEREAS, the County of Randolph (the "County") has determined to finance a portion
of the cost of renovating, expanding, equipping and improving (i) an existing school facility and
(ii) the County's detention center (collectively, the "Project"); and
WHEREAS, the County is considering undertaking an installment financing pursuant to
G.S. § 160A-20, as amended, for the purpose of providing funds in an amount not to exceed
$36,000,000, with other available funds, for the construction and other accomplishment of the
Project, and the County is authorized to do so only after a public hearing on such proposed
agreement; and
WHEREAS, it is necessary to call a public hearing on such proposed agreement;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners as follows:
1. A public hearing shall be held at 6:00 P.M. on July 9, 2018 at the 1909 Randolph
County Historic Courthouse Meeting Room, 145-C Worth Street, Asheboro, North Carolina
27203, for the purpose of considering whether the Board of Commissioners for the County (the
"Board") should approve such proposed installment financing and certain related documents
pursuant to G.S. § 160A-20, as amended, for the purpose of providing funds in an amount not to
exceed $36,000,000, with any other available funds, for the construction and other
accomplishment of the Project. The County would secure the repayment by it of moneys
advanced pursuant to such proposed agreement by granting a security interest in all or a portion
of the Project and certain related property.
2. The Clerk to the Board shall cause a notice of such public hearing to be published
in The Courier -Tribune once at least 10 days before July 9, 2018.
This resolution shall flake effect immediately upon its passage.
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STATE OF NORTH CAROLINA )
COUNTY OF RANDOLPH )
1, AMANDA VARNER, City Clerk to the Board of Commissioners for the County of
Randolph, DO HEREBY CERTIFY as follows:
1. A meeting of the Board of Commissioners for the County of Randolph, located in
the State of North Carolina, was duly held June 4, 2018, such meeting having been noticed, held
and conducted in accordance with all requirements of law (including open meetings requirements),
and minutes of that meeting have been or will be duly recorded in the Minute Book kept by me in
accordance with law for the purpose of recording the minutes of the Board of Commissioners.
2. The attached extract accurately reflects the actions taken by the Board of
Commissioners with respect to the matters therein.
3. That extract correctly states the time when the meeting was convened and the place
where the meeting was held and the members of the Council who attended the meeting.
IN WITNESS WHEREOF, I have hereunto set my hand and have hereunto affixed the
seal of the County as of June 4, 2018.
i`
(SEAL) (i
Clerk to the Board of Commissioners
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