Currituck County

Board Agenda

Resolution to Approve Financing Terms for Ocean Sands Wastewater Treatment Plant Construction


Department:County ManagerSponsors:
Category:BOC OSWSD


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Meeting History

Oct 16, 2017 6:00 PM Video Board of Commissioners Regular Meeting
draft Draft

County Manager, Dan Scanlon, reviewed the funding process and described the BB&T funding terms included in the Resolution for financing the Ocean Sands Wastewater Treatment Plant construction project.

Commissioner Payment moved to approve the Resolution. The motion was seconded by Commissioner White and passed with a unanimous vote.

With no further business the Special Meeting of the Ocean Sands Water and Sewer District Board was adjourned.

Ocean Sands Water and Sewer District

Resolution Approving Financing Terms

WHEREAS: Ocean Sands Water and Sewer District (the “District”) has previously determined to undertake a project for the financing of the Ocean Sands Wastewater Treatment Plant Project, (the “Project”), and the Finance Officer has now presented a proposal for the financing of such Project.


1. The District hereby determines to finance the Project through Branch Banking and Trust Company (“BB&T”), in accordance with the proposal dated September 14, 2017. The amount financed shall not exceed $8,000,000.00, the interest rate shall not exceed 2.45% and the financing term shall not exceed fifteen (15) years from closing.

2. All financing contracts and all related documents for the closing of the financing (the “Financing Documents”) shall be consistent with the foregoing terms. All officers and employees of the District are hereby authorized and directed to execute and deliver any Financing Documents, and to take all such further action as they may consider necessary or desirable, to carry out the financing of the Project as contemplated by the proposal and this resolution.

3. The Finance Officer is hereby authorized and directed to hold executed copies of the Financing Documents until the conditions for the delivery of the Financing Documents have been completed to such officer's satisfaction. The Finance Officer is authorized to approve changes to any Financing Documents previously signed by District officers or employees, provided that such changes shall not substantially alter the intent of such documents or certificates from the intent expressed in the forms executed by such officers. The Financing Documents shall be in such final forms as the Finance Officer shall approve, with the Finance Officer’s release of any Financing Document for delivery constituting conclusive evidence of such officer's final approval of the Document’s final form.

4. The District shall not take or omit to take any action the taking or omission of which shall cause its interest payments on this financing to be includable in the gross income for federal income tax purposes of the registered owners of the interest payment obligations. The District hereby designates its obligations to make principal and interest payments under the Financing Documents as "qualified tax-exempt obligations" for the purpose of Internal Revenue Code Section 265(b)(3).

5. The District intends that the adoption of this resolution will be a declaration of the District’s official intent to reimburse expenditures for the project that is to be financed from the proceeds of the BB&T financing described above. The District intends that funds that have been advanced, or that may be advanced, from the District’s general fund, or any other District fund related to the project, for project costs may be reimbursed from the financing proceeds.

6. All prior actions of District officers in furtherance of the purposes of this resolution are hereby ratified, approved and confirmed. All other resolutions (or parts thereof) in conflict with this resolution are hereby repealed, to the extent of the conflict. This resolution shall take effect immediately.

Approved this ________ day of __________________, 2017.

By: _________________________________ By: ____________________________________

Title:________________________________ Title:___________________________________


MOVER:Mike H. Payment, Vice Chairman
SECONDER:Bob White, Commissioner
AYES:Bobby Hanig, Mike H. Payment, Paul M. Beaumont, Mary "Kitty" Etheridge, Marion Gilbert, Mike D. Hall, Bob White