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Home›Counties›Montgomery County›Meetings›Hamilton County Commission Voting Session — 2013-03-04

VOTING SESSION

Hamilton County Commission Voting Session — 2013-03-04

29 agenda items, 1 approved, 2 rejected.

March 4, 2013

MEETING SUMMARY

Approved

Rejected

Tabled

Total Items

Attendance roll pending

AGENDA & VOTES

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ITEM 1·GENERAL

Carolyn Bowers, County Mayor Appointments

Carolyn Bowers, County Mayor Appointments REPORTS FILED

TABLED

ITEM 11·CONTRACTS

Refunding Escrow Agreement

Refunding Escrow Agreement. For the purpose of providing for the payment of the principal of, premium, if any, and interest on the Refunded Bonds, the County Mayor is hereby authorized and directed to execute and the County Clerk to attest on behalf of the County the Refunding Escrow Agreement with the Escrow Agent and to deposit with the Escrow Agent the amounts to be used by the Escrow Agent to purchase Government Securities as provided therein; provided, however, that the yield on such investments shall be determined in such manner that none of the Bonds will be an "arbitrage bond" within the meaning of Section 148 (a) of the Code. The form of the Refunding Escrow Agreement presented to this meeting and attached hereto as Exhibit D is hereby in all respects approved and the County Mayor and the County Clerk are hereby authorized and directed to execute and deliver same on behalf of the County in substantially the form thereof presented to this meeting, or with such changes as may be approved by the County Mayor and County Clerk, their execution thereof to constitute conclusive evidence of their approval of all such changes. The Escrow Agent is hereby authorized and directed to hold and administer all funds deposited in trust for the payment when due of principal of, premium, if any, and interest on the Refunded Bonds and to exercise such duties as set forth in the Refunding Escrow Agreement. Section

ITEM 12·CONTRACTS

Notice of Refunding

Notice of Refunding. Prior to the issuance of the Bonds, or any series thereof, if required, notice of the County’s intention to refund the Refunded Bonds, shall be given by the registration agent for the Refunded Bonds to be mailed by first-class mail, postage prepaid, to the registered holders thereof, as of the date of the notice, as shown on the bond registration records maintained by such registration agent of said Refunded Bonds. Such notice shall be in the form consistent with applicable law. The County Mayor, the Director of Accounts and Budgets and the County Clerk, or any of them, is hereby authorized and directed to authorize the registration agent of said Refunded Bonds to give such notice on behalf of the County in accordance with this Section. 17 Section 13. Discharge and Satisfaction of Bonds. If the County shall pay and discharge the indebtedness evidenced by any of the Bonds in any one or more of the following ways, to wit: (a) By paying or causing to be paid, by deposit of sufficient funds as and when required with the Registration Agent, the principal of and interest on such Bonds as and when the same become due and payable; (b) By depositing or causing to be deposited with any trust company or financial institution whose deposits are insured by the Federal Deposit Insurance Corporation or similar federal agency and which has trust powers ("an Agent"; which Agent may be the Registration Agent) in trust or escrow, on or before the date of maturity or redempt…

WITHDRAWN

ITEM 14·GENERAL

Continuing Disclosure

Continuing Disclosure. The County hereby covenants and agrees that it will provide annual financial information and material event notices as required by Rule 15c2-12 of the Securities Exchange Commission for the Bonds. The County Mayor is authorized to execute at the Closing of the 18 sale of the Bonds, an agreement for the benefit of and enforceable by the owners of the Bonds specifying the details of the financial information and material event notices to be provided and its obligations relating thereto. Failure of the County to comply with the undertaking herein described and to be detailed in said closing agreement, shall not be a default hereunder, but any such failure shall entitle the owner or owners of any of the Bonds to take such actions and to initiate such proceedings as shall be necessary and appropriate to cause the County to comply with their undertaking as set forth herein and in said agreement, including the remedies of mandamus and specific performance. Section

TABLED

ITEM 18·GENERAL

Repeal of Conflicting Resolutions and Effective Date

Repeal of Conflicting Resolutions and Effective Date. All other resolutions and orders, or parts thereof, in conflict with the provisions of this resolution are, to the extent of such conflict, hereby repealed and this resolution shall be in immediate effect from and after its adoption. Adopted and approved this 11 th day of March, 2013. Sponsor _____________________________________ Commissioner _____________________________________ Approved _____________________________________ County Mayor Attested _________________________________ County Clerk 19 STATE OF TENNESSEE ) COUNTY OF MONTGOMERY) I, Kellie A. Jackson, certify that I am the duly qualified and acting County Clerk of Montgomery County, Tennessee, and as such official I further certify that attached hereto is a copy of excerpts from the minutes of a regular meeting of the governing body of the County held on March 11, 2013; that these minutes were promptly and fully recorded and are open to public inspection; that I have compared said copy with the original minute record of said meeting in my official custody; and that said copy is a true, correct and complete transcript from said original minute record insofar as said original record relates to the refunding of certain of the County’s outstanding General Obligation Refunding Bonds (Federally Taxable). WITNESS my official signature and seal of said County this _____ day of ____________, 2013. _________________________________________ County Clerk (SEAL) A-1 EXHIBIT A …

TABLED

ITEM 2·ELECTIONS

Adequate Facilities Tax Report and Permit Revenue Report for February, 2013

Adequate Facilities Tax Report and Permit Revenue Report for February, 2013 ANNOUNCEMENTS ADJOURN 13-3-1 RESOLUTION TO URGE THE TENNESSEE GENERAL ASSEMBLY TO ENACT A PRIVATE ACT CREATING A SPECIAL JUVENILE COURT IN MONTGOMERY COUNTY WHEREAS, Montgomery County has experienced steady population growth resulting in the need for a new Juvenile Court; and WHEREAS, currently Montgomery County has three General Session Judges who exercise Juvenile Court jurisdiction; and WHEREAS, in 1982, the Tennessee General Assembly adopted the Juvenile Court Restructure Act of 1982 which provided a process to establish a special Juvenile Court; and WHEREAS, Division III of General Sessions and Juvenile Court was established in 1995 when the population of Montgomery County was 114,550; and WHEREAS, in the past a General Sessions and Juvenile Court Judgeship has been established when the county population increased by 40,000. The population for Montgomery County was 176,619 in the 2011 census statistics. It is anticipated that the population of Montgomery County will be 188,225 in 2015; and WHEREAS, once established, Juvenile Court shall have exclusive jurisdiction of all cases to adjudicate a child dependent and neglected, delinquent and/or abandoned, and all other matters conferred upon such court by state law; and WHEREAS, because a special Juvenile Court is an inferior court, the Tennessee General Assembly has the sole authority to create the special Juvenile Court by adoption of a private act…

vote

APPROVED

ITEM 2.02·CONTRACTS

Investment of Funds

Investment of Funds. The monies described in Section 2.01 hereof shall be held or invested as follows : (i) the amount of $___________ shall be used to purchase the Government Securities described on Exhibit B attached hereto; and (ii) the amount of $_________shall be held as cash in a non-interest-bearing account. Except as provided in Sections 2.04 and 2.06 hereof, the investment income from the Government Securities in the Escrow Fund shall be credited to the Escrow Fund and shall not be reinvested. The Agent shall have no power or duty to invest any monies held hereunder or to make substitutions of Government Securities held hereunder or to sell, transfer, or otherwise dispose of the Government Securities acquired hereunder except as provided herein. SECTION

TABLED

ITEM 2.03·GENERAL

Disposition of Escrow Funds

Disposition of Escrow Funds. The Agent shall without further authorization or direction from the County collect the principal on the Government Securities promptly as the same shall fall due. From the Escrow Fund, to the extent that monies therein are sufficient for such purpose, the Agent shall make timely payments to the proper paying agent or agents, or their successors, for the Outstanding Bonds of monies sufficient for the payment of the principal of and interest on the Outstanding Bonds as the same shall become due and payable. Amounts and dates of principal and interest payments and the name and address of the paying agent with respect to the Outstanding Bonds are set forth on Exhibit A . Payment on the dates and to the paying agent in accordance with Exhibit A shall constitute full performance by the Agent of its duties hereunder with respect to each respective payment. The County represents and warrants that the Escrow Fund, if held, invested and disposed of by the Agent in accordance with the provisions of this Agreement, will be sufficient to make the foregoing payments. No paying agent fees, fees and expenses of the Agent, or any other costs and expenses associated with the Refunding Bonds or the Outstanding Bonds shall be paid from the Escrow Fund, and the County agrees to pay all such fees, expenses, and costs from its legally available funds as such payments become due. When the Agent has made all required payments of principal and interest on the Outstanding B…

TABLED

ITEM 2.04·CONTRACTS

Excess Funds

Excess Funds. Except as provided in Section 2.06 hereof, amounts held by the Agent, representing interest on the Government Securities in excess of the amount necessary to make the corresponding payment of principal and/or interest on the Outstanding Bonds, shall be held by the Agent without interest and shall be applied before any other Escrow Fund monies to the payment of the next ensuing principal and/or interest payment on the Outstanding Bonds. Upon retirement of all the Outstanding Bonds, the Agent shall pay any excess amounts remaining in the Escrow Fund to the County. SECTION 2.05. Reports . The Escrow Agent shall deliver to the County Clerk of the County a monthly report summarizing all transactions relating to the Escrow Fund; and on or before the first day of August of each year shall deliver to the County Clerk and the Finance Director a report current as of June 30 of that year, which shall summarize all transactions relating to the Escrow Fund effected during the immediately preceding fiscal year of the County and which also shall set forth all assets in the Escrow Fund as of June 30 and set forth opening and closing balances thereof for that fiscal year. D-4 SECTION 2.06. Investment of Moneys Remaining in Escrow Fund . The Agent may invest and reinvest any monies remaining from time to time in the Escrow Fund until such time as they are needed. Such monies shall be invested in Government Obligations, maturing no later than the next interest payment date of the …

TABLED

ITEM 3·GENERAL

Findings of the Governing Body

Findings of the Governing Body; Compliance with Debt Management Policy. It is hereby found and determined by the Governing Body as follows: 3 (a) The County Commission hereby finds that the issuance and sale of the Bonds, as proposed herein, is consistent with the County’s Debt Management Policy. (b) Specifically, the Governing Body hereby finds that the issuance of the Bonds authorized by this resolution is advisable because it will result in the reduction in debt service payable by the County over the term of the Outstanding Bonds. The County’s Debt Management Policy contemplates that the County may issue refunding bonds for the purpose of achieving aggregate net present value debt service savings to the County. The Debt Management Policy also states that the County should maximize the use of tax-exempt interest rates. The Governing Body recognizes that the Bonds must be issued as federally taxable Bonds under the Code and further finds that it is advantageous to issue the Bonds as federally taxable bonds if a savings threshold of not less than three percent (3.00%) aggregate net present value savings can be achieved with respect to the issuance of the Bonds. (c) Further, the County’s Debt Management Policy contemplates that the County will, as a general rule, structure the term of any refunding bonds within the original term of the Refunded Bonds. The Bonds authorized herein will be structured so as not to extend beyond the original term of the Refunded Bonds. (d) To ensur…

TABLED

ITEM 4·ELECTIONS

Authorization and Terms of the Bonds

Authorization and Terms of the Bonds. (a) For the purpose of providing funds to refund the Refunded Bonds and pay the costs incident to the issuance and sale of the Bonds, as more fully set forth in Section 9 hereof, there are hereby authorized to be issued bonds, in one or more series, of the County in an aggregate principal amount sufficient to pay the principal of, premium and interest on the Refunded Bonds and pay costs of issuance of the Bonds. The Bonds shall be issued in fully registered, book-entry only form (except as otherwise permitted herein), without coupons, shall be issued in one or more series, shall be known as "General Obligation Refunding Bonds (Federally Taxable)” and shall have such series designation and dated date as shall be determined by the County Mayor pursuant to Section 8 hereof. The rate or rates on the Bonds shall not exceed the maximum interest rate permitted by applicable law at the time of the sale of the Bonds, or any series thereof. Subject to the adjustments permitted pursuant to Section 8 hereof, interest on the Bonds shall be payable semi-annually on May 1 and November 1 in each year, commencing November 1, 2013. The Bonds shall be issued initially in $5,000 denominations or integral multiples thereof, as shall be requested by the original purchaser, and, subject to adjustment as permitted by Section 8 hereof, shall mature, subject to prior redemption, either serially or through mandatory redemption on May 1 of each year, in the years 20…

TABLED

ITEM 6·GENERAL

Form of Bonds

Form of Bonds. The Bonds shall be in substantially the following form, the omissions to be appropriately completed when the Bonds are prepared and delivered: (Form of Face of Bond) REGISTERED REGISTERED Number ______ $____________ UNITED STATES OF AMERICA STATE OF TENNESSEE COUNTY OF MONTGOMERY GENERAL OBLIGATION REFUNDING BOND (FEDERALLY TAXABLE), SERIES ____ Interest Rate: Maturity Date: Date of Bond: CUSIP No.: Registered Owner: CEDE & CO. Principal Amount: FOR VALUE RECEIVED, Montgomery County, Tennessee (the "County") hereby promises to pay to the registered owner hereof, hereinabove named, or registered assigns, in the manner hereinafter provided, the principal amount hereinabove set forth on the maturity date hereinabove set forth (or upon earlier redemption as set forth herein), and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) on said principal amount at the annual rate of interest hereinabove set forth from the date hereof until said maturity date [or redemption date], said interest being payable on [November 1, 2013], and semi-annually thereafter on the first day of [May] and [November] in each year until this Bond matures [or is redeemed]. Both principal hereof and interest hereon are payable in lawful money of the United States of America by check or draft at the principal corporate trust office of ___________________________ _________________________, as registration agent and paying agent (the "Registration Agent"). The Regis…

vote

REJECTED

ITEM 7·GENERAL

Pledge of Net Revenues and Levy of Tax

Pledge of Net Revenues and Levy of Tax. The County, through its Governing Body, shall annually levy and collect a tax upon all taxable property within the County, in addition to all other taxes authorized by law, sufficient to pay principal of, premium, if any, and interest on the Bonds when due, and for that purpose there is hereby levied a direct annual tax in such amount as may be found necessary each year to pay principal and interest coming due on the Bonds in said year. Principal and interest falling due at any time when there are insufficient funds from this tax levy on hand shall be paid from the current funds of the County and reimbursement therefor shall be made out of the taxes hereby provided to be levied when the same shall have been collected. The tax herein provided may be reduced to the extent of any appropriations from other funds, taxes and revenues of the County, to the payment of debt service on the Bonds. Section

TABLED

ITEM 8·CONTRACTS

Sale of Bonds

Sale of Bonds. (a) The Bonds shall be offered for public sale, as required by law, in one or more series, at a price of not less than ninety-nine percent (99%) of par, plus accrued interest, as a whole or in part from time to time as shall be determined by the County Mayor. (b) The Bonds, or any series thereof, shall be sold by delivery of bids via physical delivery, mail, fax, or telephone or by electronic bidding means of an Internet bidding service as shall be determined by the County Mayor. (c) If the Bonds are sold in more than one series, the County Mayor is authorized to cause to be sold in each series an aggregate principal amount of Bonds less than that shown in Section 4 hereof for each series, so long as the total aggregate principal amount of all series issued does not exceed the total aggregate of Bonds authorized to be issued herein. 14 (d) The County Mayor is further authorized with respect to each series of Bonds to: (1) change the dated date of the Bonds or any series thereof, to a date other than the date of issuance of the Bonds; (2) change the designation of the Bonds, or any series thereof, to a designation other than "General Obligation Refunding Bonds (Federally Taxable)" and to specify the series designation of the Bonds, or any series thereof; (3) change the first interest payment date on the Bonds or any series thereof to a date other than November 1, 2013, provided that such date is not later than twelve months from the dated date of such series of …

TABLED

ITEM 9·BUDGET

Disposition of Bond Proceeds

Disposition of Bond Proceeds. The proceeds of the sale of each series of the Bonds shall be applied by the County as follows: (a) all accrued interest, if any, shall be deposited to the appropriate fund of the County to be used to pay interest on the Bonds on the first interest payment date following delivery of the Bonds; (b) an amount, which together with legally available funds of the County, if any, and investment earnings thereon, will be sufficient to pay principal of, premium, if any, and interest on the Refunded Bonds until and through the redemption date therefor shall be transferred to the Escrow Agent under the Refunding Escrow Agreement to be deposited to the Escrow Fund established thereunder to be held and applied as provided therein; and (c) the remainder of the proceeds of the sale of the Bonds shall be used to pay the costs of issuance of the Bonds, including necessary legal, accounting and fiscal expenses, printing, engraving, advertising and similar expenses, bond insurance premium, if any, administrative and clerical costs, rating agency fees, Registration Agent fees, and other miscellaneous expenses incurred in connection with the issuance and sale of the Bonds. (d) In accordance with state law, the various department heads responsible for the fund or funds receiving and disbursing funds are hereby authorized to amend the budget of the proper fund or funds for the receipt of proceeds from the issuance of the obligations authorized by this resolution inclu…

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Hamilton County Commission Voting Session — 2013-03-04

AGENDA & VOTES

Carolyn Bowers, County Mayor Appointments

Refunding Escrow Agreement

Notice of Refunding

Continuing Disclosure

Resolution a Contract

Separability

Repeal of Conflicting Resolutions and Effective Date

Adequate Facilities Tax Report and Permit Revenue Report for February, 2013

Investment of Funds

Disposition of Escrow Funds

Excess Funds

Findings of the Governing Body

Authorization and Terms of the Bonds

Source of Payment

Form of Bonds

Pledge of Net Revenues and Levy of Tax

Sale of Bonds

Disposition of Bond Proceeds

DOCUMENTS

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