Know what your county is doing—before it affects you.

Home›Counties›Montgomery County›Meetings›Hamilton County Commission Voting Session — 2013-06-03

VOTING SESSION

Hamilton County Commission Voting Session — 2013-06-03

29 agenda items, 1 approved, 3 rejected.

June 3, 2013

MEETING SUMMARY

Approved

Rejected

Tabled

Total Items

Attendance roll pending

AGENDA & VOTES

FREE PREVIEW

ITEM 1·GENERAL

Loretta Bryant – Chairman, Nominating Committee

TABLED

ITEM 10·GENERAL

Official Statement

Official Statement. The County Mayor, the County Clerk and the Director of Accounts and Budgets, or any of them, working with the Financial Advisor, are hereby authorized and directed to provide for the preparation and distribution, which may include electronic distribution, of a Preliminary Official Statement describing the Bonds. After bids have been received and the Bonds have been awarded, the Mayor, the County Clerk and the Director of Accounts and Budgets, or any of them, shall make such completions, omissions, insertions and changes in the Preliminary Official Statement not inconsistent with this resolution as are necessary or desirable to complete it as a final Official Statement for purposes of Rule 15c2-12(e)(3) of the Securities and Exchange Commission. The County Mayor, the County Clerk and the Director of Accounts and Budgets, or any of them, shall arrange for the delivery to 16 the successful bidder on the Bonds of a reasonable number of copies of the Official Statement within seven (7) business days after the Bonds have been awarded for delivery, by the successful bidder on the Bonds, to each potential investor requesting a copy of the Official Statement and to each person to whom such bidder and members of his bidding group initially sell the Bonds. The County Mayor, the County Clerk and the Director of Accounts and Budgets, or any of them, are authorized, on behalf of the County, to deem the Preliminary Official Statement and the Official Statement in final f…

ITEM 11·GENERAL

Tax Matters

Tax Matters. The County recognizes that the purchasers and owners of each series of the Bonds will have accepted them on, and paid therefor a price that reflects, the understanding that interest thereon is excludable from gross income for purposes of federal income taxation under laws in force on the date of delivery of such Bonds. In this connection, the County agrees that it shall take no action which may cause the interest on any Bonds to be included in gross income for federal income taxation. It is the reasonable expectation of the Governing Body of the County that the proceeds of the Bonds will not be used in a manner which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Code, and to this end the said proceeds of each series of the Bonds and other related funds established for the purposes herein set out shall be used and spent expeditiously for the purposes described herein. The Governing Body further covenants and represents that in the event it shall be required by Section 148(f) of the Code to pay any investment proceeds of the Bonds to the United States government, it will make such payments as and when required by said Section 148(f) and will take such other actions as shall be necessary or permitted to prevent the interest on the Bonds from becoming taxable. The County Mayor, the County Clerk and the Director of Accounts and Budgets, or any of them, are authorized and directed to make such certifications in this regard in con…

TABLED

ITEM 12·CONTRACTS

Discharge and Satisfaction of Bonds

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 redemption, sufficient money or Federal Obligations, as hereafter defined, the principal of and interest on which, when due and payable, will provide sufficient moneys to pay or redeem such Bonds and to pay interest thereon when due until the maturity or redemption date (provided, 17 if such Bonds are to be redeemed prior to maturity thereof, proper notice of such redemption shall have been given or adequate provision shall have been made for the giving of such notice); (c) By delivering such Bonds to the Registration Agent, for cancellation by it; and if the County shall also pay or cause to be paid all other sums payable hereunder by the County with respect to such Bonds, or make adequate provision therefor, and by resolution of the Governing Body instruct any such Escrow Agent…

WITHDRAWN

ITEM 15·GENERAL

Continuing Disclosure

Continuing Disclosure. The County hereby covenants and agrees that it will provide annual financial information and material event notices if and 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 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, if any. Failure of the County to comply with the undertaking herein described 18 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 17·GENERAL

Reimbursement

Reimbursement. It is reasonably expected that the County will reimburse itself for certain expenditures made by it in connection with the Projects by issuing the Bonds. This resolution shall be placed in the minutes of the Governing Body and shall be made available for inspection by the general public at the office of the Governing Body. This resolution constitutes a declaration of official intent under Treas. Reg. §1.150-2. Section

TABLED

ITEM 19·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. Duly passed and approved this 10 th day of June, 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 elected, 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 June 10, 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 an amount not to exceed $13,200,000 General Obligation Public Improvement Bonds of said County. WITNESS my official signature and seal of said County this _____ day of _________, 2013. County Clerk (SEAL) A-1 EXHIBIT A-1 ESTIMATED AMORTIZATION SCHEDULES AND COSTS O…

TABLED

ITEM 4·ELECTIONS

Authorization and Terms of the Bonds

Authorization and Terms of the Bonds. (a) For the purpose of providing funds to (i) finance the cost of the Projects, (ii) reimburse the County for funds previously expended for the Projects, if any; (iii) make the Grant, and (iv) pay the costs incident to the issuance and sale of the Bonds, there is hereby authorized to be issued General Obligation Public Improvement Bonds, in one or more series, of the County in the aggregate principal amount of not to exceed $13,200,000. The Bonds shall be issued in fully registered, book-entry form (except as otherwise provided herein), without coupons, shall be known as "General Obligation Public Improvement Bonds" and shall be dated their date of issuance and have such series designation or such other dated date as shall be determined by the County Mayor pursuant to Section 8 hereof. Subject to adjustments permitted pursuant to Section 8 hereof, the Bonds shall bear interest at a rate or rates not exceed five percent (5%) per annum, payable semi-annually on April 1 and October 1 in each year, commencing April 1, 2014. Subject to adjustments permitted in Section 7 hereof, the Bonds shall be issued initially in $5,000 denominations or integral multiples thereof, as shall be requested by the purchaser thereof, and shall mature on April 1 of each year, subject to prior optional redemption as hereinafter provided, either serially or through mandatory redemption, in the years and amounts provided in Exhibit A attached hereto. (b) Subject to a…

TABLED

ITEM 6·INFRASTRUCTURE

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 PUBLIC IMPROVEMENT BOND, SERIES ______ Interest Rate: Maturity Date: Date of Bond: CUSIP No.: _________, 201__ Registered Owner: 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 [April 1, 2014], and semi-annually thereafter on the first day of April and October 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 at the principal corporate trust office of ____________, ____________, ____________, as registration and paying agent (the "Registration Agent"). The Registration Agent shall make all interest payments …

vote

REJECTED

ITEM 7·GENERAL

Levy of Tax

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 of, premium, if any, and interest coming due on the Bonds in said year. Principal, premium, if any, 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, in one or more series, as required by law at a price of not less than ninety-nine percent (99%) of par exclusive of original issue discount, and accrued interest, if any, as a whole or in part, from time to time, as shall be determined by the County Mayor in consultation with the Financial Advisor. The Bonds shall be sold at public sale by physical delivery of bids or by electronic bidding by means of an Internet bidding service as shall be determined by the County Mayor in consultation with the Financial Advisor. The County Mayor is authorized to award the Bonds to the bidder whose bid results in the lowest true interest cost to the County, provided the rate or rates on none of the Bonds exceeds five percent (5%) per annum. The award of the Bonds by the County Mayor to the lowest bidder shall be binding on the County, and no further action of the Governing Body with respect thereto shall be required. (b) The County Mayor is further authorized with respect to Bonds, or any emission thereof: 14 (1) change the dated date of the Bonds, to a date other than the date of issuance of the Bonds; (2) to designate the Bonds, or any series thereof, to a designation other than “General Obligation Public Improvement Bonds” 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 April 1, 2014, provided that such…

TABLED

ITEM 9·BUDGET

Disposition of Bond Proceeds

Disposition of Bond Proceeds. The proceeds of the sale of the Bonds shall be disbursed as follows: (a) 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; and (b) the remainder of the proceeds of the sale of the Bonds shall be paid to the County Trustee to be deposited with a financial institution regulated by the Federal Deposit Insurance Corporation or similar or successor federal agency in a special fund known as the Public Improvement Construction Fund (the "Construction Fund"), or such other designation as shall be determined by the County Mayor to be kept separate and apart from all other funds of the County. The funds in the Construction Fund shall be disbursed solely to pay the costs of the Projects (or reimburse the County for the prior payment thereof), including necessary legal, accounting, engineering, architectural and fiscal expenses, printing, engraving, advertising and similar expenses, administrative and clerical costs, rating agency fees, Registration Agent fees, bond insurance premiums (if any) and other necessary miscellaneous expenses incurred in connection with the Projects, and the costs of issuance and sale of the Bonds. Moneys in the Construction Fund shall be invested as directed by the County Trustee in such investments as shall be permitted by applicable law and the earnings thereon may, at the direction of the …

TABLED

Hamilton County Commission Voting Session — 2013-06-03

AGENDA & VOTES

Loretta Bryant – Chairman, Nominating Committee

Official Statement

Tax Matters

Discharge and Satisfaction of Bonds

Reasonably Expected Economic Life

Qualified Tax-Exempt Obligations

Continuing Disclosure

Resolution a Contract

Reimbursement

Separability

Repeal of Conflicting Resolutions and Effective Date

Carolyn Bowers – County Mayor Nominations and Appointments

Assist the Issuer in seeking from other governmental authorities such approvals,

Authorization and Terms of the Bonds

Source of Payment

Form of Bonds

Levy of Tax

Sale of Bonds

Disposition of Bond Proceeds

DOCUMENTS

Get every motion, every vote