A
RESOLUTION MAKING APPLICATION TO THE STATE BUDGET AND CONTROL BOARD OF SOUTH
CAROLINA FOR APPROVAL OF THE ISSUANCE BY NEWBERRY COUNTY, SOUTH CAROLINA, OF
ITS SPECIAL SOURCE REVENUE BONDS (MID-CAROLINA COMMERCE PARK, PHASE I PROJECT) IN ONE OR MORE SERIES OF BONDS, PURSUANT TO THE PROVISIONS OF
TITLE 4, CHAPTER 29 OF THE CODE OF LAWS OF SOUTH CAROLINA 1976, AS AMENDED, IN
THE PRINCIPAL AMOUNT OF NOT EXCEEDING $1,500,000
WHEREAS,
Newberry County, South Carolina (the “County”), acting by and through its
County Council is authorized and empowered under and pursuant to the provisions
of Title 4, Chapters 1 and 29 of the South Carolina Code of Laws 1976, as
amended (collectively the “Act”), to issue special source revenue bonds whereby
the industrial development of the State of South Carolina (the “State”) will be
promoted and trade developed by inducing industrial enterprises to locate in
and remain in the State and thus utilize and employ the manpower, agricultural
products and natural resources of the State; and
WHEREAS,
the County is further authorized by the Act to issue special source revenue
bonds, as provided in the Act, secured and payable from all or a part of that
portion of revenues which the County is entitled to retain pursuant to one or
more joint county industrial or business park agreements established pursuant
to Section 4-1-170 of the Act and Article VIII, Section 13, of the South
Carolina Constitution, and for the purposes set forth in Section 4-29-68 of the
Act; and
WHEREAS,
the County has entered or will enter into agreements with one or more counties
in the State providing for the establishment of certain joint county industrial
or business parks pursuant to Section 4-1-170 of the Act in order to implement
the public purposes enumerated in the Act; and
WHEREAS,
in furtherance thereof, the County proposes to issue its Special Source Revenue
Bonds (Mid-Carolina Commerce Park, Phase I Project) in one or more series of
bonds (the “Bonds”) in the aggregate principal amount of not exceeding
$1,500,000 to defray the costs of designing,
acquiring, constructing, improving or expanding infrastructure in the Mid-Carolina
Commerce Park located in the County (the
“Project”); and
WHEREAS,
pending the issuance of the Bonds, bond anticipation notes may be issued, and
to the end that a vehicle be provided therefor, the provisions of Section
11-17-10 to Section 11-17-110, Code of Laws of South Carolina 1976, as amended,
are applicable to the bond anticipatory borrowing; and
WHEREAS,
it is now deemed advisable by the County to file with the State Budget and
Control Board of South Carolina (the “State Budget and Control Board”), in
compliance with Section 4-29-140 of the Act, the Petition of the County
requesting approval by the State Budget and Control Board of the proposed
issuance of the Bonds.
NOW,
THEREFORE, BE IT RESOLVED by the County Council of Newberry County, South
Carolina, as follows:
Section
1. It is hereby found, determined
and declared as follows:
(a) The issuance of the Bonds, in one or
more series, to defray the cost of the Project and the issuance of the Bonds,
in the principal amount of not exceeding $1,500,000, will subserve the purposes
and in all respects conform to the provisions and requirements of the Act
applicable to the Bonds.
(b) It is anticipated that the Project will
benefit the general public welfare of the County by providing infrastructure
necessary for the continued economic development of the County, and by
providing additional employment opportunities for people from the County and
adjacent areas when the Project is placed in full operation with a resulting
alleviation of unemployment and a substantial increase in payrolls and other
public benefits incident to the conduct of industrial development not otherwise
provided locally.
(c) Except as to the fees in lieu of taxes
as shall be pledged to the repayment of the Bonds, neither the Project, the
Bonds proposed to be issued by the County to defray the cost of the Project,
nor any documents or agreements entered into by the County in connection
therewith will constitute or give rise to a pecuniary liability of the County
or a charge against any of the general credit or taxing power.
(d) The issuance of the Bonds by the County
in the principal amount of not exceeding $1,500,000 will be required to defray
the cost of the Project.
(e) The amount necessary in each year to pay
the principal of and interest on the Bonds shall be set forth in an ordinance
to be adopted by the County.
(f) Pending the issuance of the Bonds, the
County may issue bond anticipation notes pursuant to the provisions of Section
11-17-10 to 11-17-110 of the Code of Laws of South Carolina 1976, as amended.
Section
2. There is hereby authorized and
directed the submission on behalf of the County, of a Petition requesting the
approval by the State Budget and Control Board of the proposal of the County to
issue the Bonds pursuant to the provisions of Section 4-29-140 of the Act, said
Petition, which constitutes and is hereby made a part of this authorizing
resolution, to be in substantially the form attached hereto.
Section
3. The Chairman or Vice-Chairman of
the County Council of the County is hereby authorized and directed to execute
said Petition in the name and on behalf of the County; and the Clerk of the
County Council is hereby authorized and directed to attest the same and
thereafter to submit an executed copy of this resolution to the State Budget
and Control Board in Columbia, South Carolina.
Section
4.
All orders and resolutions and parts thereof in conflict herewith are to
the extent of such conflict hereby repealed, and this resolution shall take
effect and be in full force from and after its adoption and approval.
Adopted
and approved August 15, 2007.
NEWBERRY COUNTY, SOUTH CAROLINA
_________________________________
Chairman,
County Council
Newberry
County, South Carolina
(SEAL)
ATTEST:
Clerk to County
Council
Newberry County, South Carolina
STATE OF SOUTH CAROLINA )
)
COUNTY OF NEWBERRY )
)
)
)
)
TO THE STATE BUDGET AND CONTROL ) PETITION
BOARD OF SOUTH CAROLINA )
)
)
This
Petition of Newberry County, South Carolina (the “County”), pursuant to Title
4, Chapters 1 and 29 of the Code of Laws of South Carolina 1976, as amended
(collectively the “Act”), and specifically Section 4-29-140 thereof,
respectively shows:
1. The County Council of Newberry County,
South Carolina (the “County Council”) is the governing body of the County and
as such the “governing board” of the County referred to in the Act.
2. The Act empowers the County, subject to
obtaining the approval of the State Budget and Control Board of South Carolina
(the “State Budget and Control Board”), to issue special source revenue bonds
for the purpose of defraying the costs of designing, acquiring, constructing,
improving or expanding infrastructure as defined in Section 4-29-68(A)(2) of
the Act and to secure the payment of such bonds from payments in lieu of taxes
pursuant to certain joint county industrial or business park agreements
received and retained by the County under Section 4-1-170 of the Act and
Section 13 of Article VIII of the Constitution of the State of South Carolina
1985, as amended (the “State Constitution”).
3. The County will issue its special
source revenue bonds for the purpose of defraying the costs of designing,
acquiring, constructing, improving or expanding infrastructure in the Mid-Carolina Commerce Park located in the County (the “Project”).
4. The County has determined that the
estimated cost of the Project will be approximately $1,500,000 and desires to
execute and deliver its Special Source Revenue Bonds (Mid-Carolina Commerce Park, Phase I Project), in one or more series of bonds (the “Bonds”),
in the aggregate principal amount of not exceeding $1,500,000 to defray such
costs of the Project.
5. Pending the issuance of the Bonds, bond
anticipation notes may be issued, and to the end that a vehicle be provided
therefor, the provisions of Section 11-17-10 to Section 11-17-110, Code of Laws
of South Carolina 1976, as amended, are applicable to the bond anticipatory
borrowing.
6. Pursuant to Section 4-29-60 of the Act,
the County Council has made the requisite findings that: (i) the Project will
subserve the purposes of the Act; (ii) it is anticipated that the Project will
benefit the general public welfare of the County by providing employment and
other public benefits not otherwise provided locally; (iii) the Project will
give rise to no pecuniary liability of the County or a charge against its
general credit or taxing power; (iv) the principal amount of the Bonds required
to finance the Project is expected to be not exceeding $1,500,000; (v) the
County may, but shall not be required to, establish a reserve fund in
connection with the retirement of the proposed Bonds and the maintenance of the
Project; and (vi) the County shall maintain the Project and carry all proper
insurance with respect thereto, and as a part of the proceedings of the County,
the County Council will make the requisite finding as to the amount necessary
in each year to pay the principal and the interest on the Bonds proposed to be
issued to defray the cost of the Project.
7. Pursuant to Section 4-29-140 of the
Act, the County sets forth the following information:
(a) The
Project will include security financing, capitalized interest, costs of
issuance and other related infrastructure to be owned or controlled by the
County. It is anticipated that, upon
completion, the Project will provide stimulation to the economy of the County
and neighboring areas thereto by increased payrolls, capital investment and tax
revenues.
(b) It is estimated that the cost of the
Project, including the items of cost authorized in the Act, will be
approximately $1,500,000.
(c) Pursuant to Section 4-1-170 of the Act
and Article VIII, Section 13 of the State Constitution, the County is
authorized to establish, through agreement with partner counties (collectively,
the “Park Agreements”), one or more joint county industrial or business parks,
and to receive certain payments in lieu of taxes from the industries and
businesses located thereon.
(d) Pursuant to Section 4-29-68 of the Act,
the County is authorized to issue revenue bonds, payable from and secured by
the payments in lieu of taxes referred to in (c) above, and to make an
irrevocable pledge and assignment for the benefit of the holder of the Bonds of
the County’s right, title and interest in and to said payments in lieu of
taxes.
(e) Copies of the Ordinance and the Bond are
available from the County. The
following summary of their terms is in no wise intended to affect or alter the
actual terms of the documents themselves:
(i) The Bonds shall be payable from, and
secured by payments in lieu of taxes payable in respect of the Park Agreements;
(ii) Pursuant to the Act, the County has made
an irrevocable pledge and assignment for the benefit of the holder of the Bonds
of the County’s right, title and interest in and to said payments in lieu of
taxes; and
(iii) The enactment of the Ordinance and the
issuance of the Bonds will serve to impose no pecuniary liability on the County
except to the extent of payments in lieu of taxes pledged to the repayment of
the Bonds and do not create a charge upon the general credit or taxing power of
the County.
Upon
the basis of the foregoing, the County respectfully requests that the State
Budget and Control Board (i) accept the filing of this Petition and the
documents submitted herewith, (ii) make such review as it deems advisable;
(iii) if it finds that the Project is intended to promote the purposes of the
Act and may be reasonably anticipated to effect such result, that it approve
the Project and the execution and delivery of the Bonds by the County pursuant
to the Act to defray the cost of the Project (including changes in any details
of the said financing as finally consummated which do not materially affect the
undertaking of the County) and (iv) give published notice of its approval in
the manner set forth in Section 4-29-140 of the Act.
Respectfully
submitted,
NEWBERRY COUNTY, SOUTH CAROLINA
_________________________________
Chairman,
County Council
Newberry
County, South Carolina
(SEAL)
ATTEST:
Clerk to County Council
Newberry County, South Carolina
August 15, 2007