BOARD OF COMMISSIONERS
THURSDAY, MAY 23, 1990 AT 4:00 PM
Vice Chairman Karen Moore
Commissioner Jack Hardman
Commissioner E. C. Tillman
ABSENT: Commissioner Robert H. “Bob” Boyne
William E. Dismer
W. Harold Pate
PRESENT: County Administrator
Charles T. Stewart
County Attorney Gary Moore
Smith opened the meeting with the invocation, followed by pledge of allegiance
to the flag.
Tax Anticipation Notes.
Pursuant to recommendation from County Attorney Gary
Moore, a motion was made by Commissioner Tillman and seconded by Commissioner
Hardman to adopt the following resolution:
A RESOLUTION TO PROVIDE FOR THE BORROWING OF
$6,200,000 IN ORDER TO PROVIDE MONEYS TO PAY CURRENT EXPENSES OF GLYNN COUNTY
DURING THE CALENDAR YEAR 1991; TO PROVIDE FOR THE ISSUANCE AND SALE OF GLYNN
OCUNTY GENERAL OBLIGATION TAX ANTICIPATION NOTES, ERIES 1991, TO EVIDENCE SUCH
BORROWING; TO SPECIFY THE DATE AND THE RATE OF INTEREST THE NOTES SHALL BEAR;
TO PROVIDE FOR THE FORM OF THE NOTES AND FOR THE EXECUTION OF SAID NOTES; TO
PROVIDE FOR THE PLACE OF PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID
NOTES; AND FOR OTHER PURPOSES:
WHEREAS, pursuant to Article IX, Section V, Paragraph V of the Constitution of the State of Georgia, the governing authority of the Glynn County (the “County”) is authorized to obtain temporary loans in each calendar year to pay the current expenses of such year; and
WHEREAS, pursuant to said Constitutional provision, the aggregate amount of such temporary loans shall not exceed 75% of the total gross income of the County from taxes actually collected in the last preceding year; and
WHEREAS, pursuant to said Constitutional provision, no loan may be obtained in any year pursuant to said provision when there is a loan then unpaid in any prior year under said Constitutional provision, nor shall any County incur in any one calendar year an aggregate of such temporary loans or obligations for current expenses in excess of the total anticipated revenue for such calendar year; and
WHEREAS, all temporary loans obtained by Glynn County in the calendar year 1990 and all prior years pursuant to said Constitutional provision have been paid in full; and
WHEREAS, during the calendar year 1990, the total gross income of the County from ad valorem taxes actually collected in said calendar year aggregated not less than $10,442,625 and the County is authorized to obtain during the calendar year 1991 a temporary loan or loans in an aggregate amount not exceeding seventy-five percent (75%) of such amount (which is $7,831,969); and
WHEREAS, the Board of Commissioners of Glynn County has determined that it should borrow the aggregate principal amount of $6,200,00 for the purpose of providing moneys to pay or to be applied toward the payment of current expenses to be incurred by the County during the calendar year 1991; and
WHEREAS, the most feasible method of borrowing said amount is by the issuance and sale of its Glynn County (Georgia) General Obligation Tax Anticipation Notes, Series 1991 (the “Notes”), for such purpose; and
WHEREAS, the County has solicited bids from various financial institutions and underwriters for the purchase of the Notes; and
WHEREAS, said bids were opened on May 21, 1991, and the highest and best bid with the lowest net cost was submitted by Bank South, N.A. and was accepted on behalf of the County by the County Administrator; and
WHEREAS, the County wishes to ratify and affirm the acceptance of said bid for the purchase of the Notes; and
WHEREAS, the Notes shall bear interest from the date of their issuance and delivery at the rate per annum hereinafter set forth, with all interest to be payable on December 31, 1991, the date of maturity of the Notes; and
WHEREAS, the Notes shall be printed or otherwise reproduced, executed and thereafter issued and delivered and it is necessary to adopt a form for the Notes and to provide for the execution of the Notes; and
WHEREAS, the Notes, when issued, will constitute an indebtedness of the County which must be paid not later than December 31, 1991.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of Glynn County and it is hereby resolved by authority of same, that, as authorized pursuant to the provisions of Article IX, Section V, Paragraph V of the Constitution of the State of Georgia, the County shall borrow the amount of $6,200,00 in anticipation of the receipt of tax revenues in calendar year 1991 pursuant to the terms and conditions hereinafter set forth in order to pay current expenses of the County during calendar year 1991;
BE IT FURTHER RESOLVED by the authority aforesaid and it is hereby resolved by authority of the same, that to evidence such temporary borrowing, the Notes are hereby authorized to be issued in the aggregate principal amount of $6,200,000, dated as of the date of their issuance and deliver, in bearer form without coupons, in the denomination of $100,000 or any integral multiple thereof, numbered consecutively from 1 upward, with the principal amount of the Notes to Beach Renourishment interest from the date thereof at the rate of 4.375 percent per annum. Interest on the Notes shall be payable at maturity and shall be computed on the basis of a 30-day month and a 360-day year, with the principal of the Notes to mature on December 31, 1991;
BE IT FURTHER RESOLVED that the County hereby ratifies and affirms the acceptance of the highest and best bid for the Notes with the lowest net interest cost to the County;
BE IT FURTHER RESOLVED by the authority aforesaid and it is hereby resolved by authority of the same, that the Notes shall be executed by the manual or facsimile signature of the Chairman or Vice Chairman and attested with the manual signature of the Clerk of the Board of Commissioners of Glynn County and the official seal of the County shall be imprinted or impressed upon each of said Notes. The Notes shall be substantially in the form hereinafter set forth with such variations, omissions and insertions as is permitted or required by this resolution:
[Form of Note]
UNITED STATES OF AMERICA
STATE OF GEORGIA
GLYNN COUNTY GENERAL OBLIGATION
TAX ANTICIPATION NOTE
Glynn County, Georgia, for value received hereby promises to pay to bearer, on December 31, 1991, the principal sum of One Hundred Thousand Dollars, and in like manner to pay interest on said sum from date hereof at the rate of 4.375 percent per annum computed on the basis of a 30-day month and a 360-day year, until payment in full of the principal amount hereof. Both the principal of and interest on this Note are payable in lawful money of the United States of America at the office of the Clerk of the Board of Commissioners of Glynn County, Georgia.
This Note is one of a duly authorized issue of like tenor, except as to numbers and denominations, aggregating in principal amount the sum of $6,200,00 and is issued under authority of Article IX, Section V, Paragraph V of the Constitution of the State of Georgia and the laws of the State of Georgia and was duly authorized by a resolution of the Board of Commissioners of Glynn County, Georgia, adopted on the May 23, 1991.
The Notes of this issue are not subject to redemption prior to maturity.
This Note shall be fully negotiable for all purposes as provided by the laws of the State of Georgia and is issued with the intent that the laws of the State of Georgia shall govern its construction.
It is hereby certified and recited that all acts, conditions and things required by the Constitution or statutes of the State of Georgia to exist, happen or be performed precedent to or in the issuance of this Note, do exist, have been happened and have been performed in due and legal time, form and manner as required by law and that provision has been duly made for the collection of an ad valorem tax to the extent necessary to produce moneys which, together with any other moneys lawfully available for such purpose, in the aggregate will be sufficient to pay the principal of and interest on this Note at maturity.
IN WITNESS WHEREOF, Glynn County, Georgia has caused this Note to be executed by the Chairman of its Board of Commissioners and its seal to be impressed hereon and attested by the Clerk of its said Board as of May 24, 1991.
JOE SMITH, Chairman
CHARLES T. STEWART, Clerk
(S E A L)
[End of Note Form]
BE IT FURTHER RESOLVED by the authority aforesaid and it is hereby resolved by authority of the same, that the proceeds derived from the sale of the Notes shall be used and applied solely toward the payment of current expenses which are payable by Glynn County during the year 1991;
BE IT FURTHER RESOLVED by authority aforesaid and it is hereby resolved by authority of the same, that moneys derived from the sale of said Notes not immediately needed for the payment of current expenses shall be invested and reinvested as authorized;
BE IT FURTHER RESOLVED by the authority aforesaid and it is hereby resolved by authority of the same, that for the purpose of paying the principal of and interest on the Notes as same become due and payable, there shall be levied an ad valorem tax upon all the property subject to taxation within the boundaries of Glynn County to the extent necessary to produce moneys in an amount sufficient, together with any other funds of the County lawfully available for such purpose, to provide for the payment of the principal of and interest on the Notes, as follows:
Principal Interest Total
$6,200,00 $163,503.47 $6,363,503.47
Which moneys are hereby irrevocably pledged and appropriated to the payment of the principal of and interest on said Notes at their maturity. Nothing herein contained shall be construed as preventing the County from paying the principal of and interest on the Notes from any other funds lawfully available for such purpose;
BE IT FURTHER RESOLVED by the authority aforesaid and it is herby resolved by authority of the same, that all moneys collected or applied from any source for the purpose of paying the principal of and interest on the Notes shall be paid into a Glynn County Note Retirement Fund, Series 1991, hereby authorized to be created, shall be held and maintained therein in trust and shall be applied solely to the payment of the Notes in order that both principal of and interest thereon shall be fully paid on December 31, 1991;
BE IT FURTHER RESOLVED that the County covenants and agrees for the benefit of the purchasers and owners of the Notes that it will not intentionally cause any proceeds of the Notes to be used to acquire higher yielding investments, except as may be otherwise permitted in Section 148 of the Code, and that it will comply with and take such action and make such payments as may be permitted or required by Section 148(f) of the Code, to insure that the Notes do not constitute “arbitrage bonds” within the meaning of Section 148(a) of the Code. The Chairman, Vice Chairman or Clerk of the Board of Commissioners are each hereby authorized and directed to execute, for and on behalf of Glynn County, a certification, based upon facts, estimates and circumstances as to the as to the reasonable expectations regarding the amount, expenditure and use of the proceeds derived from the sale of the Notes, as well as such other documents as may be necessary or desirable in connection with the issuance and delivery of the Notes;
BE IT FURTHER RESOLVED by the authority aforesaid and it is herby resolved by authority of the same, that any resolution in conflict with this resolution be and the same is hereby repealed.
ADOPTED this 23rd day of May, 1991.
Police Department Overtime – Discretionary Fund.
A motion was made by Commissioner Tillman and seconded by
Commissioner Moore authorizing Police Chief Carl Alexander to incur approximately
$2,000 for overtime during the upcoming Memorial Day Weekend, to cover the
extra patrol on Blythe Island and the St. Simons Beaches, with the cost of
these services to be transferred to the Police Department’s Budget from the
Newman Drive Closed for Antique Auto Show.
A motion was made by Commissioner Hardman and seconded by Commissioner Tillman approving request presented by owners of The Body Shop on Community Road to close a portion of Newman Drive for a six hour period on Saturday afternoon June 1, 1991, to accommodate an Antique Auto Show, subject to determination by the County Attorney Moore that this activity would serve a public gathering.
Linda Forsyth Commended for Tax Deed Collections.
On behalf of the Commission,
Chairman Smith Directed Staff to prepare for his signature a letter of
commendation to Commission Office Employee Linda Forsyth for doing an
outstanding job with Tax Deed collections.
NACO Voting Delegates.
A motion was made by Commissioner
Moore and seconded by Commissioner Hardman that Commissioners Tillman and Boyne
be named to serve as the Commission’s voting delegates at the annual NACO
Convention to be held in Salt Lake City, July 13 – 16, 1991.
Executive Session and
A motion was made by Commissioner
Hardman and seconded by Commissioner Moore to go into Executive Session for the
purpose of discussing personnel and litigation matters.
BOARD OF COMMISSIONERS
GLYNN COUNTY, GEORGIA
Joe Smith, Chairman
Martha D. Tyre