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AG19860915
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AG19860915
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Last modified
3/28/2003 9:14:04 AM
Creation date
11/27/2017 12:10:58 PM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/15/1986
Board
Board of Commissioners
Meeting Type
Regular
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rnenl the application in ma~ng findings relating to the proposed bonds and in de~gnating the unit's' <br /> representative to file the application and to be the Commission's contact throughout authorization and sale <br /> procedures. <br /> <br /> The resolution should: <br /> <br /> 1. Deseribo the undert.ldng for which bonds axe proposed. <br /> 2. State facts why the project is necessary and expedient. · <br /> <br /> 3. State facts why the amount of bonds proposed la adequate and not excessive for the proposed purpose. <br /> 4. State facts supporting a conclusion that the debt management policies have been carried out in strict <br /> compliance with the law or reasonable assurances have been given that debt management will <br /> hencelorth be carried out. <br /> 5. State facts supporting a conclusion that the budgetary and fiscal management policies have been car- <br /> ried out in compliance with the law or rcasonable assurances that compliance with the law will <br /> henceforth be carried out. <br /> 6. State estimated increase in property tax to raise the estimated increaie In debt service requirements <br /> and that such increase is not excessive. <br /> 7. State estimated increase in consumer rates to raise the estimated increase in debt service requirements <br /> if the proposed bonds are for utility or other enterprise purposes and that such increase is not excessive. <br />8. Designate a representaUve of the unit to file the application for approval of bonds with the Local <br /> Gns'ernment Commission. <br /> 9. Authorize the representative or the unit's attorney to employ b?nd counsel to represent the unit in the <br /> authorization and issuance of bonds. <br /> <br /> AUTHORIZED REPRESENTATIVE <br /> <br /> The authorized representative of-the unit should be tbe Hob e}iaxged with the regp0n~ibitity-of filifig th~ <br /> application for.kppfovul.ofdhe-bonas 6n'-bebell-bf-thi~ns;e'rnlnk-bod~.and:who&.tbe L~-'ul-Gi~vemment' ' <br /> Gommtssion will contact with regard to-aoy problems'arising'during aulborlzRtlon-end salelol the. bond~.7 :.._ <br /> The acknb~l~dg~n-t~f'rdih'~ o-Fih"~-pli~fion and ap~i'o~,'al '6r diskppFo~;al ~f the-al~pl~tibn by the <br /> Commission ;.viii be addre~kl tolKe~uth6rized'~'-~presentative-a'nd~pon-whose.suthnslty4beXgbmmission ............ <br /> will rely in initiatii!gsalebf bonds'dr bbfld antlclltatioh~noteg, Mter;the'bem:ls ar~.mlthoi;ized.-Thg~uthe;r-';':...,-,.;; ...... <br /> ized representative need not be the hnit's-attorney; Should the dttorfiey and the authorlzd-.d representative.- ' <br /> be different individuals, a coordination of activities should be established betv..een the two to axsure timely <br /> action on neoessary procoedings. <br /> <br /> SWORN STATEMENT OF DEBT <br /> <br /> A sworn statement of debt by the Finance Officer or other designated officer is required after introduction <br /> of the bond order and before the poblie bering. The attached Form LGC-109 may be used for this pur- <br /> pose; however, if bond counsel provides a drY/of the statement, it should be used in lieu of the form. A <br /> copy of the Preliminary Statement of Debt should be filed with the application. <br /> <br /> RESOURCE PERSONS <br /> <br />1. Legal questions: Unit's attorney andlor bond counsel. Routine questions relating to administrative <br /> or procedural questions ma)' in some instances be answered bi,' the Local Government Commission <br /> Slaff; or. if nonroutine, we will obtain an ans.'er from bond counsel. <br />2.Bond Authorization and feasibility questions until the bonds are fully authorized - Everett hi. Chalk. <br /> Assistanl Director. <br /> <br />3. Bond and Note Sales and Deliveries ~ter bonds are fully authorized - John M. Barnes. Jr.. Assistan! <br /> Director. <br /> <br /> John D. Foust, Secretary <br /> Local Government Commission <br /> <br /> <br />
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