BC 1995 04 03 - Laserfiche WebLink

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369 The Chairman stated that he had been advised that Midland Volunteer Fire Department, Inc. (the "Department") intended to borrow up to $150,000 (the "Loan") from First Charter National Bank to finance the acquisition of a new 1995 Mack fire truck and ancillary and related equipment to be located at 1593 Highway 27 East, Midland, in Cabarrus County, North Carolina (the "Equipment") 28107. The Equipment will be owned and operated by the Department and will be located at the existing fire station owned and operated by the Department. Neither the County nor any agency thereof shall be liable in any event for the repayment of the Loan, the Loan does not constitute an indebtedness of the County or any agency thereof and does not constitute or create in any manner a debt or liability of the County or any agency thereof. Under applicable federal income tax laws, the interest on the Loan will not be exempt from federal income taxation unless, among other things, the Board has, by resolution after having held a public hearing, approved the Loan and the proposed Equipment. The Chairman then stated that a notice had been published by the Clerk to the Board in The Concord Tribune on March 16, 1995 stating that the Board would hold a public hearing on April 3, 1995 on the proposed Loan and the Equipment (the "Notice"). At 6:40 P.M. the Chairman announced that the Board would hear anyone who wished to be heard on the advisability of the Loan and the Equipment. Mr. John Crump, President of the Department, submitted a written description of the proposed Equipment. The presiding officer then recognized such persons if any, who appeared either in person or by attorney, to be heard on the question of the advisability of the Equipment or the Loan. The Clerk to the Board of Commissioners reported that no written comment about the proposed Equipment or the Loan had been received. The names and addresses of the persons who were present and summaries of their comments are as follows: Mr. Robert Fox of First Charter National Bank, Concord, North Carolina, briefly described the financing to be provided by First Charter for the purchase of the new fire truck and related equipment. After the Board had heard all persons who requested to be heard, the Chairman closed the public hearing. The Chairman introduced the following resolution which was read at length: RESOLUTION APPROVING THE INCURRENCE BY MIDLAND VOLUNTEER FIRE DEPARTMENT, INC. OF UP TO $150,000 IN INDEBTEDNESS FROM FIRST CHARTER NATIONAL BANK TO FINANCE THE ACQUISITION OF A NEW 1995 MACK FIRE TRUCK AND ANCILLARY AND RELATED EQUIPMENT. WHEREAS, the Board of County Commissioners, pursuant to public notice duly given (the "Notice"), has held a public hearing on the proposed Loan and Equipment and has considered the comments of persons who requested to be heard; and WHEREAS, neither the County nor any agency thereof shall be liable in any event for the repayment of the Loan, the Loan does not constitute an indebtedness of the County or any agency thereof and does not constitute or create in any manner a debt or liability of the County or any agency thereof; and WHEREAS, the Board of County Commissioners desires to approve the Loan and approve the Equipment; NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners for the County of Cabarrus as follows: (1) The publication of the Notice and the designation of this meeting as a public hearing on the Loan and the Equipment is hereby ratified and approved. (2) The incurrence by Midland Volunteer Fire Department, Inc. of indebtedness of up to $150,000 to First Charter National Bank to finance the Equipment is hereby approved. (3) The Equipment is hereby approved. (4) This resolution shall take effect immediately upon its passage.