MINUTES OF THE CRISP COUNTY BOARD OF COMMISSIONERS
CALLED MEETING HELD ON MAY 8, 2008
The meeting was called to order at 9:30 a.m. by Vice-Chairman James D. Harris, with Commissioners A. James Nance, Brad Faircloth, and William Culpepper in attendance. Others present were County Administrator Lester E. Crapse, Jr., Attorney Rick Lawson, Finance Director Sherrie Leverett, Attorney Craig Cotton, Secretary for Mr. Cotton, Julie Poplin, and Commission Secretary Linda Finch.
ADOPT FINAL BOND AGREEMENT FOR CRISP REGIONAL HOSPITAL
Administrator Crapse reported that when we did the paperwork for the Hospital Bonds a few months ago, there were some numbers in there that was the maximum for the interest and the payments, and the purpose of this meeting today is to ratify that original Agreement and put in the current numbers. In talking with David Lucas, he advised that the interest rate of these bonds would be 3.96%, which is fantastic. This has a lot to do with the monetary market and the low interest rates, and also with the countyŐs bond rating, AAA, which he thinks significantly helped. These documents are essentially the same documents that were executed during the process previously; it ratifies and confirms all the terms and provisions of the original documents, sets the interest rates and debt service on the bonds within the original terms that the Board agreed to previously. He advised that David Forehand has gone over it, and he finds no issues with the documents. He also spoke with Chairman Henry, and he fully supports this also even though he couldnŐt be here this morning. He stated that we all knew that we would have to do this as soon as the bonds were sold. Craig Cotton, Attorney for Crisp Regional Hospital, thanked Commissioners, on behalf of the Hospital Authority and Wayne Martin, for coming on such short notice. He advised that they will have to do this one more time as we needed to keep the CountyŐs obligations under $10 million, so we issued $10 million now, but the total project is around $13 million, so 15 days from today we need to have another meeting to set the terms of the final $3 million. The Resolution ratifies the original contracts, sets the bond rates and the repayment schedule. He stated that they had originally put in the agreement that the interest rate would not exceed 6% and debt service by the hospital would not exceed $2.2 million in any given year; now that the interest rate has been set; the highest debt service in one year for the Hospital is $1.96 million, everything else was well below the $2.2 million. Also the Resolution approves the preliminary official statement and the final official statement, which Mrs. Leverett has worked diligently in helping get together the countyŐs numbers. He advised that the bonds were offered to the local banks first, and from what he understands, the same local banks that had initially floated the promissory notes, Heritage, Colony, and Regions Banks, were offered these bonds so that the bonds, for the most part, will be locally held. In the Resolution also is the Bond Purchase Agreement, the Supplemental Intergovernmental Contract, and a Continuing Disclosure Agreement, and they all need to be executed as well. The Hospital Authority has signed all of the Agreements.
ADOPT THE FIRST SUPPLEMENTAL INTERGOVERNMENTAL CONTRACT
Motion was made by Mr. Faircloth to adopt the First Supplemental Intergovernmental Contract, seconded by Mr. Nance, motion carried unanimously.
ADOPT THE BOND PURCHASE OR CERTIFICATE PURCHASE AGREEMENT
Motion was made by Mr. Nance to adopt the Bond Purchase or Certificate Purchase Agreement, seconded by Mr. Culpepper, motion carried unanimously.
ADOPT THE CONTINUING DISCLOSURE AGREEMENT
Motion was made by Mr. Nance to adopt the Continuing Disclosure Agreement, seconded by Mr. Culpepper, motion carried unanimously.
ADOPT THE SUPPLEMENTAL RESOLUTION
Motion was made by Mr. Nance to adopt the Supplemental Resolution, seconded by Mr. Faircloth, motion carried unanimously.
AUTHORIZE VICE-CHAIRMAN TO SIGN ALL DOCUMENTS
Motion was made by Mr. Nance to authorize Vice-Chairman Harris to sign all documents, seconded by Mr. Culpepper, motion carried unanimously.
Motion was made by Mr. Culpepper to adjourn the meeting at 10:05 a.m., seconded by Mr. Faircloth, motion carried unanimously.