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Authorization for Lanes Creek VFD to Hold a Public Hearing for Fire Station Financing Approval
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INFORMATION CONTACT:
Patrick Niland, County Manager’s Office, Deputy County Manager, 704-283-3630
ACTION REQUESTED:
Appoint Robert Sweatt, Fire Chief of Lanes Creek Volunteer Fire Department, to 1) hold a public hearing with respect to the proposed tax-exempt financing, by the Lanes Creek Volunteer Fire Department, Inc. of the acquisition, construction, and equipping of a fire station; and 2) provide a report of such hearing to the Board of Commissioners of Union County, NC.
PRIOR BOARD ACTIONS:
None.
BACKGROUND:
Lanes Creek Volunteer Fire Department, Inc. (the “Fire Department”) desires to construct a new fire station. The Fire Department desires to issue certain tax-exempt bonds in order to finance the project. In order for the Fire Department to issue such tax-exempt bonds for the project, the Internal Revenue Code requires a public hearing and approval of the governing body of the political subdivision where the project is located. Such approval does not make Union County liable for repayment of the debt, it does not constitute a debt of Union County, and it does not implicate the taxing powers of the County.
In order for the Fire Department to hold the public hearing, it has requested that the Fire Department’s Fire Chief, Robert Sweatt, be appointed to hold the public hearing in accordance with IRS regulations. This action would allow the Fire Department to hold the public hearing prior to the Board’s January 21, 2025 meeting. At that meeting, a resolution will be brought to the Board related to approval of the financing for the project for the Board’s consideration.
FINANCIAL IMPACT:
None.