REGULAR MEETING OF THE TOWN OF CARY , NORTH CAROLINA

April 29, 2004

6:30 PM

Temporary Council Chambers

Herb Young Community Center
101 Wilkinson Avenue , Cary , N.C.

(NOTE: All maps and images have been removed from the text of these draft minutes on the Web, but are included in the official minutes on file in the town clerk’s office.)

PRESENT: Mayor Ernie McAlister, Mayor Pro Tem Jack Smith, Council Members Marla Dorrel, Mike Joyce, Jennifer Robinson, Julie Robison and Nels Roseland

A.   COMMENCEMENT

1.   Call to Order

Mayor McAlister called the meeting to order at 6:30 p.m.

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2.   Ceremonial Opening

Mr. Roseland observed a Moment of Silence and led the Pledge of Allegiance.

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B.   CONSENT AGENDA

1.   Regular Consent Agenda (any regular consent agenda item pulled for discussion will be discussed at the beginning of the old/new business portion of the agenda)

a.   Consideration of approval of the minutes of the regular town council meeting held on April 15, 2004 , and the minutes of the aquatic center work session held on April 20, 2004 .

ACTION: Mayor Pro Tem Smith made a motion to approve the consent agenda; Mr. Roseland provided the second; and council granted unanimous approval.

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b.   Consideration of adoption of the tax report approved by the Wake County Commissioners on April 5, 2004 .

The Wake County Board of Commissioners, in regular session on April 5, 2004 approved and accepted the following tax report for the Town of Cary .

It is hereby submitted for your approval.

ACTION: Mayor Pro Tem Smith made a motion to approve the consent agenda; Mr. Roseland provided the second; and council granted unanimous approval.

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c.   Consideration of adoption of a resolution to enter into a lease with Banc of America Leasing and Capital, LLC, for the purchase of an aerial fire truck..

An aerial ladder fire truck was included in the 2003 capital improvement budget. The truck was ordered in the fall of 2003, and was recently delivered to the Town. The truck was budgeted to be funded with an installment financing agreement/lease purchase. This financing mechanism is a cost efficient way to spread the cost the truck over its expected useful life. A request for proposal to provide financing for the fire truck was issued to nine institutions.  Eight institutions responded. The request specified the Town’s interest in a financing contract with a ten-year term and a fixed interest rate. The proposals received were as follows:

Banc of America Leasing and Capital, LLC proposed the lowest fixed interest rate. Annual debt service is estimated to be $95,870 for ten years. Staff recommends that the Town pursue an installment financing with Banc of America Leasing and Capital, LLC. Banc of America Leasing and Capital, LLC requires Council approval of a resolution that authorizes the Town to enter into a lease with Banc of America Leasing and Capital, LLC and that authorizes certain Town officials to execute the necessary documents.

The proposed resolution is attached.

TOWN OF CARY RESOLUTION TO ENTER INTO LEASE WITH BANC OF AMERICA LEASING AND CAPITAL, LLC

RESOLVED: That the Town of Cary, a municipal corporation, lease from Banc of America Leasing & Capital, LLC, hereinafter referred to as Lessor, such items of personal property, and upon such terms and conditions, as the officer or officers hereinafter authorized, in their discretion, acting jointly or singly, may deem necessary or advisable; provided, however, that the aggregate actual cost of such items of property under any such lease shall not exceed the sum of $800,000.

RESOLVED FURTHER:  That  William B. Coleman, Jr., Town Manager, or Benjamin T. Shivar, Assistant Town Manager, or Karen A. Mills, the Director of Finance, of the Town of Cary (the officer or officers authorized to act pursuant hereto being hereinafter designated as "authorized officers"), be, and they hereby are authorized, directed and empowered, acting jointly or singly, in the name of the Town of Cary, to execute and deliver to Lessor, and Lessor is requested to accept, such deeds, bills of sale, and other instruments to effect any such sale, and any lease that may be required by Lessor in connection with such leasing of personal property.

RESOLVED FURTHER:  That the authorized officers be, and they hereby are, individually authorized, directed and empowered, acting jointly or singly, in the name of the Town of Cary, to do or cause to be done all such further acts and things as they, acting jointly or singly, may deem necessary, advisable, convenient, or proper in connection with the execution and delivery of any such lease and in connection with or incidental to the carrying of the same into effect, including without limitation the execution, acknowledgment, and delivery of any and all instruments and documents which may be required by Lessor under or in connection with any such lease.

RESOLVED FURTHER:  That Lessor is authorized to act upon this resolution until written notice of its revocation is delivered to Lessor, and that the authority hereby granted shall apply with equal force and effect to the successors in office of the officers herein named.

ACTION: Mayor Pro Tem Smith made a motion to approve the consent agenda; Mr. Roseland provided the second; and council granted unanimous approval.

(Resolution is also on file in the town clerk’s office.)

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d.   Consideration of adoption of certificates of sufficiency and resolutions calling for public hearings to be conducted on May 27, 2004 for the following annexation petitions:

(1)  04-A-07, John A. Powell, 3825 Ten Ten Road , 54 acres

ACTION: Mayor Pro Tem Smith made a motion to approve the consent agenda; Mr. Roseland provided the second; and council granted unanimous approval.

(Resolution is on file in the town clerk’s office and is incorporated in these minutes by reference.)

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(2)  04-A-08, Stone Creek Village, LLC, 2125 High House Road , 56.02 acres

ACTION: Mayor Pro Tem Smith made a motion to approve the consent agenda; Mr. Roseland provided the second; and council granted unanimous approval.

(Resolution is on file in the town clerk’s office and is incorporated in these minutes by reference.)

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(3)  04-A-09, William B. Upchurch, 0 Louis Stephens Drive , 0.53 acre

ACTION: Mayor Pro Tem Smith made a motion to approve the consent agenda; Mr. Roseland provided the second; and council grant