Title
Vote on a request by the Silk Hope Volunteer Fire Department to post notice of a public hearing, appoint Chief Mark Gaines, Silk Hope Volunteer Fire Department, to conduct the public hearing, and secure financing in a sum not to exceed $10,000,000.00 through tax exempt borrowing.
Abstract
Action Requested: Vote on a request by the Silk Hope Volunteer Fire Department to post notice of a public hearing, appoint Chief Mark Gaines, Silk Hope Volunteer Fire Department, to conduct the public hearing, and secure financing in a sum not to exceed $10,000,000.00 through tax exempt borrowing.
Introduction & Background: Technical Corrections Bill HR4333 (Attachment "A") regarding tax exempt borrowing requires that specific procedures be followed when a fire department desires to obtain tax exempt financing. Prior approval of the Governmental Body of the borrowing must be given, notice of a public hearing posted, appointment of a person to conduct the hearing, and a public hearing conducted. The Silk Hope Volunteer Fire Department has advised that they desire to borrow a sum not to exceed $10,000,000.00 under tax exempt borrowing status (Attachment "B) for the purchase of three (3) fire apparatus and related equipment for the apparatus, property and funding for building of a new fire station.
Discussion & Analysis: The Silk Hope Volunteer Fire Department is seeking approval of tax exempt financing for the purchase of three (3) fire apparatus and related equipment for the apparatus, property and funding for the building of a new fire station. These purchases of apparatus will provide the equipment that is determined by ISO and OSFM to receive credit for a recognized fire station. This will provide fire response coverage for areas that are currently considered ISO Class 10 unprotected areas. As a result, homeowners and businesses in these areas would see substantial decreases in their insurance premiums. If desired, the Chatham County Fire Marshal will attend the m...
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