RES-2009-088 Resolution for the Sale of Refunding Bonds

Browse Search

41 • with the County. The or retiring on a disability retirement with five years of creditable service w t y County provides 100% of the cost under it employee healthcare plan for employees with ten years of creditable service and 62% of the dependent coverage up to age 65.The County provides 50% of the cost of coverage for employees with five years of service and 26% of the cost of dependent coverage up to age 66. The County does not subsidize the dependent coverage for employees hired after July 1, 2008.The County has chosen to fund the healthcare benefits on a pay as you go basis.The County contributed$846,177 for fiscal year 2008 and$1,005,019 for fiscal year 2009. As of December 31, 2007, the most recent actuarial valuation date, the accrued liability for benefits was $54,382,277. The plan was not funded, therefore, the Unfunded Actuarial Accrued Lia- bility(UAAL)was$54,382,277.The UAAL is 145.6%of covered payroll. The ARC represents the estimated amount needed in a fiscal year to amortize the then-current UAAL over a 30-year period. The following table presents certain information concerning the Coun- ty's ARCs and its actual annual pay-as-you-go funding. The current Annual Required Contribution("ARC')rate is 13.69%of annual covered payroll. Percentage of Fiscal Annual OPEB Annual OPEB Net OPEB Year ended Cost("ARC") Cost Contributed Obligation June 30,2008 $8,829,704 9.57% $7,984,527 June 30,2009 6,109,662 19.67 4,104,463 Contingent Liabilities . The County is not aware of any contingent liabilities which it expects would materially ad- versely affect its ability to meet its financial obligations. CONTINUING DISCLOSURE In a resolution to be adopted by the County prior to the sale of the Bonds, the County will undertake,for the benefit of the beneficial owners of the Bonds,to provide: (a) by not later than seven months fi-om the end of each fiscal year of the County, to the Municipal Securities Rulemaking Board('MSRB')audited financial statements of the County for such fiscal year, if available;preppivd in accordance with Section 169-34 of the General Statutes of North Carolina,as it may be amended from time to time,or any successor statute, or,if such audited financial statements of the County are not available by seven months from the end of such fiscal year, unaudited financial statements of the County for such fiscal year to be replaced subsequently by audited financial statements of the County to be delivered within 16 days after such audited financial statements become available for distribution; (b) by not later than seven months from the end of each fiscal year of the County,to the MSRB(i) the financial and statistical data as of a date not earlier than the end of the preceding fiscal year for the type of information included under heading`The County-Debt Information and- Tax Information" in the Official Statement relating to the Bonds(excluding any information on overlapping or underlying units)and(ii)the combined budget of the County for the current fiscal year, to the extent such items are not included in the audited financial statements referred to in(a)above; (c) in a timely manner, to the MSRB, notice of any of the following events with respect to the Bonds,if material: • 23