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HomeMy WebLinkAboutC.054.93008_15411094 WHEREAS, the Bonds are insured as to payments of principal and interest thereon by Municipal Bond Investors Assurance corporation (the "Insurer"); and WHEREAS, loans made under the Pooled Financing Program shall be evidenced by loan agreements between the Commission and the Borrowers thereunder; and WHEREAS, the County is authorized under the Act and Article V, Section 9 of the North Carolina Constitution to enter into loan agreements with the Commission to facilitate the financing or refinancing, acquiring, constructing, equipping, providing, operating and maintaining of health care facilities and to pay loan repayments thereunder from any funds available for such purpose, provided that the obligation to make loan repayments under any loan agreement shall be payable solely from the revenues of Iredell Memorial Hospital and shall not be payable from or a charge upon any funds of the County other than such revenues; and WHEREAS, the County owns health care facilities known and designated as Iredell Memorial Hospital; and WHEREAS, the county desires to obtain a loan from the Commission under the Pooled Financing Program to finance, refinance or obtain reimbursement of the costs of health care facilities consis- ting of equipment; and WHEREAS, application has been made to the commission and the Insurer on behalf of the county for the county to participate in the Pooled Financing Program up to a maximum loan amount not exceeding $1,200,000; and WHEREAS, THE Commission and the Insurer have approved the County's participation in the Pooled Financing Program for a loan up to an amount not exceeding in the aggregate $1,200,000; and WHEREAS, participation by the County in the Pooled Financing Program has been approved by the Local Government Commission of North Carolina subject to the approval thereof by the Commission and the Insurer and subject further to the adoption by the Commissioners of the County of resolutions approved and authorizing participation by the county in the Pooled Financing Program; and WHEREAS, there has been presented to the Commissioners of the County a loan agreement, dated as of March 21, 1989, among the Commission, the Insurer and the County (the "Loan Agreement") providing for aggregate disbursements of loan proceeds not exceeding $1,200,000 and providing further that all obligations to make loan repayments thereunder shall never be a charge upon any other funds of the County nor require the County to exercise its taxing authority to provide funds to make loan repay- ments thereunder; and WHEREAS, there has also been presented to the Commissioners of the County an agreement entitled Reimbursement and Indemnity agreement between the County and the Insurer providing for the county to make certain reimbursement and indemnity payments to the Insurer subject to the limitation that all obligations thereunder shall be payable solely from revenues of Iredell Memorial Hospital and that all obligations thereunder shall never be a charge upon any other funds of the County nor shall the County ever be required to exercise its taking authority to satisfy any such obligations thereunder; and WHEREAS, for the purpose of the Loan Agreement and the exhibits thereto and the Reimbursement and Indemnity Agreement, "health care facilities" shall mean only the real and personal property constituting Iredell Memorial Hospital, Incorporated. NOW, THEREFORE, BE IT RESOLVED BY THE Commissioners of the County of Iredell, North Carolina, that the County shall be and hereby is authorized to borrow from the Commission pursuant to the Pooled Financing Program an amount not exceeding in the aggregate $1,200,000 for the purpose of financing, refinancing or providing reimbursement of the costs of certain health care facilities owned by the County and do hereby authorize the making of Loan repayments of the discharge of other obligations thereunder from revenues of Iredell Memorial Hospital; and BE IT FURTHER RESOLVED that the Commissioners of the County do hereby approve the form of the Loan Agreement between the Commission, the Insurer and the County subject to the proviso that all obligations of the County thereunder shall be payable solely from revenues of Iredell Memorial Hospital; and BE IT FURTHER RESOLVED that the Commissioners of the County do hereby approve the form of the Reimbursement and Indemnity Agreement to be entered into between the County and the Insurer and the performance of the obligations of the County thereunder subject to the proviso that all payment obligations of the County thereunder shall be payable solely from revenues of Iredell Memorial Hospital; and BE IT FURTHER RESOLVED that the Commissioners of the County do hereby appoint Joel Mashburn, County Manager, and Arnold Nunnery, Iredell Memorial Hospital Administrator, to act as Authorized Officers of the county for the purposes of requisitioning disbursements required to be taken on behalf of the County and do hereby further resolve that either of said Authorized Officers may act in such capacity, there being no requirement that more than one of said Authorized Officers act jointly for the action taken by either thereof to constitute duly authorized action taken on behalf of the County. BE IT FURTHER RESOLVED that the commissioners of the county do hereby authorize and direct the Chairman or the Vice Chairman and the Clerk or the Assistant Clerk of the Board of Commissioners to execute and deliver on behalf of the County the Loan Agreement and the Reimbursement and Indemnity '