HomeMy WebLinkAboutC.054.93008_1619 (2)11,71-1
IREDELL COUNTY BOARD OF COMMISSIONERS
MINUTES
SEPTEMBER 12, 1989
The Iredell County Board of Commissioners met in Adjourned Regular Session on Tuesday evening,
September 12, 1989, 7:30 p.m., County Annex Conference Room, Statesville, NC. Those present for the
meeting were:
R. B. Sloan, Jr., Chairman
Alice M. Stewart, Vice Chairman
Jessie S. Crosswhite
Larry S. Hedrick
Frances L. Murdock
Staff present: Joel Mashburn, County Manager
William P. Pope, County Attorney
Alice Fortner, Clerk to the Board
F. W. Furches, Jr., Finance Officer
Jerry T. Lundy, Planning Director
CALL TO ORDER: By Chairman Sloan
IREDELL NATER CORPORATION DISCUSSION: Mr. David Zimmer, Camp Dresser McKee engineer was pre-
sent to discuss a recent study performed by CDM in connection with the value of Iredell Water
Corporation. Mr. Zimmer went through the study with the board members and answered questions the
board had regarding the equipment, etc.
Mr. Zimmer reported there were 23 wells owned by Iredell Water; 16 of the 23 are presently in
operation. The sixteen wells produce two million gallons of water per day. According to the
earlier CDM study, the projected need for year 2005 is a maximum daily demand of four million
gallons. Additional capacity will be needed by 1995. The wells are 250' to 500' deep. He said the
elevated water tanks are in good condition; the ground tank needs repainting.
Commissioner Hedrick inquired when the tanks were painted inside. Mr. Zimmer said he would
need to get that information.
In reference to the pipelines, Mr. Zimmer said the lines were lain between 1968 and 1989. One-
half of the pipeline is PUC; one-fourth is ductile iron; and one-fourth is asbestos cement.
The board discussed a raw water source.
A question was raised by the County Attorney regarding the value of rights-of-way.
Mr. Joel Mashburn inquired if any of the wells would need to be replaced.
Following this discussion, Mr. Bill Furches and the County's CPA firm gave a report on the
financial status of the water corporation.
After further discussion the board decided they needed to determine what kind of governing
board the water corporation should have and what kind of rate increase would be required. These two
matters need to be decided before any further progress is made.
JET-CORR FINAL DOCUMENTS FOR INDUSTRIAL REVENUE BONDS: Mr. Pope, County Attorney discussed the
final financing documents of Jet Corr with the Board. Chairman Sloan introduced the following
document:
RESOLUTION APPROVING THE ISSUANCE BY THE IREDELL COUNTY INDUSTRIAL
FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY OF ITS
INDUSTRIAL REVENUE BONDS (JET CORR, INC. PROJECT), IN THE AGGREGATE
PRINCIPAL AMOUNT OF $8,800,000 TO FINANCE AN INDUSTRIAL PROJECT
FOR JET CORR, INC.
BE IT RESOLVED by the Board of Commissioners for the County of Iredell:
Section 1. The Board of Commissioners has determined and does hereby declare as follows:
(a) The Board of Commissioners of The Iredell County Industrial
Facilities and Pollution Control Financing Authority (the "Authority")
met on September 8, 1989, and took the following action in connection
with the proposed issuance and sale of the Authority's Industrial
Revenue Bonds (Jet Corr, Inc. Project), in the aggregate principal
amount of $8,800,000 (hereinafter sometimes called the "Bonds"):
(1) authorized the borrowing under and the issuance
and performance of the Authority's Industrial Revenue
Bonds (Jet Corr, Inc. Project) in the aggregate
principal amount of $8,800,000 and directed the
execution and delivery of said Bonds;
(2) approved and authorized the execution, delivery