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-- WHEREAS, Kathryne Love, student at East Elementary School, has achieved the title of State
Champion Speller, and
WHEREAS, she plans to go to the National Competition in Washington, DC, on May 26-27, 1990,
where she will compete with students from all across the United States,
NOW, THEREFORE, the Iredell County Board of Commissioners congratulates Kathryn, Love for her
accomplishments thus far,
AND FURTHER, wish her continued success as she represents Iredell County in Washington, DC.
IREDELL COUNTY BOARD OF COMMISSIONERS
Chairman
VOTING: Ayes - 3; Nays - 0.
Miss Love was out of town because of the spring holiday and was, therefore, unable to be
present to accept her honor. It will be mailed to her at a later date.
PRESENTATION OF PHOTOGRAPHIC RECORD OF THE RENOVATION OF THE OLD COURTHOUSE: Mr. Joe Ketchie,
Tax Collector, presented the board with an album of photographs he made during the renovation of the
old courthouse, beginning with February 1989 and concluding with the dedication on April 1, 1990.
The chairman graciously thanked Mr. Ketchie, on behalf of the board, for his contribution of
the photograph album.
ADJUSTMENT OF THE AGENDA: The county manager, Mr. Joel Mashburn, requested some adjustments to
the order of the agenda so some people could be heard earlier.
MOTION from Chairman Hedrick to make the requested adjustments.
VOTING: Ayes - 3; Nays - 0.
APPOINTMENTS BEFORE THE BOARD
IREDELL MEMORIAL HOSPITAL - REQUEST TO APPLY FOR LOW INTEREST LOAN TO PURCHASE A NEN CAT SCAN:
Mr. Arnold Nunnery, Iredell Memorial Hospital Administrator, came before the board with a request
for board approval of financing of a CAT Scan, to be paid from hospital revenues. He asked the
board to approve a resolution and said the chairman and county manager would be required to execute
a certificate on behalf of the board.
The loan is from a low interest pool of funds, in conjunction with the Local Government Commis-
sion. Because the County owns the land on which the hospital is located and other reasons, it is
necessary for the county commissioners to give concurrence to the loan, County Attorney Pope said.
Mr. Pope said he had reviewed the resolution to be adopted with the hospital attorney, Mr.
Ligon, from Winston-Salem. The main point is that it does not pledge the County's taxing authority
nor the faith and credit of Iredell County in any manner, he said.
Chairman Hedrick said he would move to waive the reading of the resolution, to which the other
board members concurred.
Commissioner Bryan inquired how much of the income of the hospital is pledged in total for
indebtedness, to which Mr. Nunnery replied there is about $16 million for the 1986 building. Three
million additional dollars are pledged through two low interest loans, one for renovation of the
maternity suite, and the other was used to finance the radiation therapy facility.
The principal of the $16 million loan is being retired over a 30 -year period, beginning in
1983. The other two low interest loans are seven years; the proposed loan for the CAT scan for
seven years. This is not an insured transaction; however, the hospital has an AAA rating on the
other bond issue, Mr. Nunnery said.
The amount of the loan for the new CAT scan is $870,000, which covers site preparation as well
as the new equipment. The old CAT scanner purchased in 1983 can be sold for approximately $60,000,
Mr. Nunnery said. It has been completed depreciated at this time. Major improvement in the new
scan is the resolution and a 3-dimensional picture. Technology changes so rapidly that this new one
will need to be replaced in five to seven years, Mr. Nunnery said.
MOTION from Chairman Hedrick to approve the following resolution in concurrence with Iredell
Memorial Hospital loan of $870,000, subject to the county attorney's approval of the documents.
RESOLUTION APPROVING LOAN AGREEMENT BETWEEN IREDELL COUNTY, NORTH CAROLINA, AND THE NORTH
CAROLINA MEDICAL CARE COMMISSION TO PROVIDE FUNDS TO FINANCE OR REFINANCE, OR REIMBURSE THE COSTS OF
ACQUISITION OF, HEALTH CARE FACILITIES AND REIMBURSEMENT AND INDEMNITY AGREEMENT BETWEEN THE COUNTY
AND MUNICIPAL BOND INSURANCE ASSOCIATION.
WHEREAS, the North Carolina Medical Care Commission (the "Commission") has insured its $870,000
Hospital Revenue Bonds (Pooled Equipment Financing Project) Series 1985 pursuant to the Health Care
Facilities Finance Act, Chapter 131A of the North Carolina General Statutes (the "Act"), for the
purpose of funding a program whereby the Commission will make loans to public agencies and nonprofit
' agencies situated in the State of North Carolina for the purpose of financing, refinancing or