HomeMy WebLinkAboutC.054.93008_1758Section 3. Funds for this Capital Projects Fund are to be provided
from the following source:
Financing proceeds 2,300,000
Operating Transfers in from
the Capital Reserve Fund 510,500
TOTAL 2,810,500
Section 4. This Capital Projects Fund shall be created as of June 19,
1990, and shall continue until all projects are completed.
Section 5. Transfers from the Capital Reserve Fund to the Capital
Projects Fund will be made only as required.
Section 6. Payments from this Capital Projects Fund shall be authorized
by the County Manager.
This Ordinance being duly adopted this the 19th day of June, 1990.
PURCHASE OF KEWAUNEE BUILDING LOCATED ON HIGHWAY 21 NORTH: Mr. Mashburn, county manager,
advised everything was now in order for closing of the Kewaunee building project. Mr. Pope ex-
plained the statutory scheme that is being used for the financing. The building would stand for the
debt, and the contract of purchase between Iredell County and Kewaunee will be assigned to First
Union National Bank. Iredell County will then enter into a lease -purchase agreement with First
Union for a term of approximately ten years with an interest rate of approximately 7.25% per annum.
The annual rent will amortize the original purchase price and the cost of all improvements. The
faith and credit of the county will not be pledged, nor will the taxing authority of the county be
pledged. The worse case scenario, Mr. Pope said, is if the county doesn't make the payments, First
Union will keep the building. If payments are made, Pope said, at the end of the term the building
will belong to Iredell County.
Mr. Pope said the existing Industrial Revenue Bonds on the property will be retired. North
Carolina National Bank owns the bonds and they have consented to release this property from all
liens it may hold.
MOTION from Commissioner Stewart to authorize the Chairman or Vice Chairman of the Iredell
County Commissioners and the Clerk to the Board to execute such documents as are deemed necessary by
legal counsel to close the transaction in the manner contemplated here tonight, using the Statutory
153-A-165 scheme, and further authorizing the assignment of the contract of purchase between Iredell
County and Kewaunee to First Union National Bank, the execution of a lease purchase agreement
between First Unional National Bank as Lessor and Iredell County as Lessee and such other documents
as might be deemed by legal counsel to be necessary to effect the closing.
VOTING: Ayes - 5; Nays - 0.
Mr. Pope said the signing had to take place by June 29, 1990.
Mr. Bill Mashburn, director of the health department, expressed his appreciation to the board
for the purchase of the building for the health department offices.
SOCIAL SERVICES, REPORT ON PAPERWORK LOAD: Mrs. Stewart gave a report on this study which
addresses the amount of paperwork that is currently being done by the social services department.
One of the requests is one set of criteria for all programs, which would help cut the administrative
costs considerably. After further discussion, a suggestion was made by Commissioner Hedrick to get
a resolution drafted and present it to the county commissioners for adoption.
NO BOARD ACTION.
PUBLIC HEARING ON EXCHANGE OF PROPERTY AT TWIN OAKS GOLF COURSE SET FOR AUGUST 7, 1990: MOTION
from Commissioner Bryan to set the date of August 7, 1990, 7:30 p.m., Commissioners Meeting Room,
Iredell County Government Center, 200 S. Center Street, Statesville, as the date and time to hold
the public hearing on the matter of exchanging property at Twin Oaks Golf Course.
VOTING: Ayes - 5; Nays - 0.
VOTING DELEGATE FOR THE NORTH CAROLINA ASSOCIATION OF COUNTY COMMISSIONERS CONFERENCE IN ASHE-
VILLE, NC, TO BE HELD ON AUGUST 8-12, 1990: Commissioner Bryan nominated Mrs. Alice Stewart, Vice
Chairman of the County Commissioners, to be Iredell County's voting delegate at the Asheville
conference, since Chairman Sloan was not planning to attend.
MOTION from Chairman Sloan to close the nominations and elect Mrs. Stewart by acclamation.
VOTING: Ayes - 5; Nays - 0.
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