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IREDELL COUNTY BOARD OF COMMISSIONERS
MINUTES - BRIEFING
JUNE 4, 1991
The Iredell County Board of Commissioners met in Regular Briefing Session on Tuesday, June 4,
1991, at 3:00 p.m. Those present for the meeting were:
R. B. Sloan, Jr., Chairman
Alice M. Stewart, Vice Chairman
Sara K. Haire
Doug Madison
Frank Mitchell
Staff present: Joel Mashburn, County Manager
Alice Fortner, Clerk to the Board
Susan Goodman, Finance Officer
Chairman Sloan called the meeting to order.
IREDELL MEMORIAL HOSPITAL - LOW INTEREST RATE BONDS: Mr. Arnold Nunnery and members of the
Iredell Memorial Hospital board of trustees came to the board about the acquisition of bonds at a
rate of 4.2 interest as part of a hospital bond pool in which Iredell Memorial is involved. They
are working with some other hospitals to go together to form a pool to acquire funds for replacement
and renovation of equipment and space. Mr. Nunnery said the board of directors has approved this
request for bonds and recommends approval to the board of commissioners. Iredell Memorial H6p0 fal
hasan AAA bond rating. The bonds will be backed by a Letter of Credit issued from First Union
National Bank. The Iredell Memorial portion of the bond pool is $5 million and will be used for
acquisition of capital equipment, Nunnery said.
According to Nunnery legal arbitrage is allowable on this project, which means they will pay
4.2% to borrow the funds and can reinvest at 7% until the funds are needed for the equipment.
The indebtedness of the hospital is now $17.9 million, $ .5 million of this is pool loans. Mr.
Bill Pope said he could not give absolute assurance that the County had no exposure on the bonds.
He is less sure of this than in the past. In the most recent audit report of the county's books,
the indebtedness for Iredell Memorial Hopsital was "footnoted" in their audit reports, Ms. Goodman,
said. This is something that the County has never had to do in previous years. Ms. Goodman, Mr.
Pope, and Mr. Nunnery have spoken extensively to the Local Government Commission in this regard.
Mr. Pope said in terms of possibilities, he did not know of any way to quantify the county's
exposure; however, ;.e did say he thought Iredell Memorial Hopsital is a well run and is sound
financially.
The board of commissioners discussed the possibility of putting off a decision on this matter
until Thursday at 4:00 p.m., when the board is scheduled to meet for budget deliberation; however,
if Mr. Pope can get in touch with the Local Government Commission, it may be that an answer can be
given for this meeting this evening. Mr. Pope is especially interested in this since he will be out
of town on Thursday and will be unable to meet with the board to give a recommendation at that time.
CONSENT AGENDA: The board discussed items for the agenda this evening and placed some of them
on Consent Agenda.
UPDATE ON THE LANDFILL PROGRESS: Carson Fisher, Staff Engineer, gave a report on the landfill
progress in the new equipment and the Gilbert contract. Mr. Fisher said Gilbert Engineering is
progressing.
CHARLES CITY LIMIT SIGNS: Commissioner Mitchell inouired about these signs. Mr. Lundy was
going to look into this. They think the DOT at Shelby is responsible for them.
SCOTTS CREEK ROAD AND OLD WILKESBORO ROAD INTERSECTION: Commissioner Mitchell said this parti-
cular interesection presents a hazard. He asked if there was any way that the DOT could look at the
interesection and help to make it safer.
TRAVEL AND TOURISM: Mr. Shuford, owner of Summer's Restaurant, came before the board in
reference to the Travel and Tourism funds. He said he was going to resign from this board. Mrs.
Judy Lazenby was with him and they asked the board of commissioners to try to get half the funds
back in the county's coffers since Statesville is planning to spend some of the funds this year.
REPORT ON LAN ENFORCEMENT BUDGET: Sheriff Clyde Lloyd came before the board to give some cuts
he had made in his budget. He is cutting $5,000 out of training, $5,000 in ammunition, $39,445 for
a bailiff position (includes all required gear and car), $14,400 for deleting the request for a
plain car. This totals a $63,845 decrease.
It was mentioned that some of their mandated services have increased. For instance, the cost
of autopsies has double from $23,000 last budget year to $46,000 for the 91-92 year.
MITCHELL COMMUNITY COLLEGE: The board heard the request for funds from Mitchell Community
College.
ADJOURN: The board adiourned at 6:00 p.m. until 7:00 p.m.
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APPROVED: 7/2/91 Clerk to the Board