HomeMy WebLinkAboutC.054.93008_2160 (2)Chairman Sloan inquired if anyone in the audience would like to speak for or against the
financing.
No one spoke for or against the filing of an application.
PROPOSED ABANDONMENT OF A PORTION OF THE RIGHT-OF-WAY OF SR 2158, W. WILSON PARK ROAfor the
D: Mr.
Lunddscsd portioniofuSR 215815 The petition requesting theect with the bord. n closing 5of�the oroad 5was hsignedtbyf all-way property
owners involved.
esent wished to speak for or against the proposed abandon-
Chairman Sloan inquired if anyone pr
ment.
No one spoke for or against the abandonment of SR 2158.
Chairman Sloan closed the public hearing. ---
RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL OF A FINANCING AGREEMENT
AUTHORIZED BY NORTH CAROLINA GENERAL STATUTE 160A-20: MOTION from Commissioner Madison to adopt the
following resolution:
WHEREAS, the County of Iredell, North Carolina, desires to secure temporary financing for the
renovations at West Middle School and Statesville Middle School to better serve the children of
Iredell County; and
WHEREAS, the County of Iredell desires to temporarily finance the Project by the use of an
°- installment contract authorized under North Carolina General Statute 160A, Article 3, Section 20;
and
governing body must be presented to enable the North Carolina
WHEREAS, findings of fact by this
of fact set forth in North Carolina General Statute
Local Government Commission to make its findings
159, Article 8, Section 151, prior to approval of the proposed contract;
loners of Iredell County, North Carolina,
NOW, THEREFORE, BE IT RESOLVED, the Board of Commiss
meeting in regular session on the first day of September, findings of
1992, makes the following
fact:
1. The proposed contract is necessary and expedient in order to proceed
with contracts to renovate the West Iredell And Statesville Middle
Schools and guarantee project completion in time for the start of the
school year beginning August, 1993.
2. The proposed contract is preferable to a bond issue for the same
purpose for the following reasons:
a. Current appropriations in the county's Operating Budget
are inadequate to fund this project.
b. Currently the fund balance available for appropriation
is not sufficient to fund the project and maintain adequate levels.
c. The County does not retire enough debt annually to fund this
project using the "two-thirds limitations."
d. The proposed financing is preferable to a General Obligation
Bond because the costs of authorizing and issuing bonds would be
greater than those associated with the installment contract.
e. Revenue Bonds are inappropriate for this project.
3. The County has negotiated the private placement of the financing with
Southern National Leasing Corporation at an interest rate of 3.5% due on or
rater
comparesrfa favorably with recent general ere is no lobligation bond issues.ty for prepaynt. interest
4. Examination of the audited financial statements for the past three
fiscal years of Iredell County will show that the county's debt management
policies are in strict compliance with North Carolina law.
5. No increase in the property tax will be necessary to raise sums to
fall due under this contract.
6. The County of Iredell is not in default in any of its debt service
obligations.
7. The attorney for the County of Iredell has rendered an opinion that
the proposed Project is authorized by law and is a purpose for which public
funds may be expended pursuant to the Constitution and laws of North Carolina.