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MEETING AND 9/28/92 SPECIAL MEETING: MOTION from Commissioner
MINUTES OF 9/15/92 REGULAR
the captioned minutes.
Madison to approve
VOTING: Ayes - 4; Nays - 0.
CONSTRUCTION AND RENOVATION OF SCHOOL FACILITIES FOR THE
RESOLUTION REGARDING THE PROPOSED Commissioner Madison to approve the following resolution:
from
IREDELL-STATESVILLE SCHOOLS: MOTION
the Iredeli County Board of Commissioners desires to construct the East Iredell Middle
Brawley Middle School, to
WHEREAS,
School and renovate Statesville Middle School, West Middle School, and
better serve the students of Iredell County; and
WHEREAS, the Iredell County Board of Commissioners desires to finance the construction and
offering authorized under North
renovation of the necessary facilities by the use of a public
Article 3, Section 20; and
Carolina General Statute 160A,
be to enable the North Carolina
WHEREAS, findings of fact by this governing body must presented
acts t forth in North Carolina General Statute
of the
Local to
oi ma a its approvals of
159, eSeCommissionction
Iredell County, North
NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of
day of October, 1992, make the following findings
Carolina, meeting in regular session on the sixth
of fact:
1. The proposed projects are necessary and expedient because of severe
facilities, and
overcrowding, physical deterioration of existing
implementation of middle school concept.
2. The proposed contract is preferable to a bond issue for the same
purpose.
a. Current appropriations in the County's Operating budget
are inadequate to fund the projects.
b. Currently, the fund balance available for appropriation is
adequate levels.
not sufficient to fund the project and maintain
c. The County does not retire enough debt annually to fund
limitations" rule.
this project using the "two-thirds
d. The proposed financing is preferable to a General
the projects does not
Obligation Bond because the urgency of
to with a bond issue.
allow sufficient time needed proceed
e. Revenue Bonds are inappropriate for this project.
of financing under the proposed contract is greater than the cost of issuing
The the costs compare favorably
3. cost
general obligation bonds. However, current market conditions indicate
the projects will be completed according to the
with those of a general obligation bond issue, and
to implement the middle school concept.
time table established
adequate and not excessive for
4. The sums to fall due under the construction contracts are
three of the four projects and, including a
the proposed projects. Bids are in hand for
contingency, each is within project estimates.
Iredell
5. Examination of the audited financial statements for the past three fiscal years of
in strict compliance with North
County will show that the County's debt management policies are
Carolina law.
due proposed contract
. increase intaxes sto enotet tdeemedhe stoobeaexcessivll eder the
will ne per valuationyand
7. Iredell County is not in default in any of its debt service obligations.
for the County of Iredell has rendered an opinion that the proposed Project is
pursuant to the Constitu-
8. The attorney
authorized by law and is a purpose for which public funds may be expended
tion and laws of North Carolina.
I to act
rGovernment
inance
NOW, THEREFized
ORE, BE IT FURTHER RESOLVED tha�icatiohe Director
the North Caroline Local
with
financing contract and other actions not
on behalf of Iredell County in filing an app
the
Commission for approval of the Project and proposed
inconsistent with this resolution.
This resolution is effective upon its adoption this 6th day of October, 1992.
VOTING: Ayes - 4; Nays - 0.
Madison to make the
IN COUNTY COMMISSIONERS' MEETING SCHEDULE: MOTION from Commissioner
CHANGE
following changes in the regular meeting schedule:
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