HomeMy WebLinkAboutC.054.93008_2201 (2)1- 5
VOTING: Ayes - 5; Nays - 0.
TEMPORARY POWER ISSUED TO CONTRACTORS AND BUILDERS: MOTION from Commissioner Stewart to ap-
prove the fee of FORTY DOLLARS ($40.00) for Temporary Power for the Temporary Power service.
VOTING: Ayes - 5; Nays - 0.
INFANT MORTALITY REDUCTION GRANT - BUDGET AMENDMENT #12: MOTION from Commissioner Stewart to
approve the receipt of additional grant money in the amount of $18,000 for Maternity Care Coordina-
tor Grant. Health Department officials state this will cover approximately six months salary with
fringe benefits for 1.2 F.T.E. MCC/Social Workers with training time. This position will permit the
generation of Medicaid reimbursement to cover the cost of the position (s).
VOTING: Ayes - 5; Nays - 0.
LIBRARY CLOSING FOR THE MONTH OF DECEMBER: MOTION from Commissioner Stewart to permit the
closing of the library for the period December 21, 1992 - January 2, 1993. This entails seven
working days for staff and volunteers to affix barcodes and security tages to book values. Three
days during this two-week closing will be staff holidays.
VOTING: Ayes - 5; Nays - 0.
RESOLUTION APPROVING THE APPLICATION FOR ADDITIONAL SPECIAL OBLIGATON BONDS: MOTION from
Commissioner Stewart to adopt the following resolution:
WHEREAS, North Carolina General Statutes Chapter 1591 seeks to encourage and assist units of
local government in providing solid waste collection and disposal by authorizing counties to borrow
funds and issue special obligation bonds for the acquisition, construction, improvement, or payment
of the cost of solid waste management projects; and
WHEREAS, Iredell County proposes to construct a lined landfill on the approximately eighteen -
(18) acre site adjacent to the Solid Waste Disposal Facility; and
WHEREAS, it is currently estimated by the County that the project, including financing costs,
will require capital expenditures of approximately Four Million, Three Hundred Twenty Thousand
($4,320,000) Dollars.
WHEREAS, the Board hereby intends to take official action declaring its intention to issue
Special Obligation Bonds, secured by revenues of the Solid Waste Disposal Enterprise Fund and
certain other County revenues from inspection fees, inventory tax reimbursements, ambulance fees,
beer and wine tax reimbursements, undesignated register of deeds' fees, and municipal tax collection
fees to finance all of the project;
NOW, THEREFORE, be it resolved by the Board of Commissioners of Iredell County, State of North
Carolina, as follows:
1. The Iredell County Board of Commisssioners hereby determines that, based on an independent
engineer's report, the project is necessary and expedient for the continued sanitary disposal of
waste for all citizens of the County and that the estimated cost of the project is adequate and not
excessive.
2. The Board of Commissioners hereby determines to authorize the issuance of Special Obliga-
tion Bonds of the County in an aggregate principal amount not exceeding Five Million ($5,000,000)
Dollars to pay all of the cost of the project, such bonds to be secured by revenues from the Solid
Waste Disposal Enterprise Fund and the County revenues from inspection fees, inventory tax
reimbursements, ambulance fees, beer and wine tax reimbursements, undesignated register of deeds'
fees, and municipal tax collection fees.
3. Iredell County has maintained good debt management policies and procedures.
4. The bonds can be marketed at a reasonable interest cost. The maximum true interest cost is
to be 6.70%, and final bond payment is to be no later than June 1, 2003.
5. That the County Manager and the Director of Finance and Administrative Services negotiate
maximum special counsel fees with Brown & Wood, Attorneys at Law, and underwriters' discount with
Alex. Brown & Sons, Incorporated.
6. That the County Manager and Director of Finance and Administrative Services negotiate fees
with First Citizens Bank to act as Trustee, Registrar, Transfer Agent and Paying Agent for these
Special Obligation Bonds.
7. The Chairman and Vice -Chairman of the Iredell County Board of Commissioners, the County
Manager, the County Attorney, the Clerk to the Board of Commissioners, and the County Director of
Finance and Administrative Services are hereby authorized and directed to prepare, execute and
deliver such documents, to file such applications, and to take such other action as may be necessary
or advisable to effectuate the project and the issuance of the Special Obligation Bonds.
VOTING: Ayes - 5; Nays - 0.
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