HomeMy WebLinkAboutC.054.93008_2203 (2)WHEREAS, the Board hereby intends to take official action declaring its intention to have a
public offering of certificates of participation authorized under North Carolina General Statute
160A, Article 3, Section 20;
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 Commissioenrs hereby determines that, the projects are
necessary and expedient because of severe overcrowding, physical deterioration of existing facili-
ties, and implementation of the middle school concept.
2. The Board of Commissioners hereby determines to authorize the issuance of certificates of
participation of the county in an aggregate pirncipal amount not exceeding Sixteen Million
($16,000,000) Dollars to pay all of the costs of the projects.
3. Iredell County has maintained good debt management policies and procedures.
4. The certificates can be marketed at a reasonable interest cost. The maximum true interest
cost is to be 6.70%, and the final payment is to be no later than June 30, 2007.
5. That Brown & Wood, Attorneys at law, of One World Trade Center, New York, New York, be
employed as the special counsel for the County in connection with the issuance of these certificates
of participation.
6. That Alex. Brown & Sons, Incorporated be employed as underwriter for the County in connec-
tion with the issuance of these certificats of participation and that compensation to them will not
exceed Twelve ($12.00) Dollars per One Thousand ($1,000.00) Dollars of certificates of participa-
tion.
7. That First -Citizens Bank & Trust Company be appointed as Trustee, Registrar, Transfer Agent
and Paying Agent for these certificates of participation, the fee for said services being Two
Thousand ($2,000.00) Dollars initial acceptance fee, One Thousand ($1,000.00) Dollars per year
construction fund administration, and Four Thousand ($4,000.00) Dollars annual administrative fee.
8. 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 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 certificates of participation.
VOTING: Ayes - 5; Nays - 0.
AGENCY AGREEMENT WITH IREDELL-STATESVILLE SCHOOLS: MOTION from Chairman Sloan to adopt the
following resolution:
WHEREAS, THE County has entered into an Installment Financing Agreement (the "Installment
Agreement") dated as of the date hereof, with Iredell County Public Facilities Corporation, a
nonprofit corporation organized and existing under Chapter 55A of the General Statutes of North
Carolina (the "Corporation"), whereby the County has agreed to construct, or cause to be construc-
ted, the Project (as defined in the Installment Agreement) and the Corporation has agreed to finance
the Project with the proceeds of its Certificates of Participation (1992 Iredell-Statesville Schools
Project), to be executed and delivered pursuant to a Trust Agreement, dated as of December 1, 1992
(the 'Trust Agreement") between the Corporation and First -Citizens Bank & Trust Company (the "Trus-
tee");
WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have
been performed precedent to and in connection with the execution and entering into this Agency
Agreement do exist, have happened and have been performed in regular and due time, form and manner
as required by law, and the partieis hereto are now duly authorized to execute and enter into this
Agency Agreement;
NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF THE MUTUAL AGREEMETNS AND CONVENANTS
CONTAINED HEREIN AND FOR OTHER VALUABLE CONSIDERATION, THE PARTIES HERETO DO HEREBY AGREE AS FOL-
LOWS:
SECTION I. Board to Act as Agent of the County.
The County hereby irrevocably appoints the Board as its agent in connection with the construc-
tion of the project. The Board, as the agent of the county for the foregoing purpose, shall cause
the construction of the Project to be completed on or before the completion date set forth in the
Installment Agreement and otherwise in accordance with the Installment Agreement and any applicable
requirements of governmental authorities and law.
SECTION II. Project Description.
The Board shall have the right to make any changes in the description of the Project or of any
component or components thereof with the consent of the county; provided, however, that any such
change shall not alter the public purpose of the Project and that any increase in the cost ofthe '
Project resulting from such a change shall, to the extent the increased cost exceeds the total