HomeMy WebLinkAboutC.054.93010_0182 (2)Commissioner Fortner said she had seen the bids for the new high school, and they were
lower than anticipated.
Chairman Tice said she understood the school officials planned to use the extra money for
alternates - - auxiliary gym, etc.
Chairman "rice introduced the following resolution and read the title as follows.
RESOLUTION APPROVING THE SALE BY THE IREDELL COUNTY
PUBLIC FACILITIES CORPORATION OF
INSTALLMENT PAYMENT REVENUE BONDS PAYABLE FROM CERTAIN
INSTALLMENT PAYMENTS TO BE MADE BY THE COUNTY OF IREDELL,
NORTH CAROLINA, APPROVING A PROPOSED INSTALLMENT FINANCING
AGREEMENT TO FINANCE THE COST OF VARIOUS SCHOOL FACILITIES FOR
SAID COUNTY, APPROVING CERTAIN OTHER DOCUMENTS AND
ACTIONS RELATING THERETO AND AUTHORIZING OTHER OFFICIAL ACTION
IN CONNECTION THEREWITH
MOTION by Commissioner Bowles, seconded by Commissioner Fortner, to adopt the
resolution as presented.
VOTING: Ayes - 5; Nays - 0.
WHEREAS, the County oflredell, North Carolina (the "County') Inas determined that it is
necessary and expedient to finance (i) the construction of an addition to Mooresville high School.
(ii) the construction, furnishing and equipping of the new Lake Norman High School and (iii) the
construction of Phase H of the new Lake Shore Middle School (collectively, the "Project'); and
WHEREAS, in order to effectuate such plan to finance the cost of rhe Project, the County and
Iredell County Public Facilities Corporation, a nonprofit corporation organizer[ and existing under
the laws ofthe State ofNorth Carolina (the "Corporation) have been negotiating certainfinancing
documents and arranging for the negotiated sale of Installment Payment Revenue Bonds I'lredell
Countv School Projects), Series 2000 (the "Series 2000 Bonds') pgvable from certain Installment
Pavrnents to be made by the County pursuant to an Installment Financing Agreement (as hereinafter
defined), pursuant to the authority granted to the County under Section 160A-20 of the General
.Stances of North Carolina; and
WHEREAS, the County has determined that it is in the best interest of the Countv that the
County and the Corporation enter into said Installment Financing Agreement to make available to
the County l'mds with which to finance. the cost of the Project; and
WHEREAS, the County and the Corporation have retained investment bankers %or the
purpose of'underwriting the Series 2000 Bonds; and
WHEREAS, the Series 2000 Bonds are expected to be marketed during the period from .hone
21 to June 27, 2000 in the expectation of executing a Contract of Purchase (the "Purchase
Contract') with respect thereto on or about June 27, 2000 and delivering the .Series 2000 Bonds on
or about July 10, 2000; and
WHEREAS, in connection with such financing, it is necessary for the County to approve the
sale of the Series 2000 Bonds by the Corporation, to approve certain other documents relating
thereto and to authorize certain action in connection therewith; and
WHEREAS, there have been presented at this meeting copies of the following documents
relating to the delivery of the Series 2000 Bonds: