HomeMy WebLinkAboutC.054.93008_20431594;
ADMINISTRATIVE MATTERS
APPROVAL OF MINUTES: MOTION from Commissioner Haire to approve the minutes of February 18, 1992
briefing and February 18, 1992 regular meeting, with a correction indicated by Commissioner Madison.
VOTING: Ayes - 5; Nays - 0.
APPROVAL OF AGREEMENT OF OCCUPANCY CONTRACT, TRI -COUNTY MENTAL HEALTH AND IREDELL COUNTY:
Delayed until later in the meeting.
RESOLUTION OF THE IREDELL COUNTY BOARD OF COMMISSIONERS DECLARING ITS INTENTION TO REIMBURSE
ITSELF FROM THE PROCEEDS OF A TAX-EXEMPT FINANCING FOR CERTAIN EXPENDITURES TO BE MADE IN CONNECTION
WITH THE ACQUISITION, CONSTRUCTION AND/OR EQUIPPING OF THE SOLID WASTE DISPOSAL FACILITY: MOTION
from Commissioner Madison to approve the following resolution:
WHEREAS, Iredell County (the "Issuer") is a political subdivision organized and existing under
the laws of the State of North Carolina; and
WHEREAS, the Issuer will make expenditures on and after the date hereof with respect to
expenses incurred and to be incurred (the "Expenditures") in connection with the acquisition,
construction and/or equipping of the Iredell County Solid Waste Disposal Facility (the "Project"),
as more fully described in Exhibit A attached hereto; and
WHEREAS, the Iredell County Board of Commissioners of the Issuer (the "Board") has determined
that the funds advanced and to be advanced to pay Expenditures are or will be available for a
temporary period and it is necessary to reimburse the Issuer for Expenditures made on and after the
date hereof with respect to the Project from the proceeds of one or more issues of tax-exempt bonds
(the "Bonds"); and
WHEREAS, as of the date hereof, there are no funds of the Issuer or any of any other entity
that is part of the controlled group of entities of which the Issuer is deemed a part under Treasury
Regulation Sections 1.103-18 and 1.150-1(f) (the "Controlled Group"), that are, or are reasonably
expected to be, allocated on a long-term basis, reserved or otherwise available pursuant to the
budgets of the Issuer or of any other entity that is part of the Controlled Group to finance the
Project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD AS FOLLOWS:
Section 1. The Board hereby adopts this declaration of official intent under Treasury Regula-
tion Section 1.103-18(c)(2)(i) and declares its intent to reimburse the Issuer with the proceeds of
a tax-exempt financing for Expenditures made on and after the date hereof with respect to the
Project.
Section 2. On the date of the Expenditure, all reimbursable costs of the Project will be of a
type properly chargeable to a capital account under general Federal income tax principles.
Section 3. The maximum principal amount of debt expected to be issued for the Project is Five
Million, Five Hundred Thousand ($5,500,000) Dollars.
Section 4. The adoption of this resolution is consistent with the budgetary and financial
circumstances of the Issuer and all other entities that are part of the Controlled Group.
Section 5. This resolution shall take effect immediately upon its passage.
Section 6. Beginning no later than 30 days after the adoption of this resolution and ending on
the date on which the Bonds are issued, this resolution will be reasonably and continuously **-
available for inspections by the general public, on each business day and during normal business
hours, at the Iredell County Government Center, 200 South Center Street, Statesville, NC.
PASSED AND ADOPTED THIS 3rd day of March 1992.
Attest: Alice Fortner
Clerk to the Board
s/R. B. Sloan Jr., Chairman
Iredell County Board of Commissioenrs
Exhibit A
DESCRIPTION OF PROJECT
The County is issuing the Bonds to obtain funds to pay the costs of acquiring, constructing and
equipping a solid waste baler facility for the county, including the acquisition and construction of
buildings and major equipment, to pay certain financing costs and to provide certain reserves. The
Project consists of the construction of three buildings; specifically, an administration building
including weighmaster station, a baler building including two balers, and a maintenance building.
Land improvements for the site include extensive grading and paving and water and sewer line exten-
sions.