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Commissioner Mitchell said he was from the northern end of the county where all the tobacco is
raised, which helped make this county. They are presently being taxed on their farm equipment,
land, and the sales tax on the tobacco. The taxes that the tobacco industries pays to Raleigh goes
a long way. Commissioner Mitchell said he thought a room should be provided for those who choose to
smoke.
VOTING: Ayes - 3; Nays - I (Mitchell).
EXECUTIVE SESSION - PERSONNEL AND PROPERTY ACQUISITION: MOTION from Commissioner Madison to
adjourn to executive session.
VOTING: Ayes - 4; Nays - 0.
MOTION to adjourn from executive Session from Commissioner Madison.
VOTING: Ayes - 4; Nays - 0.
ADJOURN: MOTION from Commissioner Mitchell to adjourn at 8:45 p.m. Next meeting is set for
Wednesday, April 15, 1992, 7:00 p.m., South Wing Conference Room, Iredell County Government Center,
200 South Center Street, Statesville, NC.
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APPROVED:�—
IREDELL COUNTY BOARD OF COMMISSIONERS
MINUTES
APRIL 15, 1992
The Iredell County Board of Commissioners met in Regular Adjourned Session on Wednesday, April
5, 1992, 7:00 p.m., South Wing Conference Room, Iredell County Government Center, 200 South Center
Street, Statesville, NC. Present for the meeting were:
R. B. Sloan Jr., Chairman
Sara K. Haire, Vice Chairman
Doug Madison
Frank Mitchell
Alice M. Stewart
Staff present: Joel Mashburn, County Manager
William P. Pope, County Attorney
Alice Fortner, Clerk to the Board
Susan Goodman, Finance Director
Carson Fisher, Staff Engineer
Chairman Sloan called the meeting to order and gave the invocation. He called upon Dr. Sam
Houston, Superintendent of the Mooresville Schools, to make his presentation reference to changes
requested in the public school facility standards as adopted in December 1988.
Dr. Houston said the school standards in 1988 were exhorbitant. He gave illustrations on how
much square footage was required for classrooms by these 1988 standards. In order to keep down
costs, the Mooresville School system has deviated from these standards and building classrooms with
less square footage but yet will be adequate in size, and the school board is asking the county
commissioners to approve these budgetary and site limitations. The forms must be signed by the
chairman of the county commissioners and returned to the state.
MOTION from Commissioner Haire to authorize the chairman to sign this document on behalf of the
Iredell County Board of Commissioners.
VOTING: Ayes - 5; Nays - 0.
BOND ORDER - SPECIAL OBLIGATION BOND: Mr. William P. Pope, County Attorney, Ms. Susan Goodman,
Finance Officer, and Mr. Joel Mashburn, County Manager, discussed the bond order and the documents
that are to be approved with the board. He said the bond was rated as "A" by Moody's. A general
obligation bond would receive an A-1 rating. A-3 is the highest rate obtainable.
Mr. Pope said the actual interest rate is from 3.35% to a high of 6.25%, for an overall
interest rate of 6.572%. Iredell County is setting a standard with this special obligation bond
financing. A lot of counties will be interested in seeing how well the financing goes, Mr. Pope
said. The board must agree to keep the revenues from the landfill fees high enough to take care of
all operating expenses and to pay the principal and interest.
Additional bonds may be issued under this same order. The amount borrowed under this bond ,
order is 86,465,000 for twenty years. The serial bonds will mature by 2012 and the term bonds
mature in annual increments seven to ten years from now. The first payment will be due on December
1, 1992.
Commissioner R. B. Sloan introduced the following bond order, a copy of which had been made
available to each commissioner and the title of which was read: