HomeMy WebLinkAboutC.054.93010_0517 (2)though he understood the business climate for racing was very healthy at the present, Mr. Bowles said he
just wanted the county to have some diversity in its employment opportunities.
VOTING: Ayes — 5; Nays — 0.
Chairman Tice declared the meeting to be in a public hearing.
Consideration of the Financing of Certain Public Facilities (Third Creek Elementary School
and Cell III of the Solid Waste Facility) & the Refinancing of Certificates of Participation Pursuant
to an Installment Financing Agreement: Finance Director Blumenstein said the "third Creek
Elementary School was first presented as a construction possibility in 1999-2000. She said the board
began appropriating funds at that time, and over a three-year period, including this year, $6,144,800 had
been appropriated. She said that in addition, $2,455,000 in public school building capital funds would be
used, and that a total of $3.6 million would be financed. Blumenstein said $12.2 million would be the
total amount available for Third Creek Elementary. In reference to the landfill project, Blumenstein said
it was a 17 -acre -lined cell at $3,044,500. She said that over the last two years, $964,500 was transferred
from the solid waste operating fund for the project, and $1.2 million in the retained earnings of the solid
waste enterprise fund had been transferred. Mrs. Blumenstein said the county wanted to finance $880,000
to finish out the project. Lastly, Blumenstein said the county desired to refinance the term bond on the
1992 issue of Certificates of Participation. Blumenstein said the certificates were issued when the county
went towards the middle school concept.
Mrs. Blumenstein said the county would borrow approximately $5.5 million which, when added to
the existing debt reserve fund of $1.5 million, would be placed in escrow. The county would payments on
the newly borrowed funds, and the borrowed funds would be accumulated to make the term bond
payment in February of 2007. Mrs. Blumenstein said the transaction would save approximately $150,000.
Commissioner Bowles asked for a clarification on any lapsed funds or contingencies.
Blumenstein said that if a contingency was built into any of the project ordinances, the money
could not be spent until approval was obtained from the board of commissioners. She continued by
saying that in reference to this project, any excess money would have to be used by either the school
system or landfill.
Buddy Hemric, a resident of 198 Roseman Lane, Statesville, North Carolina, then spoke and
advised that he served on the 1995 School Facilities Task Force. He said the task force recommended for
the Wayside Elementary School property to be sold, as well as property located on Salisbury Road. He
said the task force had recommended for the proceeds to be used for the construction of a school to
replace Wayside and ADR. Hemric said that at that time, it was anticipated the widening of Highway 70
would cut through the middle of the Wayside School property. He questioned why the recommendation
to sell the properties wasn't followed. Mr. Hemric also shared concerns about the Iredell-Statesville
School System's handling of its finances.
Commissioner Steve Johnson, a resident of 139 Columbine Street, Statesville, North Carolina,
said he too served on the task force. Mr. Johnson said the Wayside building was still being used as a
school — it was occupied. Johnson said the building would have to be vacant before any attempts could be
made to sell the property.
Chairman Tice adjourned the hearing.
Commissioner Johnson then introduced the following resolution.
RESOLUTION DIRECTING THE FILING OF AN APPLICATION
FOR APPROVAL BY THE LOCAL GOVERNMENT
COMMISSION OF AN INSTALLMENT FINANCING AGREEMENT
TO FINANCE CERTAIN PUBLIC FACILITIES
BE IT RESOLVED by the Board of Commissioners (the "Board of Commissioners") for the County of
Iredell, North Carolina:
Section 1. The Board of Commissioners does hereby find, determine and declare as follows:
(a) The County of Iredell, North Carolina (the "County") proposes to (a) finance (i) the construction of
the new Third Creek Elementary School and (ii) the construction of an additional lined cell for the County landfill