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IREDELL COUNTY BOARD OF COWIISSIONERS
MINUTES
SEPTEMBER 28, 1992 - 5:30 p.m.
The Iredell County Board of Commissioners met in the South Wing Conference Room of the Iredell
County Government Center at 5:30 p.m., on Monday, September 28, 1992. Those present for the meeting
were:
R. B. Sloan, Jr., Chairman
Sara K. Haire, Vice Chairman
Doug Madison
Frank Mitchell
Absent: Alice M. Stewart
Staff present: Joel Mashburn, County Manager
William P. Pope, County Attorney
Susan Goodman, Finance Director
Alice Fortner, Clerk to the Board
The meeting was called to order by Chairman Sloan at 5:30 p.m. Chairman Sloan asked Mr. Bill
Pope, County Attorney, to explain the purpose of the meeting. Mr. Pope explained the loan
proceedings where the County is borrowing $3.5 million at 3.5% interest as an interim loan until the
COPS financing can be completed in early January 1993. The funds will be borrowed from Southern
National Leasing Corporation, and there is no penalty for early repayment, as stated earlier at the
September 1, 1992 public hearing where the County is borrowing money under the G. S. 160A-20. (See
Minute Book IV, pp. 1712-1714.)
Mr. Pope said the school board will actually transfer the title of these two properties to
Iredell County Government and the County will lease the properties back to the schools. Mr. Pope
said the County School system is covered by Mutual School Board Trust that only insures school
boards' properties. The School Board Trust will not insure the two County properties involved in
the loan agreement, therefore, it will be necessary for the county to acquire insurance from another
source.
The closing is to be held at 9:00 a.m. on September 29, 1992, at Mr. Pope's law offices.
MOTION from Commissioner Haire to authorize the execution of this lease and any other documents
that may be necessary to sign in order to constitute the execution of this lease.
VOTING: Ayes - 4; Nays - 0.
ADJOURN: MOTION from Commissioner Madison to adjourn the meeting at 5:45 p.m.
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APPROVED:
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