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HomeMy WebLinkAboutC.054.93010_0794 (2)N 55 To recognize a paving reimbursement of $71,000 from the North Carolina Department of Transportation and for appropriation to Fairview United Methodist Church, 4. Request for Approval of a 2001-2002 Capital Outlay Amendment for the Iredell- Statesville School System (see briefing minutes). 5. Request for Approval of a Resolution Authorizing Susan Blumenstein to File An Application with the Local Government Commission for the Iredell County Government Center -South Financing (The resolution is as follows.) RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY NORTH CAROLINA GENERAL STATUTES §160A-20 WHEREAS, the County of Iredell, North Carolina (the "County") is required to provide appropriate and adequate space for functions of the court system that are carried out at the local level; and WHEREAS, the County desires to better serve its citizens by providing centralized facilities for courts and office space for Court personnel, Sheriffs office, and Health Department; and, WHEREAS, the County issued a promissory note of $1,900,000 for the purchase of an existing hospital building with plans to renovate the facility, and the County desires to refinance the promissory note and borrow additional finds of $1,610,000.00 for the renovation of the space to be occupied by County offices; and WHEREAS, the County may desire to borrow funds of $923,200 to renovate an additional floor of the facility for a possible ten-year lease to the State of North Carolina; and WHEREAS, the County desires to finance the Project by the use of an installment contract authorized under North Carolina General Statute § 160A-20; and WHEREAS, the findings of fact by this governing body must be presented to enable the North Carolina Local Government Commission to make its findings of fact set forth in North Carolina General Statute § 159-151 prior to approval of the proposed contract. NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Iredell County, meeting in regular session on the 18" day of June, 2002, makes the following findings of fact: L The proposed contract is necessary and expedient because courtroom space previously provided by the Town of Mooresville is no longer available to the County, and facilities are currently being leased for probation, parole, and the Sheriff. 2. The proposed contract is preferable to a bond issue for the same purpose because the cost of the project exceeds the amount that can be made available from current appropriations, unappropriated fund balances, and non -voted bonds that could be issued pursuant to the "two-thirds limitation." Interest rates are comparable to those home by general obligation bonds and issuance costs will be minimal with a direct placement financing. 3. The sums to fall due under the proposed contract are adequate and not excessive for the proposed purpose. 4. The County's debt management procedures and policies are good and its debt is managed in strict compliance with law. 5. It will not be necessary to increase taxes to meet the sums to fall due under the proposed contract. 6. The County is not in default in any of its debt service obligations. 7. The county attorney has rendered an opinion that the proposed Project is authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and laws of North Carolina. NOW, THEREFORE, BE IT FURTHER RESOLVED that the Director of Finance and Administration is hereby authorized to act on behalf of Iredell County, North Carolina in filing an application with the North Carolina Local Government Commission for approval of the Project and the proposed financing contract and other actions not inconsistent with this resolution. This resolution is effective upon its adoption this 18th day of June, 2002.