HomeMy WebLinkAboutC.054.93010_0842 (2)11. REQUEST FOR APPROVAL. TO CANCEL THE MEETINGS SCHEDULED
ON TUESDAY, NOVEMBER 5, 2002 (ELECTION DAY) AND TO
RESCHEDULE THEM FOR MONDAY, NOVEMBER 4,2002: (The briefing will
be at 5 p.m., and the regular business session will be at 7 p.m.)
12. REQUEST FOR APPROVAL OF THE AUGUST 6, 2002 MINUTES
(Note: The briefing minutes describe some of the consent agenda items.)
------------------------------------END OF CONSENT AGENDA ---------------------------------
REQUEST FOR APPROVAL OF FINANCING DOCUMENTS FOR THE
IREDELL COUNTY GOVERNMENT CENTER -SOUTH (ICGC-S) FACILITY:
In the agenda briefing, Finance Director Blumenstein said nothing had been changed
from the previous meetings pertaining to the ICGC-S installment financing, e.g., interest
rate. She said the financing resolution basically gave the chairman and members of the
staff permission to sign the documents.
Attorney Pope said the General Statutes allowed counties to participate in
installment financings. He said the ICGC-S property would be pledged as the collateral.
Pope said there would be no deficiency judgment -- the only recourse for the lender
would be against the property.
Chairman Tice introduced the following resolution and read its title to the
audience.
RESOLUTION APPROVING A PROPOSED INSTALLMENT
FINANCING AGREEMENT TO FINANCE THE COST OF
ACQUIRING CERTAIN REAL PROPERTY AND
RENOVATING THE BUILDING LOCATED THEREON FOR
USE AS COUNTY COURT AND OFFICE FACILITIES,
APPROVING CERTAIN OTHER DOCUMENTS AND
ACTIONS RELATING THERETO AND AUTHORIZING
OTHER OFFICIAL ACTION IN CONNECTION THEREWITH
WHEREAS, the County of Iredell, North Carolina (the "County") has
determined that it is necessary and expedient to finance (i) the acquisition of
certain real property in Mooresville, North Carolina, including the refinancing of
a promissory note issued by the County to provide interim financing for such
acquisition, and (ii) the renovation of the building located thereon for use as
County court and office facilities (collectively, the "Project'); and
WHEREAS, in order to effectuate the financing of the Project, the County
and Bank of America, N.A. (the `Bank") propose to enter into an Installment
Financing Agreement (as hereinafter defined), pursuant to the authority granted to
the County under Section 160A-20 of the General Statutes of North Carolina; and
WHEREAS, the Board of Commissioners has determined that it is in the best
interests of the County that the County enter into said Installment Financing
Agreement to make available to the County funds with which to finance the cost
of the Project; and
WHEREAS, in connection with such financing, it is necessary for the County
to approve certain other documents relating thereto and to authorize certain action
in connection therewith; and
WHEREAS, there have been presented at this meeting copies of the
following documents relating to the financing of the Project:
(a) a draft of the proposed Installment Financing Agreement, to be dated as of
August 30, 2002 or another mutually agreeable date (the "Installment Financing