HomeMy WebLinkAboutC.054.93010_0970 (2)IREDELL COUNTY BOARD OF COMMISSIONERS
MINUTES FOR THE INCUMBENT BOARD MEETING
MONDAY DECEMBER 2, 2002 19:00 A.M.)
The Iredell County Board of Commissioners met at 9:00 a.m., on Monday,
December 2, 2002, in the Iredell County Government Center, at 200 South Center Street,
Statesville, NC. (This was the final meeting of the incumbent board.) Those present
were:
Sara Haire Tice, Chairman
Karen B. Ray, Vice Chairman
Tommy E. Bowles
Steve D. Johnson
R. Godfrey Williams
Staff present: Joel Mashburn, County Manager
Bill Pope, County Attorney
Susan Blumenstein, Finance Director
Jean C. Moore, Clerk to the Board
CALL TO ORDER by Chairman Tice.
INVOCATION by Commissioner Bowles.
PLEDGE OF ALLEGIANCE TO THE FLAG
PUBLIC HEARING
Refinancing of an Installment Financing Agreement Regarding Outstanding
Certificates of Participation (1992 Iredell-Statesville School Projects): The Chairman
announced that this was the hour and day fixed by the Board of Commissioners for the
public hearing upon the proposed refunding, pursuant to an installment financing
agreement (the "Installment Financing Agreement") with the Iredell County Public
Facilities Corporation, a North Carolina non-profit corporation, of certain 1992
Certificates of Participation in order to achieve debt service savings, and that the Board
of Commissioners would hear anyone desiring to be heard with respect to the Installment
Financing Agreement and such 1992 Certificates of Participation to be refunded thereby.
Finance Director Blumenstein said that in 1992, Certificates of Participation
(COPSs) were issued for the construction of East Iredell Middle and the
renovations/construction at Statesville Middle, West Middle, and Brawley Middle
Schools. She said the remaining COPS balance was $6,720,000 at an average coupon rate
of 6.25% and a maturity date of June 1, 2007. Blumenstein recommended the
refinancing/refunding of the bonds by issuing one new bond to Bank of America at an
interest rate of 2.85%, a maturity date of June 1, 2007, and a net present value savings of
$328,309. Mrs. Blumenstein said no new money would be involved in the transaction.
No one appeared, either in person or by attorney, to be heard with respect to the
Installment Financing Agreement.
Thereupon, the Chairman introduced the following resolution, a copy of which
had been provided to each Commissioner.
RESOLUTION MAKING CERTAIN FINDINGS AND DIRECTING THE
FILING OF AN APPLICATION FOR APPROVAL BY THE LOCAL GOVERNMENT
COMMISSION OF AN INSTALLMENT FINANCING AGREEMENT TO FINANCE
THE REFUNDING OF 1992 CERTIFICATES OF PARTICIPATION
BE IT RESOLVED by the Board of the Commissioners for the County of Iredell,
North Carolina: