HomeMy WebLinkAboutC.054.93010_0981 (2)(c) The County Attorney has rendered an opinion that the proposed undertaking is
authorized by law and is a purpose for which public funds may be expended pursuant to the
Constitution and laws of the State of North Carolina.
((1) The Installment Financing Agreement, under the circumstances presently
obtaining, is preferable to a general obligation bond issue for this purpose. The County's
current fund balance is, in light of other requirements and prudent fiscal management,
insufficient to refund the portion of the 2000 Bonds the County deems appropriate, the County
does not have the ability to issue sufficient non -voted bonds under the provisions of Article t
Sec. 4 of the North Carolina Constitution, for the purposes of refunding such portion of 2000
Bonds, and voting general obligation bonds for this purpose will result in unacceptable delay
and additional cost to the County.
(e) The estimated cost of r¢fianding a portion of the 2000 Bonds pursuant to the
Installment Financing Agreement compares favorably with an estimate of similar cost for
general obligation bond financing therefor.
(n The debt management policies of the County have been carried out in strict
compliance with law, including the filing of all required audits and reports with the Local
Government Commission, and the County is within its statutory debt limit and is not in default
with respect to any ofits outstanding indebtedness.
(g) The County estimates that no increase in the property tax rate will be required to
raise sums to pay the estimated debt service to fall clue under the Installment Financing
Agreement for its stated purpose.
(h) The County has made timely payment of all sums owed by it with respect to the
payment of principal of and interest on all of its outstanding debt obligations and has received
no notice from the Local Government Commission or any holder concerning the County's failure
to make any required payment of debt service.
Section 2. The Local Government Commission is hereby requested to approve the
proposed Installment Financing Agreement pursuant to the provisions of Article 8 of Chapter
159 of the General Statutes of North Carolina, and the Director of Finance and Administration
is directed to complete and file all applications and execute all other documents required in
connection with obtaining such approval.
Section 3. All actions heretofore taken by the Director of Finance and Administration in
connection with the Installment Financing Agreement and the 2003 Bonds, including retaining
bond counsel and selecting a financial advisor, investment bankers and a trustee are hereby
ratified and confirmed.
Section 4. This resolution shall take effect immediately upon its passage.
Upon a olio of Commissioner Norman, the foregoing resolution was passed by the
following vote:
Ayes: - 4; Nays - 0.
The Chairman thereupon announced that the foregoing resolution had been adopted.
Thereupon the Chairman introduced the following resolution, a copy of which had been
provided to each commissioner, which was read by title and summarized by the Finance
Director.
RESOLUTION AUTHORIZING THE COUNTY TO ENTER
INTO AN INTEREST RATE SWAP TRANSACTION AND
A UTHORLZING THE DIRECTOR OF FINANCE AND
ADMINISTRATION TO FILE AN APPLICATION WITH THE
LOCAL. GOVERNMENT COMMISSION FOR THE
APPROVAL THEREOF
BE IT RESOLVED by the Board of Commissioners for the County of Iredell, North
Carolina:
Section 1. The Board has determined and does hereby find and declare as follows:
(a) Under date of July 1, 2000, Iredell County Public Facilities Corporation (the
"Corporation) issued its $38,180,000 Installment Payment Revenue Bonds (Iredell County
School Projects), Series 2000 (the "Series 2000 Bonds') for the purpose of financing various
school improvements.