HomeMy WebLinkAboutC.054.93010_1216 (2)MOTTO by Commissioner Madison to grant the request of the Friends of the Library to
hold the fundraising projects as presented.
VOTING: Ayes -- 5; Nays -- 0.
(Additional information describing the projects may be found in the briefing minutes.)
Request for a Public Hearing to be Held on Tuesday, September 16, 2003 at 7:00
P.M. in Conjunction with the 2003 Certificates of Participation to be sold in November:
Chairman Johnson introduced a 2003 Certificates of Participation document that had previously
been distributed to each commissioner. Susan Blumenstein, the county's Director of Finance and
Administration, then read the title of the following resolution and summarized its contents.
RESOLUTION CALLING FOR A PUBLIC HEARING
CONCERNING THE FINANCING OF CERTAIN SCHOOL. FACILITIES AND
FACILITIES FOR MITCHELL COMMUNITY COLLEGE AND THE REFINANCING
OF THE COUNTY OF IREDELL.'S PAYMENT OBLIGATIONS UNDER A
PRIOR FINANCING AGREEMENT
PURSUANT TO AN INSTALLMENT FINANCING AGREEMENT
WHEREAS, the Board of Commissioners for the County of Iredcll, North Carolina (the
"County") is considering the financing of (i) the construction of an addition to Scotts Elementary
School and related renovation of the existing facilities, (ii) the construction of an addition to
Harmony Elementary School and related renovation of the existing facilities, (iii) the
construction of the new Southern Zone Elementary School, (iv) the construction of the new
Mooresville Intermediate School and (v) the construction of an addition to Mitchell Community
College to facilitate a work force development facility (collectively, the "Project"), pursuant to
an Installment Financing Agreement, to be dated as of December 1, 2003 (the "Installment
Financing Agreement"), between Iredell County Public Facilities Corporation, a North Carolina
non-profit corporation (the "Corporation") and the County; and
WHEREAS, in order to achieve debt service savings, the Board of Commissioners for the
County is also considering the refinancing, pursuant to the Installment Financing Agreement, of
the County's payment obligations under an existing installment financing contract, dated
October 10, 2002, between the County and Bank of America, N.A. (the "Prior Financing
Agreement"); and
WHEREAS, pursuant to the Installment Financing Agreement, the Corporation will
finance the Project and refinance the County's payment obligations under the Prior Financing
Agreement, and the County will make Installment Payments (as defined in the Installment
Financing Agreement) in amounts sufficient to pay the principal and interest with respect to
Certificates of Participation (Iredell County Public Facilities Projects), Series 2003 (the "2003
Certificates"), to be executed and delivered by the Corporation for the purpose of financing the
Project and refinancing the County's payment obligations under the Prior Financing Agreement,
it being the express intention of the Board of Commissioners that only the principal amount of
2003 Certificates necessary to accomplish the purposes stated in the Installment Financing
Agreement will be executed and delivered (estimated not to exceed $47,000,000 principal
amount); and the County's obligations under the Installment Financing Agreement will be
secured by, among other things, a deed of trust on certain real property owned by the County,
including the Scotts Elementary School Site, the Harmony Elementary School Site, the Southern
Zone Elementary School Site and the Mooresville Intermediate School Site; and
WHEREAS, the Installment Financing Agreement, if entered into, will comply in all
respects with Section 160A-20 and Chapter 159, Article 8 of the General Statutes of North
Carolina and the guidelines of the Local Government Commission of North Carolina for all
financings and refinancings undertaken pursuant to said Section and Article; and