HomeMy WebLinkAboutC.054.93010_1229 (2)No one appeared, either in person or by attorney, to be heard with respect to the
Installment Financing Agreement and the Clerk to the Board of Commissioners
announced that no written statement relating to said matter had been received.
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 Director of Finance and Administration:
RESOLUTION MAKING CERTAIN FINDINGS RELATING TO THE
FINANCING OF CERTAIN SCHOOL FACILITIES AND FACILITIES FOR
MITCHELL COMMUNITY COLLEGE AND THE REFINANCING OF THE
COUNTY OF ( PAYMENT
FIINANCING AGREEMENT PU SUANTIGTOO UNDERNS
ANINSTALLMENT
FINANCING AGREEMENT, AND AUTHORIZING THE DIRECTOR OF
AND ADMINSTTO FILE APPLICATION
FINANCE
APPROVAL THEREOF BYITHE [ OCOAL GOVERNMENT COMMIISSIONOR
BE IT RESOLVED by the Board of Commissioners for the County of Iredell,
North Carolina:
Section 1. The Board of Commissioners does hereby find, determine and
declare as follows:
(a) The County proposes to finance (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") and refinance its 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"), pursuant to an
installment financing agreement, to be dated as of December 1, 2003 (the "Installment
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 the Certificates of Participation (Iredell County Public Facilities
Projects), Series 2003 (the "2003 Certificates') to be executed and delivered by the
Corporation to finance the Project and refinance such outstanding payment obligations,
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).
(b) The Project is necessary in order to provide public school facilities and
facilities for Mitchell Community College essential to the administration of the
government of the County and the public health, safety and welfare of its citizens.
(c) Based on advice from the County's investment banker as to current tax-
exempt interest rates, the sums to fall due under the Installment Financing Agreement
are not excessive for its stated purposes; moreover, the estimated cost of the Project is
not excessive.
(d) Counsel to the County has rendered an opinion that the proposed
undertakings are authorized by law and are purposes for which public funds may be
expended pursuant to the Constitution and laws of the State of North Carolina.
(e) 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 fund the entire cost of the Project and refinance its payment
obligations under the Prior Financing Agreement, the County does not have the ability
to issue sufficient non -voted bonds under the provisions of Article V, Sec. 4 of the
North Carolina Constitution for the purposes of completing the Project and refinancing
such outstanding payment obligations, and voting general obligation bonds for these
delay and additional cost to the County.
purposes will result in unacceptable
(f) The estimated cost of financing the Project and refinancing the County's
outstanding payment obligations pursuant to the Installment Financing Agreement