HomeMy WebLinkAboutC.054.93010_1252 (2)instruments as they, with the advice of counsel, may deem necessary or appropriate to
effectuate the transactions contemplated by the Trust Agreement, the Installment
Financing Agreement, the Deed of Trust, the Purchase Agreement, the Project
Construction Agreements and the Lease Agreements.
Section 9. This resolution shall take effect immediately upon its passage.
[End of Resolution]
Attorney Pope said he had reviewed the documents and proposed transactions
and found them similar to other financings. He said the faith and credit of the county
were not being pledged, and the sole recourse for the bond holders would be foreclosure
on the deeds of trust.
Alice Stewart, a former county commissioner attending the meeting, asked for a
clarification regarding the transactions.
Chairman Johnson said the Certificates of Participation involved the issuance of
bonds for a Scotts Elementary School addition and renovations, a Harmony Elementary
School addition and renovations, along with construction of a new Woodland Heights
Elementary School, a new Mooresville Intermediate School, the construction of an
addition to Mitchell Community College (work force development facility) and the
refinancing of an existing installment financing dated October 10, 2002.
Stewart asked for a clarification on the October 10, 2002 refinancing.
Finance Director Blumenstein said the Bank of America financing was for the
Iredell County Government Center -South (ICGC-S) facility. She said that if a three
percent net present savings could not be reached by the bond sale date, the refinancing
would be eliminated from the transaction and the $47 million would be reduced.
Blumenstein said no new money was being committed, and the refinancing was only
being reviewed in an effort to save on interest. She said the outstanding balance for the
ICGC-S was $2,810,000.
After consideration of the foregoing resolution, Commissioner Madison ove
the passage thereof, which motion was duly eeonde by Commissioner Tice, and the
foregoing resolution entitled: "RESOLUTION APPROVING THE SALE BY
IREDELL COUNTY PUBLIC FACILITIES CORPORATION OF
CERTIFICATES OF PARTICIPATION IN CERTAIN INSTALLMENT
PAYMENTS TO BE MADE BY THE COUNTY OF IREDELL, NORTH
CAROLINA, APPROVING A PROPOSED INSTALLMENT FINANCING
AGREEMENT TO FINANCE CERTAIN SCHOOL FACILITIES AND
FACILITIES FOR MITCHELL COMMUNITY COLLEGE AND REFINANCE
SAID COUNTY'S PAYMENT OBLIGATIONS UNDER A PRIOR FINANCING
AGREEMENT, APPROVING CERTAIN OTHER DOCUMENTS AND
ACTIONS RELATING THERETO AND AUTHORIZING OTHER OFFICIAL
ACTION IN CONNECTION THEREWITH" was passed by the following vote:
Ayes: 4 (Johnson, Williams, Madison, & Tice)
Nays: 0
--------------------------------CONSENT AGENDA ----- --- _�____._W___�__
OTlO by Chairman Johnson to approve the following eight (8) consent
agenda items.
VOTING: Ayes - 4; Nays - 0.
I. Request from the Iredell Friends of the Library Organization for the
Donation of Future Library Surplus Items & Adoption of a Resolution to this
Effect Extending for a Two -Year Period: A representative from the "Friends"