HomeMy WebLinkAboutC.054.93009_1103 (2)2'76
VOTING: Ayes - 5; Nays - 0.
RRQUEBT POR APPROVAL OF RELEASE O7 A LNTTER OF CREDIT-
NORRIRON COVE SUBDIVISION: Mr. Lundy stated that B.V. Belk
Investments was requesting the release of this Letter of Credit
(#950holds9to amount of
of$250,500 which street improvementsland utilities. iese
On June 30, 1995 the Town of Mooresville annexed this
property into the corporate limits of the Town of Mooresville.
B.V. Belk Investments is requesting the Letter of Credit be
releastalkedewith the countyd to the Tofattorney iabout assigning lle. Lundy ithis sed that he d
Letter of
Credit to the Town of Mooresville. The Letter of Credit does not
have any language prohibiting assignment. The county attorney
stated the assignment would be without recourse.
MOTION by Commissioner Madison to assign Iredell County's
interest in Letter of Credit (#95092) to the Town of Mooresville,
without recourse, and instruct the county attorney to draw up the
proper assignment document.
VOTING: Ayes - 5; Nays - 0.
RRQURET POR APPROVAL OF RRLEABE OF CARR BOND -PIES RIDOE
SUBDIVISION: Mr. Lundy stated that a request was received to
release a portion of a cash bond that is currently held on this
subdivision. The cash bond had been posted by Mr. Ernest Runge.
The developers have completed the road construction (with the
exception of seeding the shoulders) and request release of
$61,200e of left a lettereinlwhich9he Mr.
requested that when the bond was released that a check be made to
Pro -Seal Systems of N.C. Inc., Mr. Ronnie Sipes, President. The
letter mentioned that Sipes would pick up the check. The county
attorney said it was probably all right to handle this matter in
this fashion. He did mention to Mr. Lundy previously that it is
customary in construction situations that when there is a
subcontractor and a materials supplier that a check payable to
the supplier and the material man is issued. This doesn't help
in this situation, because Sipes wants the money as soon as
possible, but it does assure that the money cannot be spent.
MOTION by Commissioner Madison to release the cash bond and
to issue the check in the manner requested by Mr. Runge.
Commissioner Johnson asked Mr. Pope if the Board was
exposing itself to any legal action by doing this. Mr. Pope said
he did not know of anything.
VOTING: Ayes - 4; Nays - 1 (Stewart).
REQURET POR CALL ION A PUBLIC REARIN9 ON DECEMBER S, 1996,
PERTAINING TO INDUSTRIAL REVENUE BONDS POR TEE BULLIVAN
CORPORATION: Commissioner Madison asked if the Sullivan
Corporation could lend $1.5 million of the bonds to an investment
trust company to finance the building and lease it back to them.
Mr. Pope said he had raised this question with the bond counsel,
but that he did not have an answer at this time.
MOTION by Commissioner Johnson to Call for A Public Hearing
on December 5, 1995, pertaining to industrial revenue bonds for
the Sullivan Corporation.
VOTING: Ayes - 5; Nays - 0.
REQUEST POR APPROVAL OP MINUTES DATRD NOVEMBER 7, 1995,
(BRIEFING AND REGULAR): MOTION by Commissioner Boone to approve
the minutes as presented.