HomeMy WebLinkAboutC.054.93009_1165 (2)336
VOTING: Ayes - 5; Nays - 0.
DISCUSSION OF OVERAGE ON CONTRACT WITH COO REOARDINO THE
CRIMINAL JUSTICE PARTNERSHIP PROGRAM: The county manager had
explained during the agenda briefing that when working on the
Iredell Alternatives Program (Criminal Justice Partnership Grant)
that Mr. McLaurin of the Centralina staff had incurred more hours
of work then were originally estimated. The overage that
Centralina is seeking is in the amount of $1202.50. The county
manager recommends payment.
MOTION by Commissioner Johnson to approve Budget Amendment /
20 in the amount of $1203 (contingency) to be used for this
overage.
VOTING: Ayes - 5; Nays - 0.
REQUEST FOR AMENDMENT TO CASH MANAGEMENT PLAN= Susan
Blumenstein explained that a cash management policy was approved on
March 16, 1993. The document now reads that it will be reviewed
annually by the finance director during budget preparation. As
currently written, the policy gives the finance director the
authority to amend the plan and report the changes to the Board at
the next meeting. Blumenstein desires to change the policy by the
following:
The director of finance shall recommend changes to the Cash
Management Policy to the Iredell County Board of commissioners.
Upon approval by the Board, changes will become effective
immediately.
MOTION by Commissioner Madison to approve the Cash Management
Policy revision as recommended by the finance director.
VOTING: Ayes - 5; Nays - 0.
DIBCUSSION/RNCOMKNNDATION FOR THE REFINANCING OF THE HEALTH
BUILDINGS Mrs. Blumenstein advised that she had received the
following bid proposals for the refinancing that was discussed on
January 16, 1996.
Interest Rate Total Payments
First Union 4.47% $2,985,987 (1)
BB&T fixed 4.17% $3,015,868
var. 3.69 w/ $3,032,097 (2)
4.47 cap
1) First Union will waive their 23 prepayment penalty if they
refinance the note resulting in a lower total payback even
though the interest rate is higher.
2) The total payments for BB&T1s variable rate proposal were
computed using the 3.69% interest rate for six months and
the 4.47$ rate thereafter. If the 3.69$ rate was
maintained for one year, the payback would be $3,020,234.
Blumenstein's recommendation is to refinance the note with
First Union National Bank, maintain the same annual debt service
payments as with the current note, and reduce the remaining life of
the note from ten years to slightly over seven. The refinancing
will save the County $589,968.
Commissioner Madison asked if the new financing would have a
pre -payment penalty. Blumenstein said it would have a penalty.
This is standard practice.
MOTION by Commissioner Madison to proceed with the refinancing
of the Health Building note with First Union National Bank.
VOTING: Ayes - 5; Nays - 0.
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