HomeMy WebLinkAboutC.054.93009_1175 (2)346
AND WHEREAS, the Board has made the following factual findings
in regard to this matter:
1. Description of the undertaking: The undertaking for which
the bonds are proposed is to provide funds for erecting additional
school buildings and other school plant facilities, remodeling„
schools plant facilities and eacquiringc any necessaschool rs and y other
y 1 nd and
equipment.
2. Facts regarding necessity of proposed projects: The
proposed projects are necessary because of overcrowding, physical
and thecy
deteriortion of
nade
existinga
afacilities to meet the needs facilities
of the publicsschools. of
3. Facts supporting the amount of bonds proposed: The amount
of bonds proposed is adequate for the proposed purposes inasmuch as
of
the preliminary cost information prepared by
the Boards would provide
fundstto allow measures t beataken tt the oraddress bonds
of the problems
surrounding the existing facilities.
4. Past debt management policies: Iredell County has in the
past always appropriated funds in an amount sufficient to retire
all principal and interest on indebtedness during each fiscal year
in accordance with North Carolina law. Iredell County is not in
default in any of its debt service obligations.
5. Past budgetary and fiscal manage policies: Iredell County
has North Carolinad its statutoryetin a requirement manand ner in has accordancewith
obtained an
unqualified opinion from a certified public accountant in
connection with each annual audit.
6. Retirement of debt: Present valuation analysis indicates
that no additional ad valorem taxes will have to be levied to
retire the debt.
NOW THEREFORE, BE IT RESOLVED BY THE IREDELL COUNTY BOARD OF
COMMISSIONERS:
A. The Director of Finance and Administrative Services has
been directed to publish notice of intent to make application to
the Local Government Commission of the State of North Carolina for
approval of the bond issue in the amount of Twenty -Two Million one
Hundred Eighty Thousand Dollars ($22,180,000) as required by the
North Carolina General Statute 159-30.
B. The Director of Finance and Administrative Services is
further directed to file application for approval of the bonds with
the Local Government Commission as required by North Carolina
General Statute 159-51, and is designated the representative of
this County for said purpose and other actions not inconsistent
with this resolution.
C. That a bond referendum be submitted to the qualified
voters of Iredell
County Twenty-Two
Eighty Thousand Dollars($22,180 0 0)on he seventh day ofndred May,
1996.
D. That Brown & Wood be employed as bond counsel to represent
the County in the authorization and issuance of bonds.
This resolution is effective upon its adoption this the
twentieth day of February, 1996.
The motion to adopt this resolution was made by Chairman Haire
and passed by a vote of 4-1.
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