HomeMy WebLinkAboutC.054.93009_1612 (2)Shepherd's Fire *2
30.51
Mt. Mourne Fire 03
17.81
All County Fire ,f4
2,429.23
Statesville City
51,149.66
Mooresville Town
1,985.65
Mooresville School
641.19
Troutman Town
434.64
Refunds for the Month of July, 1997 4,164.82
Breakdown of Refunds:
County 1,588.58
Solid Waste Fee 18.00
All County Fire #4 109.87
Statesville City 445.86
Mooresville Town 1,591.96
Mooresville School 397.99
Harmony Town 12.56
REQUEST FOR APPROVAL OF RESOLUTION DIRECTING THE FILING OF AN
APPLICATION FOR APPROVAL OF THE ISSUANCE OF IREDELL MEMORIAL
HOSPITAL REVENUE BONDS, SERIES 1997 AND REQUESTING THE LOCAL
GOVERNMENT COMMISSION TO APPROVE THE FINANCING TEAM: Attorney Pope
said this matter involved revenue bonds -- not general obligation
bonds. The documents specify that the buyers will acknowledge when
they purchase the bonds that they are not backed by Iredell County.
The bonds are backed by the net revenues of the hospital. A
definition of net revenues is "everything that is not necessary to
operate the hospital." Pope explained the only reason Iredell
County was involved in this transaction was because it owned the
land where Iredell Memorial is located. Because of this, the
County will be asked to enter into a new lease that will exist for
the period of the bonds. The lease will not extend the original
leasing time (99 years), but during the period of the bonds there
will be a substitute lease. This is required so that in the event
the bonds are not paid, the bond holders would be recognized as
having a "right" to operate the hospital during the lease period.
They would not acquire title to the land (Iredell County would
maintain); however, there could be new tenants if the hospital
officials could not make payment.
Commissioner Fortner introduced and read the following
resolution:
RESOLUTION DIRECTING THE FILING OF AN APPLICATION
FOR APPROVAL OF THE ISSUANCE OF IREDELL MEMORIAL HOSPITAL
REVENUE BONDS, SERIES 1997 AND REQUESTING THE LOCAL
GOVERNMENT COMMISSION TO APPROVE THE FINANCING TEAM IN
CONNECTION THEREWITH
MOTION by Commissioner Stewart, seconded by Commissioner Boone,
to approve the following resolution:
RESOLUTION DIRECTING THE FILING OF AN APPLICATION
FOR APPROVAL OF THE ISSUANCE OF IREDELL MEMORIAL HOSPITAL
REVENUE BONDS, SERIES 1997 AND REQUESTING THE LOCAL
GOVERNMENT COMMISSION TO APPROVE THE FINANCING TEAM IN
CONNECTION THEREWITH
WHEREAS, the County of Iredell, North Carolina (the "County)
is authorized by The State and Local Government Revenue Bond Act of
North Carolina, Article 5 of Chapter 159 of the North Carolina
General Statutes, as amended (the "Act"), and particularly Sections
159-83(a)(5) and 159-81(3) (i) thereof, to issue revenue bonds for
the purpose of financing the cost of acquisition, construction,
reconstruction, enlargement, equipping, extension, betterment or
improvement of hospitals and other health-related facilities and to
refund revenue bonds issued for such purposes; and
WHEREAS, the County proposes to issue (i) its Iredell Memorial
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