HomeMy WebLinkAboutC.054.93009_1613 (2)Hospital Revenue Bonds, Series 1997 (the "Bonds") in an aggregate
principal amount not exceeding $25,000,000 for the purpose of
providing funds, together with other available funds to (i) pay the
cost of improvements to Iredell Memorial Hospital (the "Project"),
(ii) refund the County's outstanding Iredell Memorial Hospital
Revenue Refunding Bonds, Series 1987, (iii) fund the interest
accruing on the new money portion of the Bonds during the period of
construction of the Project and for an additional period not
exceeding threemonths thereafter, (iv) fund a deb premium service re ery
e
fund for the Bonds, if required (v) pay
issuance of a municipal bond new issue insurance policy, if any,
with respect to the Bonds, and (vi) pay the expenses of issuing the
Bonds; and
WHEREAS, the County wishes to obtain the approval by the Local
Government Commission of its financing team in connection with the
issuance and sale of the Bonds;
NOW, THEREFORE, THE BOARD OF COMMISSIONERS FOR THE COUNTY OF
IREDELL DOES HEREBY DETERMINE AND RESOLVE AS FOLLOWS:
1. The Board hereby finds and determines in connection with
the issuance of the Bonds that (i) the issuance of the Bonds is
necessary or expedient, (ii) the proposed principal amount of the
Bonds is adequate and notexcessive for the proposed purpose of
such issue, (iii) the Project is feasible, (iv) the County and
Iredell Memorial Hospital's debt management procedures and policies
are good and are managed in strict compliance with law and (v)
under current economic conditions, the Bonds can be marketed at a
reasonable interest cost to the County.
2. The Board hereby authorizes the filing of an application
with the Local Government Commission of North Carolina (the "Local
Government Commission") for approval of the issuance of the Bonds
pursuant to Section 159-86 of the Act and directs Susan G.
Blumenstein, Director of Finance & Administrative Services of the
County, as the representative of the County, to file such
application with the Local Government Commission.
3. The Local Government Commission is hereby requested to
sell the Bonds at private sale without advertisement to any
purchaser or purchasers thereof, at such prices as the Local
Government Commission determines to be in the best interest of the
County, subject to the approval of the County and Iredell Memorial
Hospital, Incorporated.
4. The Board recommends the selection of the following
professionals to be the financing team for the Bonds and that their
services be utilized to the extent required and where appropriate:
Bond Counsel Brown & Wood LLP
Underwriter PaineWebber Incorporated
Underwriter's Counsel Smith Helms Mullis & Moore, L.L.P.
Trustee First Union National Bank
VOTING: Ayes - 5; Nays - 0.
REQUEST FOR RECLASSIFICATION OF A CIVIL DEPUTY TO CIVIL
SERGEANT: Mr. Mashburn advised that Sheriff Redmond was requesting
(civila new position s
t be a
additional funding sincela)l
lapsed salary fundscanoneed for
be used.
MOTION by Commissioner Johnson to grant the reclassification
request and upgrade a Civil Deputy (Mr. William T. Stamey) (Salary
Grade 62) to Civil Sergeant (Salary Grade 65) with a one-step
salary increase.
VOTING: Ayes - 5; Nays - 0.
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AUG 181