HomeMy WebLinkAboutC.054.93011_0582 (2)Request from the Iredell-Statesville Schools for Permission to Apply for
Qualified Zone Academy Bonds (QZAB) with the Proceeds, if Received, to be
Applied towards Statesville High School (Potential of $2 million with no Interest):
Dr. Holliday said Iredell-Statesville had never applied for QZAB funding in the past.
He said that if successful, the $2 million in bonds would be interest free with the debt
retirement spread over 14 years ($142,857 a year). Holliday said a 10% in-kind
monetary match was needed; however, local businesses had verbally given
commitments. Dr. Holliday said the money for the debt retirement in future years could
be derived from Iredell County's annual capital outlay funds. Holliday said the bonds
had to be used for renovation projects, and he was recommending that they be used to
create a career and performing arts academy for Statesville High. He said the QZAB
process was similar to the Certificates of Participation (COPS) process, and if approved
by the federal government, the QZAB could be aligned with the 2005 COPS issuance.
Holliday said the federal money would be used to renovate the auditorium, replace the
English wing built in the 1960s, and to make improvements in the automotive center.
Blumenstein said reimbursement resolutions would be on an upcoming agenda
for approval. She said the resolutions would allow for any administrative (5%) costs,
that were paid by the county, to be reimbursed back to the county.
Request for a Letter to be Sent to North Carolina House Representative
Karen Ray Regarding the Impact of Governor Easley's Proposed Budget: Iredell-
Statesville Board of Education Chairman Dr. David Cash said he was requesting that
Chairman Tice join him in sending a letter to Representative Ray to request that the
state 1) eliminate discretionary reductions, 2) fully fund Public School Capital Funding,
and 3) not add additional expansion programs until the first two items were funded and
ADM expansion had been funded.
County Manager Mashburn said that in page two of the letter, the funding
amounts (federal, state and local) dealing with LEA, should be shown in separate
amounts. He also asked the relevance of the paragraph referring to the Leandro lawsuit
or low wealth counties (page two).
Dr. Holliday said the funding amounts (federal, state and local) could easily be
separated. He said that in regards to the Leandro reference, that the low -wealth
(Leandro counties) units would receive the $72 million reversion of funds. Holliday
said the state had 75 LEAs, and 69 of them were considered low wealth.
It was the consensus of the board of commissioners to approve the letter and
allow Chairman Tice to sign it with the one change regarding the separation of funding
amounts.
(Note: A copy of the letter will be sent to all General Assembly members
representing Iredell County.)
Adjournment: Chairman Tice adjourned the briefing session at 6:20 p.m.
Approved:V
Clerk to the Board