HomeMy WebLinkAboutC.054.93011_0915 (2)Program), Series 2005 in an aggregate principal amount not to exceed $200,000,000 (the
"Bonds") for the benefit of the Driver Education and Idling Reduction Foundation (the
"Borrower"), in order to (a) finance or refinance one or more phases of the development of the
Borrower's Advanced Truck Stop Electrification Network ("ATE") by installing service
delivery modules at 306 Stamey Farm Rd. Statesville, North Carolina, each such device to be
connected to a truck in order to provide electrical power, heat, ventilation, air conditioning,
internet access and telecommunication services to each truck without the truck's engine
running, and (b) to pay certain issuance expenses (collectively, the "Project"), with up to
54,250,000 to be expended on the Project in the County;
WHEREAS, the Bonds and the interest thereon shall never constitute the debt or
indebtedness of the Authority or the County, the State of North Carolina (the "State") or any
political subdivision of the State or the State of Colorado within the meaning of any provision
of the Constitution of the State or the State of Colorado and shall not constitute nor give rise to
a pecuniary liability or a charge against the general credit or taxing powers of the Authority, the
County, the State or the State of Colorado or any political subdivision of the State or State of
Colorado;
WHEREAS, a public hearing was held at 7:00 P.M. on October 4. 2005 (the "Public
Hearing'), after reasonable public notice was given in accordance with applicable law; and
WHEREAS, after reasonable public notice was given, the Public Hearing was held and
no objections were raised with respect to the proposed issuance of the Bonds or the financing of
the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF
THE COUNTY OF IREDELL, NORTH CAROLINA, AS FOLLOWS:
Section 1. That the Public Hearing was conducted by the Board of Commissioners
on October 4, 2005 at 7:00 P.M. in the Commissioners' Meeting Room in the Iredell County
Government Center, 200 S. Center Street, Statesville, North Carolina, concerning the issuance
of the Bonds, the nature of the Project and any other transactions contemplated therein and
associated therewith.
Section 2. That the Borrower has informed the Board of the purpose for which the
Bonds are proposed to be issued, and that no objections were raised with respect to the proposed
issuance of the Bonds or the financing of the Project at the Public Hearing.
Section 3. That for the sole purpose of qualifying the interest on the Bonds for
exclusion from the gross income of the owners thereof for federal income tax purposes pursuant
to the applicable provisions of the Internal Revenue Code of 1986, as amended, the Board
hereby approves the issuance of the Bonds in an aggregate principal amount not to exceed
$200,000,000, of which up to 54,250,000 will be expended on the Project in the County, and the
financing of the Project; provided that in no event shall the County or the State or the State of
Colorado or any political subdivision thereof (other than the Authority to the extent provided in
the Bonds) be liable for such Bonds nor shall the Bonds constitute a debt of the County or the
State or the State of Colorado or any political subdivision thereof (other than the Authority to
the extent provided in the Bonds).
Section 4. That all motions, orders, resolutions and parts thereof in conflict
herewith are hereby repealed.
Section 5. That this Resolution is effective on the date of its adoption.
Note: County Attorney Pope, during the public hearing on October 4, 2005 regarding
this project, said that (1) Iredell County was not pledging any of its authority (2) Iredell
County was not authorizing or ratifying the bonds, and (3) the bond issuance would not
constitute a debt or indebtedness for the county or state of North Carolina.
sr►ss
Request for Approval of a Resolution Certifying and Declaring the Results
of the Special Bond Referendum Held in the County of Iredell on
October 11, 2005 Upon the Questions of Approving $44,630,000 in School Bonds
and $6,000,000 in Community College Bonds: Deputy County Manager Susan