HomeMy WebLinkAboutC.054.93011_1012 (2)E. Conflict of Interest Statement (as follows)
Iredell County, North Carolina is a municipal corporation organized and chartered under
the laws of North Carolina. All County officials and employees are aware of, and in full
compliance with NCGS 14-234, "Director of public trust contracting for his own benefit,
participation in business transaction involving public funds; exemptions."
F. Commitment of Other Funds Form (as follows)
COMMITMENT OF OTHER FUNDS FORM
Economic Infrastructure Program
between
North Carolina Rural Economic Development Center, Inc.
and
Iredell County
(applicant)
PROJECT TITLE: Pratt Industries Water/Sewer
ADDRESS: Post Office Box 788
Statesville NC 28687
Provide a copy of correspondence indicating commitment of these funds with the application.
Local Funds. Include loans and cash matches from the applicant. Must equal five percent of the total project cost.
Amount: S 4,750.00 Type: County Funds
2. Other Funds. Include other grant funds. Please attach commitment letters from those agencies to this form when
submitting.
Iredell County will be applying for a Community Development Block Grant from the North Carolina
Department of Commerce for this project. The CDBG application will total $573,846, and will be used for water,
sewer, railroad and project administration. A total of $42,750 is directed toward the water and sewer portion
of the project.
Amount: $ 42,750.00 Source: CDBG
Amount: S Source:
Amount: S Source:
Amount: S Source:
Applicants for Economic Infrastructure Grant funds may provide the local commitment dollars from a number of
sources. NCGS 159 provides guidance on the sources and uses of funds available to units of local government. It also
provides that 1) units of local government must operate on a balanced budget and 2) must provide audits and financial
statements to the North Carolina Local Government Commission (LGC), the agency that monitors local government
units and oversees debt issuance. Public Authorities and Special Districts are covered under NCGS 159.
NCGS 159, Subchapter (IV), Article 4, Local Government Bond Act, provides that the net debt of any unit cannot
exceed 8% of the assessed value of property subject to taxation by the unit. Revenue bonds and Installment Purchase
Agreement debt, while regulated by the LGC, are currently not covered in this limit. NCGS 162A, Article 1, Water and
Sewer Authorities, provides that such authorities have the power to issue revenue bonds and revenue refunding bonds to
finance capital improvements, subject to LGC approval. In reviewing applications for Economic Infrastructure Funding,
the Rural Center will take into consideration the applicant's financial position relative to other, similar units of local
government (as through the Ability to Pay Ranking). Consideration will be given to the applicant's ability to handle
additional debt as may be required for the project.
3. If GO bonds, Revenue Bonds, Installment Purchase, COPS or Refunding Bonds are being used to finance the project,
please indicate below why the amount issued is the maximum feasible amount for the applicant. Applicants may wish to