HomeMy WebLinkAboutC.054.93010_0983the Board for the Document Signatures: Finance Director Blumenstein said a resolution was
needed to approve the sale by the Iredell County Public Facilities Corporation ofthe referenced
installment payment revenue bond. She said the remaining portions of the 1992 Certificates of
Participation would be refunded with a fixed rate of 2.85% from the Bank of America, and the
closing was scheduled for December 27.
OTIO by Commissioner Williams to approve the following resolution pertaining to the
1992 Certificates of Participation and to appoint Wendy Workman as the Acting Clerk to the Board
for the purpose of executing the final documents.
VOTING: Ayes -- 4; Nays — 0.
RESOL UTION APPROVING THE SALE BY THE IREDELL COUNTY PUBLIC
FACILITIES CORPORATION OF AN INSTALLMENT PAYMENT REVENUE BOND PAYABLE
FROM CERTAIN INSTALLMENT PAYMENTS TO BE MADE BY THE COUNTY OF IREDELL,
NORTH CAROLINA APPROVING A PROPOSED INSTALLMENT FINANCING AGREEMENT TO
FINANCE THE COST OF REFUNDING 1992 CERTIFICATES OF PARTICIPATION EXECUTED
AND DELIVERED BY SAID CORPORATION FOR THE BENEFIT OF SAID COUNTY,
APPROVING CERTAIN OTHER DOCUMENTS AND ACTIONS RELATING THERETO AND
AUTHORIZING OTHER OFFICIAL ACTION IN CONNECTION THEREWITH
WHEREAS, the County of Iredell, North Carolina (the "County') has determined that it can
achieve significant debt service savings by refinancing its obligations under a certain Installment
Financing Agreement, dated as of December 1, 1992, between Iredell County Public Facilities
Corporation (the "Corporation') and the County, through a refunding of the outstanding
Certificates of Participation (1992 Iredell-Statesville Schools Project) (the "1992 Certificates')
executed and delivered by the Corporation in order to finance certain school improvements; and
WHEREAS, in order to effectuate such plan to refund the 1992 Certificates, the County and
the Corporation have been negotiating certain financing documents and arranging for the
negotiated sale by the Corporation of its $5,455, 000 Installment Payment Revenue Refunding Bond
(Iredell County School Projects), Series 2001 (the "Series 2002 Bond') payable from Installment
Payments to be made by the County pursuant to the Authority granted to the County under Section
160A-20 of the General Statutes of North Carolina; and
WHEREAS, the County has determined that it is in the best interests of the County that the
County and the Corporation enter into said Installment Financing Agreement to make available to
the Counryf mds with which to refund the 1992 Certificates; and
WHEREAS, the County has solicited proposals from certain institutional investors for the
purchase of the Series 2002 Bond; and
WHEREAS, Bank of America, N.A. (the "Purchaser') has submitted the most favorable
offer for the purchase of the Series 2002 Bond, and the County and the Corporation have
determined to accept said offer; and
WHEREAS, in connection with such refinancing, it is necessary for the County to approve
the sale of the Series 2002 Bond by the Corporation, to approve certain other documents relating
thereto and to authorize certain action in connection therewith; and
WHEREAS, there have been presented at this meeting copies of the following documents
relating to the issuance and sale of the Series 2002 Bond:
(a) a draft of the Bond Purchase Agreement for the Series 2002 Bond, to be dated as
of the date of sale of the Series 2002 Bond (presently estimated to be on or about
December 27, 2002), between the Corporation and the Purchaser relating to the
purchase by the Purchaser of the Series 2002 Bond;
(b) a draft of the proposed Installment Financing Agreement, dated as of December
1, 2002 (the "Installment Financing Agreement'), between the County and the
Corporation, pursuant to which the Corporation will make available to the
County the funds to be derived from the sale of the Series 2002 Bond with which
to refinance the 1992 Certificates, and the County will, among other