HomeMy WebLinkAboutC.054.93010_0996Request for the Adoption of a Resolution to Approve the Final Documents of the
2003 Installment Payment Revenue Refunding Bond: Chairman Johnson introduced the
following resolution, a copy of which had been provided to each Commissioner, which was read
by title and summarized by the Director of Finance and Administration:
RESOLUTION APPROVING THE SALE'. BY IREDELL
COUNTY PUBLIC FACILITIES CORPORATION OF
INSTALLMENT PAYMENT REVENUE BONDS PAYABLE
FROM CERTAIN INSTALLMENT PAYMENTS TO BE MADE
BY THE COUNTY OF IREDELL, NORTH CAROLINA,
APPROVING A PROPOSED FIRST SUPPLEMENTAL
INSTALLMENT FINANCING AGREEMENT TO FINANCE
THE COST OF REFUNDING CERTAIN INSTALLMENT
PAYMENT REVENUE BONDS (IREDELL COUNTY SCHOOL
PROJECTS) SERIES 2000 ISSUED 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 a portion of its obligations under that
certain Installment Financing Agreement, dated as of .Judy 1, 2000 (the "Original Installment
Financing Agreement"), between Iredell County Public Facilities Corporation (the
"Corporation") and the County, through a refunding of a portion of the outstanding Installment
Payment Revenue Bonds (Iredell County School Projects) Series 2000 (the "Series 2000 Bonds")
issued by the Corporation in order to finance certain school improvements; and
WHEREAS, in order to effectuate such plan to refund the Series 2000 Bonds, the County
and the Corporation have been negotiating certain financing documents and arranging for the
negotiated sale by the Corporation of its Installment Payment Revenue Refunding Bonds (Iredell
County School Projects), Series 2003 (the "Series 2003 Bonds") payable from Installment
Payments to be made by the County pursuant to the Original Installment Financing Agreement,
as supplemented by a First Supplemental Installment Financing Agreement (as hereinafter
defined) between the Corporation and 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 First Supplemental Installment Financing
Agreement to make available to the County funds with which to refund a portion of the Series
2000 Bonds; and
WHEREAS, the County and the Corporation have retained an investment banker for the
purpose of underwriting the Series 2003 Bonds; and
WHEREAS, the Series 2003 Bonds are expected to be marketed in the expectation of
executing a Bond Purchase Agreement with respect thereto on or about February 4, 2003 and
delivering the Series 2003 Bonds on or about February 5, 2003; and
WHEREAS, in connection with such financing, it is necessary for the County to approve
the sale of the Series 2003 Bonds 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 delivery of the Series 2003 Bonds:
(a) a draft of the Bond Purchase Agreement for the Series 2003 Bonds (the 'Bond
Purchase Agreement"), to be dated as of the date of sale of the Series 2003 Bonds (presently
estimated to be on or about February 4, 2003), among the Corporation, the County and Bank of