HomeMy WebLinkAboutC.054.93010_1098Salary: $32,736 =12 months = $2,728 x 2 months (May -June) = $ 5,456
FICA (.0765) 417
401 K and Retirement (10%) = 546
Health Insurance (4440 =12 = 370 x 2 months) = 740
Total for two months $ 7,159
Special Adoption Funds
$ 7,159
Cost to the County
0
FY 03-04 Costs
$42,954
Cost to the County:
0
12. Request for Approval of Three Reimbursement Resolutions in Conjunction
with the Upcoming Certificates of Participation (COPs) Issuance for the:
I. Construction, Renovation, and/or Equipping of New Buildings at Harmony
Elementary School, and Scotts Elementary School, and Construction of a
new Elementary School in Southern Iredell County
2. Construction, Furnishing and Equipping of the new Mooresville Intermediate
School
3. Construction, Renovation, and/or Equipping of the Mitchell Community
College Advanced Technology Workforce Development Building
Finance Director Blumenstein said during the briefing that the college would put
its COPs construction project out for bid during the upcoming week, and the Iredell-
Statesville School System project would soon follow. Blumenstein said resolutions
were needed for the county to recoup its costs. She estimated the closing costs for the
three units to be:
Iredell-Statesville $400,000.00
Mooresville 200,000.00
Mitchell 100,000.00
(The referenced resolutions are as follows.)
RESOLUTION OF THE IREDELL COUNTY BOARD OF COMMISSIONERS
DECLARING ITS INTENTION TO REIMBURSE ITSELF FROM THE PROCEEDS
OF ONE OR MORE TAX-EXEMPT FINANCINGS FOR CERTAIN EXPENDITURES
TO BE MADE IN CONNECTION WITH THE CONSTRUCTION, RENOVATION,
AND/OR EQUIPPING OF NEW BUILDINGS AT HARMONY ELEMENTARY
SCHOOL, AND SCOTTS ELEMENTARY SCHOOL, AND CONSTRUCTION OF A
NEW ELEMENTARY SCHOOL. IN SOUTHERN IREDELL COUNTY
WHEREAS, Iredell County will make expenditures on and after the date hereof with
respect to expenses incurred and to be incurred (the "Expenditures') in connection with the
construction, renovation, and/or equipping of new buildings at Harmony Elementary School and
Scotts Elementary School and the construction of a new elementary school in southern Iredell
County (the "Projects"); and
WHEREAS, the Iredell County Board of Commissioners (the "Board") has determined
that the funds advanced from the General Fund and to be advanced to pay expenditures are or
will be available for a temporary period and it is necessary to reimburse the Issuer for
Expenditures made on and after the date hereof with respect to the Projects from the proceeds of
one or more County tax-exempt financings under Section 160A-20 of the General Statutes.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD AS FOLLOWS:
Section 1. The Board hereby adopts this declaration of official intent under Treasury
Regulation Section 1.150-2 and declares its intent to reimburse the Issuer with the proceeds of a
tax-exempt financing for Expenditures made on and after the date hereof with respect to the
Projects.
Section 2. The maximum principal amount of debt expected to be issued for the
expenditures of the Projects is Twenty Four Million, Four Hundred Thousand Dollars
($24,400,000).