HomeMy WebLinkAboutC.054.93011_1696 (2)BE IT RESOLVED by the Board of Commissioners (the "Board") of the County of Iredell, North
Carolina (the "County"):
Section 1. It is hereby found, determined and declared by the Board as follows:
(a) The County currently owns and operates a solid waste landfill which
presently exceeds or soon will exceed its capacity, and the County desires
to construct Phase IV of the lined landfill and purchase land adjacent to
the existing landfill for future landfill purposes in order to continue to
provide solid waste disposal services to the residents of the County;
(b) The County has determined to issue Special Obligation Bonds for the
purpose of providing funds, together with any other available funds, for
paying the cost of constructing Phase IV of the lined landfill and
purchasing land for future landfill purposes (the "Project");
(c) In order to finance the costs of the Project, the County has developed the
following plan of finance:
(i) The County proposes to issue not exceeding $4,500,000 of its Solid
Waste Disposal System Special Obligation Bonds (the "Bonds")
pursuant to Chapter 159I of the General Statutes of North Carolina,
as amended (the "Act"), and pursuant to a bond order adopted by the
Board on April 15, 1992 and a series resolution to be adopted by the
Board on October 1, 2007 (the "Series Resolution"); and
(ii) The Bonds will be special obligations of the County, payable solely
from the revenues and other non -ad valorem tax funds pledged
therefor.
(d) The County desires that the Bonds, when issued, be sold by the Local
Government Commission of North Carolina (the "Commission") by private
sale to First -Citizens Bank & Trust Company.
(e) The County wishes to submit at this time to the Commission the County's
application for approval of the Bonds by the Commission and the County's
request for the Commission's sale of the Bonds by private sale pursuant to
the Act.
Section 2. The Director of Finance and Administrative Services of the County is hereby
directed to submit to the Commission the application of the County for the
approval by the Commission of the issuance of the Bonds. The County hereby
requests that the Commission approve the issuance of the Bonds. In furtherance
thereof and to assist the Commission in making the determinations required of
the Commission by the Act, the County hereby submits:
(a) The proposed bond issue is necessary and expedient in that it will provide
a facility for the purpose of continuing to provide solid waste disposal
services to the residents of the County;
(b) the amount of bonds proposed to be issued will be sufficient but not
excessive for the proposed purpose in that the final issue size will be based
upon construction bids received and the County's best estimates of
additional costs covered by bond proceeds;
(c) the proposed Project is feasible in that the revenues to be received from the
Project, along with the other pledged non -ad valorem tax revenues, will be
sufficient to pay principal of, premium, if any, and interest on the Bonds;
(d) the County's debt management procedures and policies are good; and
(e) the Bonds can be marketed at a reasonable interest cost to the County.
Section 3. The Director of Finance and Administrative Services is hereby authorized and
directed to provide to the Commission such further additional documents and
information as the Commission may request in order to consider the County's
request.