HomeMy WebLinkAboutC.054.93010_1249Request for Approval of a Resolution Approving the Sale of Certificates of
Participation by the Iredell County Public Facilities Corporation for the Financing
of School & College
Along with Approval of Other Documents Necessary for the Transac on of a Prior Financing greement,
Chairman Johnson introduced the following resolution, a copy of which was
provided to each commissioner. Susan Blumenstein, the Director of Finance and
Administrative Services read by title the resolution and summarized its contents.
APPROVINGRESOLUTION SALE BY
LL
COUNTY PUBLIC FACL TIESEE
CORPORATION OF
PARTICIPATIONCERTIFICATES OF
INSTALLMENT PAYMENTS O M DE BY THE
COUNTY
PP NGA PROPOSED F PRT INSTALLMENT
FINANCING AGREEMENT TO FINANCE CERTAIN
SCHOOL FACILITIES AND FACILITIES FOR
MITCHELL COMMUNITY COLLEGE AND
REFINANCE SAID COUNTY'S PAYMENT
OBLIGATIONS UNDER A PRIOR FINANCING
AGREEMENT, APPROVING CERTAIN OTHER
DOCUMENTS AND ACTIONS RELATING THERETO
AND AUTHORIZING OTHER OFFICIAL ACTION N
CONNECTION THEREWITH
WHEREAS, the County of Iredell, North Carolina (the "County") has
expedient to finance (i) the construction of an
addition to Scotts Elementary School and related renovation of the existing facilities,
determined that it is necessary and
(ii) the construction of an addition to Harmony Elementary School and related
renovation of the existing facilities, (iii) the construction of the new Woodland Heights
Elementary School, (iv) the construction of the new Mooresville Intermediate School
and (v) the construction of an addition to Mitchell Community College to facilitate a
work force development facility (collectively, the "Project") and refinance the County's
payment obligations under an existing installment financing contract, dated
October 10, 2002, between the County and Bank of America, N.A. (the "Prior
Financing Agreement"); and
WHEREAS, in order to effectuate such plans to finance the Project and
refinance the County's payment obligations under the Prior Financing Agreement, the
County and Iredell County Public Facilities Corporation (the "Corporation") have been
negotiating certain financing documents and arranging for the negotiated sale of
Certificates of Participation in certain Installment Payments (as defined in the
hereinafter defined Installment Financing Agreement) to be made by the County
pursuant to an installment financing agreement, to be dated as of December 1, 2003 (the
"Installment Financing Agreement"), 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 Installment Financing
Agreement to make available to the County funds with which to finance the completion
of the Project and refinance its payment obligations under the Prior Financing
Agreement; and
WHEREAS, the County and the Corporation have retained investment bankers
for the purpose of underwriting said Certificates of Participation; and
WHEREAS, said Certificates of Participation are expected to be marketed in the
expectation of executing a Certificate Purchase Agreement with respect thereto on or
about December 4, 2003 and delivering said Certificates of Participation on or about
December 18, 2003; and
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