HomeMy WebLinkAboutC.054.93011_1773 (2)Consideration of a Resolution Making Certain Findings Regarding a Financing of
School Facilities Pursuant to an Installment Financing Agreement & the Authorization to
File an Application with the Local Government Commission: Chairman Norman announced
that this was the hour and day fixed by the Board of Commissioners for the public hearing upon
the proposed financing, pursuant to an installment financing agreement, to be dated as of
March 1, 2008 or such other date as the parties thereto shall mutually agree upon (the
"Installment Financing Agreement'), between the County of Iredell, North Carolina (the
"County') and Iredell County Public Facilities Corporation, a North Carolina non-profit
corporation (the "Corporation'), of (i) the expansion of Celeste Henkel Elementary School,
including the replacement of existing classrooms and the construction and equipping of
additional classrooms, a new administration area and a media center, (ii) the construction and
equipping of a new 950 -student elementary school, including the acquisition of land therefor, (iii)
the expansion of East Iredell Elementary School, including the construction and equipping of
additional classrooms and resource rooms, a media center and administration area and the
reconfiguration of existing classrooms, (iv) the construction and equipping of a new elementary
school to replace two existing elementary schools, (v) the expansion of Shepherd Elementary
School, including the construction and equipping of additional classrooms and resource rooms,
(vi) the expansion of South Iredell High School, including the construction of additional
classrooms, a new gymnasium and locker rooms and a media center, (vii) the expansion of
Statesville High School, including the construction and equipping of additional classrooms and
resource rooms, a new administration area and a media center, the renovation of existing
classrooms, and related site work, (viii) the construction and equipping of a new 750 -student
elementary school, and (ix) the conversion of the existing Mooresville Intermediate School to a
new middle school, including the construction of additional classroom space, the renovation of
existing space and the construction of new athletic facilities, including a baseball field, tennis
courts, a football stadium and related bathroom facilities (collectively, the "Project'), and that
the Board of Commissioners would hear anyone who may wish to be heard with respect to the
Installment Financing Agreement.
As a matter of information, the Director of Finance and Administrative Services of the
County described the nature of the Project, including the estimated cost thereof ($115,000,000),
and the installment payments to be made by the County under the Installment Financing
Agreement for such purposes.
No written statement relating to said matter had been received. Additionally, no one
appeared, either in person, or by attorney, to be heard with respect to the Installment Financing
Agreement with the exception of the following individual:
Buddy Hemric, residing at 198 Roseman Lane, Statesville, NC 28625, who
appeared in person and commented about the bond package of $106 million, with a
cap of $115 million, plus interest, over a 20 year period. He said four years ago, it
was stated a bond of this size could not be accomplished, but now, due to
revaluation, which was a tax increase, along with more sales taxes coming in for the
county, the bond was being proposed. Hemric said at the commissioners' recent
retreat, the sheriff requested a jail expansion large enough to accommodate 600
beds, and there were several other capital projects mentioned. He said a tax
increase would probably be needed for all of the capital needs. Mr. Hemric said the
highest COPs for Iredell County, so far, had been in year 2006 at $44 million. He
said now, a $106 million bond was being proposed, and this was without voter
approval. Hemric said, too, the bond package did not include any new educational
facilities, or improvements, for any sites north of Statesville. He requested for the
board to place the bond proposal on a ballot for voter approval.
The foregoing statement was duly considered by the Board of Commissioners.
Thereupon the Chairman 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 Administrative Services:
RESOLUTION MAKING CERTAIN FINDINGS RELATING TO THE
FINANCING OF CERTAIN SCHOOL FACILITIES PURSUANT TO AN
INSTALLMENT FINANCING AGREEMENT AND AUTHORIZING THE
DIRECTOR OF FINANCE AND ADMINISTRATIVE SERVICES TO FILE
APPLICATION FOR APPROVAL THEREOF BY THE LOCAL GOVERNMENT
COMMISSION