HomeMy WebLinkAboutC.054.93009_1820 (2)penalty, BB&T's lower rate offset the 1% prepayment penalty that would occur. With this being the
case, Blumenstein recommended the BB&T bid,
MOTION by Commissioner Fortner to approve the financing proposal given by BB&T for the
Solid Waste Line Cell project.
VOTING: Ayes - 5; Nays - 0.
REQUEST FOR THE APPROVAL OFA RESOLUTION AUTHORIZING THE FILING
OF AN APPLICATION WITH THE LOCAL GOVERNMENT COMMISSION FOR THE
APPROVAL OF THE ISSUANCE OF SPECIAL OBLIGATION BONDS TO FINANCE SOLID
WASTE DISPOSAL FACILITIES & REQUESTING THE LOCAL GOVERNMENT
COMMISSION TO APPROVE THE COUNTY'S SELECTION OF BOND COUNSEL:
Chairman Haire introduced the following resolution. The county manager read the resolution's title and
a summary of the material was given.
RESOLUTION AUTHORIZING THE FILING OF AN APPLICA TION WITH THE
LOCAL GOVERNMENT COMMISSION FOR THE APPROVAL OF THE ISSUANCE OF
SPECIAL OBLIGATION BONDS TO FINANCE SOLID WASTE DISPOSAL FACILITIES &
REQUESTING THE LOCAL GOVERNMENT COMMISSION TO APPROVE THE COUNTY'S
SELECTION OF BOND COUNSEL
WHEREAS, the County Manager has submitted a proposal to the Board of Commissioners requesting that the
County be authorized to file an application with the Local Government Commission of North Carolina (the "Commission")
requesting approval of the issuance and sale of Special Obligation Bonds for the following purposes and up to the following
approximate amount:
PURPOSES AMOUNT
Construction of new lined landfill cell for solid waste, including design costs and other related costs. $1,000,000
WHEREAS, in order to meet the demands of the County, it is deemed necessary to implement the above mentioned
project and the Board of Commisioners hereby finds, determines and declares:
(A) The County currently owns and operates a solid waste landfill which will soon exceed its capacity, and the
County desires to construct a new lined landfill cell for the purpose of continuing to provide solid waste disposal services to
the residents of the County;
(B) The County has determined to issue an additional sencs of Special Obligation Bonds pursuant to the Bond Order
adopted by the Board of Commissioners on April 15, 1992 (the "Bond Order") for the purpose of providing funds, together
with any other available funds, for paying the costs of construction of new lined landfill cell (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 $1,000,000 ofits Special Obligation Bonds (the "Bonds")
pursuant to Chapter 1591 of the General Statutes of North Carolina, as amended (the "Act"), the Bond Order and a series
resolution to be adopted by the Board of Commissioners prior to the issuance of the Bonds; and
(it) the Bonds will be special obligations of'thc County, payable solely from the Obligated Revenues (as
defined in the Bond order) pledged therefor;
(D)The County hereby requests that the Bonds be sold by the Local Government Commission of North Carolina
(the "Commission") by private sale;
(E) The County wishes to submit to the Commission at this time the County's application for approval by the
Commission of the issuance of the Bonds and the County's request for the Commission's sale of the Bonds by private sale
pursuant to the Act;
(F) The proposed Bonds are necessary and expedient in that they will provide needed additional facilities for the
purpose of providing solid waste disposal services to the residents of the County;
(6) The principal amount of'Bonds proposed to be issued will be sufficient but not excessive for the purpose of the
Project;
(11) The project is feasible in that the Obligated Revenues are estimated to be sufficient to pay the Principal of,
premium, if any, and interest on the Bonds and all outstanding Special Obligation Bonds of the County; and
WHEREAS, the County's debt management procedures and policies arc excellent and are managed in strict
compliance with law and, under cut -rent economic conditions, the Bonds can be marketed at a reasonable interest cost to the
County,
NOW, FHERFFORF, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY OF
IREDELL:
1. The Director of Finance & Administrative Services is hereby authorized and directed to file an application with