HomeMy WebLinkAboutC.054.93009_2194 (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 provides solid waste
disposal services to the residents of the County.
(b) The County issued its Special Obligation Bonds (Solid Waste System Project), Series
1992 (the "Series 1992 Bonds") to finance the site development, building construction and the
acquisition of equipment for a solid waste baler facility at the County's solid waste landfill.
(c) The County desires to refund all or part of the Series 1992 Bonds in order to achieve debt
service savings.
(d) In order to refund the Series 1992 Bonds, the County has developed the following plan
of finance:
(i) The County proposes to issue not exceeding $5,000,000 of its Special Obligation
Bonds (Solid Waste System Project), Series 1999 (the "Bonds") pursuant to Chapter 1591
of the General Statutes of North Carolina, as amended (the "Act"), and pursuant to the bond
order adopted by the Board on April 15, 1992 (the "Order") and a series resolution to be
adopted by the Board prior to the issuance of the Bonds; and
(ii) The Bonds will be special obligations of the County, payable solely from the
Obligated Revenues as defined in the Order.
(e) The County desires that the Bonds, when issued, be sold by the Local Government
Commission of North Carolina (the "Commission") by private sale to BB&T Governmental Finance.
(f) 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 refunding is necessary and expedient in that it will provide estimated
savings of approximately 3.85% of par of the Series 1992 bonds;
(b) The amount of Bonds proposed to be issued will be sufficient but not excessive for the
proposed purpose;
(c) The proposed refunding is feasible in that the Obligated Revenues are sufficient to pay
principal of an interest on the Bonds;
(d) The County's debt management procedures and policies are good; and
(e) The Refunding can be accomplished at reasonable 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.
Section 4. The County hereby requests the Commission to sell the Bonds at private sale pursuant
to Section 159-123(b) (3) of the North Carolina General Statutes, as amended, to such
purchasers as shall be determined to the Commission.
Section 5. The County hereby requests the Commission to approve the county's employment of
Brown & Wood LLP, as Bond Counsel to the County, BB&T Governmental Finance,