HomeMy WebLinkAboutC.054.93009_0083 (2)'APR � ,1po" 068
IREDELL COUNTY BOARD OF COMMISSIONERS
MINUTES
APRIL 22, 1993 - 7:30 a.m.
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The Iredell County Board of Commissioners met at 7:30 a.m.,
Thursday, April 22, 1993, South Wing Conference Room, Iredell
County Government Center, 200 South Center Street, Statesville, NC.
Those present for the meeting were:
Sara K. Haire, Chairman
David A. Boone, Vice Chairman
Diane M. Hamby
C. Douglas Madison, Jr.
Alice M. Stewart
Staff present: Joel Mashburn, County Manager
William P. Pope, County Attorney
Alice Fortner, Clerk to the Board
Susan G. Blumenstein, Director of Finance and
Administration
CALL TO ORDER: Chairman Haire
SERIES RESOLUTION FOR SPECIAL OBLIGATION BONDS FOR THE NEW
LINED LANDFILL PROJECT: At the April 20, 1993 meeting of the
board, the board approved in principle the adoption of the
financing resolution the bond counsel required the county to adopt.
The documents were approved in principle on a motion from
Commissioner Madison, contingent upon the interest rates being
confirmed as acceptable on April 22, 1993.
At this time, Mr. Bill Pope reviewed the interest costs with the
board. He said there was a 5.08% true interest cost with coupons
ranging from 2.75% in 1994 to 5.208 in 2003. Alex Brown, the
underwriter for the financing project, bought over $1 million. The
Local Government Commission was very pleased with the sale.
Commissioner Boone said he considered himself to be acting
under coercion in voting for the bonds. He said he did not want
the County to incur additional debt, but that federal and state
mandates left the board with no real choice. He also noted the
county was creating a "Catch-22" situation. We should be
encouraging recycling and other measures to reduce the volume of
solid waste, and yet we would be in a position of having to have a
certain volume deposited in the landfill in order to generate
enough revenue from tipping fees to pay the debt service on the
bonds.
Mrs. Blumenstein explained that actually the series resolution
was not to be adopted on April 20th at the regular meeting, but
"approved in principle." (The April 20, 1993 minutes will be
written to reflect this.) At this meeting this morning, the actual
resolution should be adopted, she said.
MOTION from Commissioner Madison to approve the resolution as
recommended and endorsed by the county attorney.
SECOND from Commissioner Stewart
VOTING: Ayes - 5; Nays - 0.
SERIES RESOLUTION OF THE BOARD OF COMMISSIONERS FOR THE COUNTY
OF IREDELL PROVIDING FOR THE ISSUANCE AND SALE OF $3,770,000
SPECIAL OBLIGATION BONDS (SOLID WASTE SYSTEM PROJECT), SERIES 1993
OF SAID COUNTY PURSUANT TO THE PROVISIONS OF SECTION 210 OF THE
BOND ORDER AUTHORIZING AND SECURING SPECIAL OBLIGATION BONDS (SOLID
WASTE SYSTEM PROJECT) ADOPTED BY SAID BOARD ON APRIL 15, 1992.
WHEREAS, under the Constitution and laws of the State of