HomeMy WebLinkAboutC.054.93009_0248 (2)lined landfill and other solid waste needs. Mrs. Blumenstein said
these Special Obligation Bonds are not issued in the indebtedness
because they are not backed by the faith and credit of the county.
This is the recommendation of the bond counsel and the Local
Government Commission, Blumenstein said. These bonds are to be
repaid from fees collected for solid waste handling and other fees
that are charged by the county for services. Special Obligations
bonds are $3,730,000 for 1993 and $6,465,000 for the 1992, which
computes to approximately $10 million.
Commissioner Boone inquired about the Intangible Tax which are
oblgiated for the repayment of this Special Obligation Bond. Mrs.
Blumenstein said this is the case only if the net operating
revenues collected for the solid waste facility are deficient to
make the bond payments, then other revenues have been obligated.
Commissioner Boone said these revenues are obligated, and then
to meet the needs of the county, the ad valorem tax would have to
be raised if the Enterprise Fund should ever have a shortfall.
Commissioner Boone said there is in a sense about $10 million more
debt that actually is reflected here, even though what is being
done is legally correct.
Commissioner Boone said he just became aware of the
Mooresville Graded School has been authorized to issue $12 million
in Certificates of Participation (COPS). This entire amount has
not been issued, according to Mrs. Blumenstein, and it is not known
how much has been issued. This was done on the Mooresville Graded
School's taxing authority for which the buildings have been used as
a security for the bonds.
Commissioner Boone inquired if a merger should occur between
the Mooresville and Iredell Statesville school districts, then
would the Mooresville COPS bonds not become an obligation for
Iredell County. Mrs. Blumenstein said she could not give a legal
opinion but she would think it would become a debt of Iredell
County. Mr. Pope said he did not know if the COPS would be
assumable, but agreed that someone would have to pay it.
SWORN STATEMENT OF DEBT MADE PURSUANT TO THE LOCAL GOVERNMENT
BOND ACT, AS AMENDED
Mr. Bill pope summarized the bond order. MOTION from Chairman
Haire, second from Commissioner Hamby to approve the following
documents:
SWORN STATEMENT OF DEBT MADE PURSUANT TO THE LOCAL GOVERNMENT
BOND ACT, AS AMENDED: MOTION from Chairman Haire, second by
Commissioner Hamby, to designate the Director of Finance and
Administrative Services as the officer who shall make and file with
the Clerk to the Board the Sworn Statement of Debt, which reads as
follows:
SWORN STATEMENT OF DEBT MADE PURSUANT TO
THE LOCAL GOVERNMENT BOND ACT, AS AMENDED
I, Susan G. Blumenstein, Director of Finance and
Administrative Services of the County of Iredell, NorthCarolina,
having been designated by the Board of Commissioners for said
County to make and file with the clerk to the board of
Commissioenrs a statement of the debt of said County pursuant t The
Local Government Bond Act, as amended, DO HEREBY CERTIFY that the
following is a true statement as shown by the books in my office,
not taking into consideration any debty incurred or to be incurred
in anticipation of the sale of bonds other than funding and
refunding bonds:
(a) GROSS DEBT
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