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HomeMy WebLinkAboutC.054.93011_0356of 1986, as amended, under an Equipment Lease—Purchase Agreement and a Sublease Agreement, each dated as of November 9, 1999, between Rescue Squad and United Financial of North Carolina, Inc. (collectively, the "Prior Financing Agreements") in order to achieve debt service savings, and that the Board of Commissioners would hear anyone desiring 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 facilities to be refinanced and the proposed refinancing and the installment payments to be made by the County under the Installment Financing Agreement for such purposes. No one appeared, either in person or by attorney, to be heard with respect to the Installment Financing Agreement and the Clerk to the Board of Commissioners announced that no written statement relating to said matter had been received. Thereupon, Chairman Johnson 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 REFINANCING, PURSUANT TO AN INSTALLMENT FINANCING AGREEMENT, OF IREDELL COUNTY RESCUE SQUAD, INC.'S PAYMENT OBLIGATIONS UNDER PRIOR FINANCING AGREEMENTS AND AUTHORIZING THE DIRECTOR OF FINANCE AND ADMINISTRATIVE SERVICES TO FILE APPLICATION FOR APPROVAL THEREOF BY THE LOCAL GOVERNMENT COMMISSION BE IT RESOLVED by the Board of Commissioners for the County of Iredell, North Carolina: Section 1. The Board of Commissioners does hereby find, determine and declare as follows: (a) The County proposes to refinance the payment obligations of Iredell County Rescue Squad, Inc. ("Rescue Squad") under an Equipment Lease -Purchase Agreement and a Sublease Agreement, each dated as of November 9, 1999, between Rescue Squad and United Financial of North Carolina, Inc. (collectively, the "Prior Financing Agreements"), pursuant to an installment financing agreement (the "Installment Financing Agreement") between the County and a financial institution to be selected by the County. (b) The refinancing of Rescue Squad's payment obligations under the Prior Financing Agreements is desirable in order to lower the debt service cost of facilities and equipment essential to the public health, safety and welfare of the citizens of the County. (c) Based on advice from the County's financial consultants as to current tax-exempt interest rates, the sums to fall due under the Installment Financing Agreement are not excessive for its stated purposes. (d) Counsel to the County has rendered an opinion that the proposed undertaking is authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and Iaws of the State of North Carolina. (e) The Installment Financing Agreement, under the circumstances presently obtaining, is preferable to a general obligation bond issue for this purpose. The County does not have the ability to issue sufficient non -voted bonds under the provisions of Article V, Sec. 4 of the North Carolina Constitution for the purpose of refinancing the outstanding payment obligations, and voting general obligation bonds for such purpose will result in unacceptable delay and additional cost to the County. (f) The estimated cost of refinancing the outstanding payment obligations pursuant to the Installment Financing Agreement compares reasonably and favorably with an estimate of similar cost for general obligation bond financing therefor. (g) The debt management policies of the County have been carried out in strict compliance with law, including the filing of all required audits and reports with the Local Government Commission (the "LGC'), and the County is within its statutory debt limit and is not in default with respect to any of its outstanding indebtedness. (h) The County estimates that no increase in the property tax rate will be required to raise sums to pay the estimated debt service to fall due under the Installment Financing Agreement. (i) The County has made timely payment of all sums owed by it with respect to the payment of principal of and interest on all of its outstanding debt obligations and has received no notice from the LGC or any holder concerning the County's failure to make any required payment of debt service.