HomeMy WebLinkAboutC.054.93011_0375Under applicable federal income tax laws, the interest on the Loan will not be exempt
from federal income taxation unless, among other things, the Board of Directors of Lake Norman
Volunteer Fire Department has, by resolution after having held a public hearing on behalf of
Iredell County, approved the Loan and the proposed Project, and the Board by Resolution
approves the Loan and the proposed Project.
Chairman Johnson then stated that notice had been published in the Statesville Record &
Landmark by the Lake Norman Volunteer Fire Department Board of Directors on June 23, 2004
and June 30, 2004, stating the Lake Norman Volunteer Fire Department would hold a public
hearing on July 8, 2004 on the proposed Loan and the Project (the "Notice'). The Lake Norman
Volunteer Fire Department held a public hearing during which anyone who wished to be heard
on the advisability of the Loan and Project could speak and there were no written comments
about the proposed Project or the Loan received prior to the public hearing held by the Lake
Norman Volunteer Fire Department. After the Lake Norman Volunteer Fire Department heard
from all persons who requested to be heard, the Board of Directors for the Lake Norman
Volunteer Fire Department passed the resolution approving the incurrence by the Lake Norman
Volunteer Fire Department of up to $2,000,000.00 in indebtedness from South Trust Bank, N.A.
to finance the construction of the new fire station.
Chairman Johnson introduced the following resolution which was read at length.
RESOLUTION APPROVING THE INCURRENCE BY LAKE NORMAN
VOLUNTEER FIRE DEPARTMENT OF UP TO $2,000,000.00 IN INDEBTEDNESS
FROM SOUTHTRUST BANK, N.A. TO FINANCE THE CONSTRUCTION OF A NEW
FIRE STATION AT BRAWLEY SCHOOL ROAD AND SOUTH FORK ROAD IN
MOORESVILLE, IREDELL COUNTY, NORTH CAROLINA
WHEREAS, the Board of Directors of the Lake Norman Volunteer Fire Department on
behalf of the Board, pursuant to public notice duly given (the "Notice'), held a public hearing on
the proposed Loan and Project and considered the comments of persons who requested to be
heard; and
WHEREAS, neither the County nor any agency thereof shall be liable in any event for the
repayment of the Loan, the Loan does not constitute an indebtedness of the County or any agency
thereof and does not constitute or create in any manner a debt or liability of the County or any
agency thereof; and
WHEREAS, the Board desires to approve the Loan and approve the Project.
NOW, THEREFORE BE IT RESOLVED by the Board of Commissioners of Iredell
County, North Carolina as follows:
(1) The publication of the Notice and the designation of the meeting held by the
Lake Norman Volunteer Fire Department Board of Directors on July 8, 2004,
as a public hearing on the Loan and the Project is hereby ratified and
approved.
(2) The incurrence by Lake Norman Volunteer Fire Department of indebtedness
of up to 52,000,000.00 to SouthTrust Bank, N.A. to finance the Project is
hereby approved.
(3) The Project is hereby approved.
(4) This resolution shall take effect immediately upon its passage.
Commissioner Tice moved the passage of the foregoing resolution and the resolution
was passed by the following vote:
AYES: 5
NAYS: 0
----------------------------------------------CONSENT AGENDA -------------------------------------------
OTIO by Chairman Johnson to approve the following nine consent agenda items.
VOTING: Ayes — 5; Nays — 0.