HomeMy WebLinkAboutC.054.93011_0389Commissioner Norman nominated Carmen Boggs.
OTIO by Commissioner Madison to close the nominations and appoint
Norman, Krieger, Goode, Childers, and Boggs to the Joint School Facilities Task Force.
VOTING: Ayes — 5; Nays — 0.
UNFINISHED BUSINESS
IREDELL COUNTY RESCUE SQUAD, INC. REFINANCING: Finance
Director Blumenstein advised that everything was in order for the refinancing of the
land, building, and heavy-duty rescue vehicle for the Iredell County Rescue Squad.
Blumenstein said the vehicle and property would be conveyed to Iredell County in order
for the County to give a security interest to the bank as collateral for the loan. She
continued by saying the County would lease the property to the Squad for the 15 -year
tern. Blumenstein said the debt would be reported as a liability of the County, but in
order to include the property in the assets of the County, the lease could not include a
"bargain sale" agreement. She said that for financial reporting purposes, the lease
would indicate that the assets would be returned to the Squad at fair market value.
Blumenstein said it was her understanding that the County had never intended to
receive any financial benefit from the refinancing, rather the purpose behind it was to
decrease the Rescue Squad's interest costs. She requested that a motion be made
stipulating this arrangement between the County and the Squad.
OTIO by Commissioner Tice to authorize Joel Mashburn, Jean Moore,
Susan Blumenstein and Bill Pope to proceed with the transaction to refinance the
outstanding debt of the Iredell County Rescue Squad, Inc., for the sole purpose of
decreasing interest costs, and to clarify for the record there was no intent for Iredell
County to realize any financial gain from the transaction at the time of the refinancing
or at the time the title was returned to the squad.
VOTING: Ayes — 5; Nays — 0.
CLOSED SESSION: OTIO by Chairman Johnson at 7:25 P.M. to enter
into closed session for the purpose of discussing property acquisition matters pursuant
to G.S. 143-318.11(a) (5).
VOTING: Ayes — 5; Nays — 0.
(RETURN TO OPEN SESSION AT 7:51 P.M.)
ADJOURNMENT: OTIO by Chairman Johnson at 7:51 p.m., to adjourn
the meeting. (NEXT MEETING: Tuesday, September 7, 2004 at 5 and 7 p.m., in the
Iredell County Government Center, 200 South Center Street, Statesville, NC.
VOTING: Ayes — 5; Nays - 0.
Approve 7 ��/ ,�-,.�- e, ...c_.
Clerk to the Board