HomeMy WebLinkAboutC.054.93011_0963REIMBURSEMENT RESOLUTION
COUNTY OFIREDELL, NORTH CAROLINA
RESOLUTION OF THE BOARD OF COMMISSIONERS FOR THE COUNTY OF IREDELL,
NORTH CAROLINA DECLARING THE INTENTION OF THE COUNTY TO REIMBURSE
ITSELF FROM THE PROCEEDS OF ONE OR MORE TAX-EXEMPT FINANCINGS FOR
CERTAIN EXPENDITURES MADE AND TO BE MADE IN CONNECTION WITH THE
ACQUISITION, CONSTRUCTION AND EQUIPPING OF CERTAIN CAPITAL
IMPROVEMENTS
WHEREAS, the County of Iredell, North Carolina (the 'Issuer) is a political subdivision
organized and existing under the laws of the State of North Carolina; and
WHEREAS, the Issuer has paid, beginning no earlier than September 2, 2005, and will pay,
on and after the date hereof, certain expenditures (the "Expenditures') in connection with the
acquisition, construction and equipping of school and community college projects (the "Project'), as
more fully described in Exhibit A attached hereto; and
WHEREAS, the Board of Commissioners of the Issuer (the "Board') has determined that
those moneys previously advanced no more than 60 days prior to the date hereof and to be advanced
on and after the date hereof to pay the Expenditures are available only for a temporary period and it
is necessary to reimburse the Issuer for the Expenditures from the proceeds of one or more issues of
tax-exempt bonds (the "Bonds');
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD AS FOLLOWS.
Section 1. The Board hereby declares the Issuer's intent to reimburse the Issuer with the
proceeds of the Bonds for the Expenditures with respect to the Project made on and after September 2,
2005, which date is no more than 60 days prior to the date hereof. The Issuer reasonably expects on
the date hereof that it will reimburse the Expenditures with the proceeds of the Bonds.
Section 2. Each Expenditure was and will be either (a) of a type properly chargeable to
capital account under general federal income tax principles (determined in each case as of the date of
the Expenditure), (b) a cost of issuance with respect to the Bonds, (c) a nonrecurring item that is not
customarily payable from current revenues, or (d) a grant to a party that is not related to or an agent
of the Issuer so long as such grant does not impose any obligation or condition (directly or indirectly)
to repay any amount to or for the benefit of the Issuer.
Section 3. The maximum principal amount of the Bonds expected to be issued for the
Project is $50,630,000.
Section 4. The Issuer will make a reimbursement allocation, which is a written
allocation by the Issuer that evidences the Issuer's use of proceeds of the Bonds to reimburse an
Expenditure, no later than 18 months after the later of the date on which the Expenditure is paid on
the date the Project is placed in service or abandoned but in no event more than three years after the
date on which the Expenditure is paid The Issuer recognizes that exceptions are available for certain
' preliminmy expenditures, " costs of issuance, certain de minimis amounts, expenditures by `small
issuers" (based on the year of issuance and not the year of expenditure) and expenditures for
construction projects of at least five years.
Section 5. This resolution shall take effect immediately upon its passage.
ADOPTED this P day of November, 2005.
DESCRIPTION OF PROJECT
1. School Projects: (a) constructing an elementary school in the Mt. Mourne area,
renovating and expanding N.B. Mi11s/Monticello Elementary School, Sharon Elementary School,
Troutman Elememmy School, Troutman Middle School Brawley Middle School, North Iredell Middle
School, Statesville Middle School, West Iredell Afiddle School Lake Norman High School, Statesville
High School, North Iredell High School and West Iredell High School for the Iredell-Statesville
Schools Board of Education, including the acquisition of necessary land and equipment, and (b)
erecting additional school buildings, remodeling, enlarging and reconstructing existing school
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