HomeMy WebLinkAboutC.054.93011_1042including the construction and equipping of additional classrooms and a new gymnasium and
locker room, (ii) the expansion of West Iredell High School, including the construction and
equipping of additional classrooms, a new science wing, an auditorium, a new gymnasium and
locker rooms, and expanded cafeteria and kitchen facilities, (iii) the expansion of Statesville
High School, including the construction and equipping of a Freshman Academy, an auxiliary
gymnasium, a ROTC room, a science wing and additional performing arts and general
classrooms and the acquisition of land to expand practice fields and parking lots, (iv) the
expansion of Sharon Elementary School, including the construction and equipping of additional
classrooms and resource rooms, a new cafeterialkitchen, a new administration area and a new
media center and the acquisition of land for the expansion of the sewer septic system, and (v)
the construction and equipping of a new Mooresville Intermediate School (collectively, the
"Project') pursuant to an Installment Financing Agreement, to be dated as of May 1, 2006 or
such other date as the parties thereto shall mutually agree upon (the "Installment Financing
Agreement'), between Iredell County Public Facilities Corporation, a North Carolina non-
profit corporation (the "Corporation') and the County; and
WHEREAS, pursuant to the Installment Financing Agreement, the Corporation will
finance the Project, and the County will make Installment Payments (as defined in the
Installment Financing Agreement) in amounts sufficient to pay the principal and interest with
respect to Certificates of Participation (Iredell County School Projects), Series 2006 (the "2006
Certificates'), to be executed and delivered by the Corporation for the purpose offinancing the
Project, it being the express intention of the Board of Commissioners that only the principal
amount of 1006 Certificates necessary to accomplish the purposes stated in the Installment
Financing Agreement will be executed and delivered (estimated not to exceed $45,000,000
principal amount); and the County's obligations under the Installment Financing Agreement
will be secured by, among other things, a deed of trust on certain real property to be owned by
the County, consisting of the sites of the Sharon Elementary School, the Statesville High School
and the Mooresville Intermediate School, including all buildings, improvements and fixtures
thereon; and
WHEREAS, the Installment Financing Agreement, if entered into, will comply in all
respects with Section 160A-20 and Chapter 159, Article 8, of the General Statutes of North
Carolina and the guidelines of the Local Government Commission of North Carolina for all
financings undertaken pursuant to said Section and Article; and
WHEREAS, said Section 160A-10 requires that, before entering into an installment
financing agreement involving real property, the County shall hold a public hearing on such
agreement; now, therefore,
BE IT RESOLVED by the Board of Commissioners for the County of Iredell:
Section 1. A public hearing with respect to the Installment Financing Agreement
is hereby directed to be held on Tuesday, February 21, 2006, at 7:00 P.M., in the
Commissioners' Meeting Room at the Iredell County Government Center, 200 South Center
Street, Statesville, North Carolina.
Section 1. The Clerk to the Board of Commissioners is hereby directed to publish
notice of said public hearing, in substantially the following form, once at least ten (10) days
prior to the date of the public hearing as required by Section 160A -20(g) of the General
Statutes of North Carolina:
NOTICE OF PUBLIC HEARING BY
THE BOARD OF COMMISSIONERS FOR THE COUNTY OF IREDELL,
NORTH CAROLINA, CONCERNING THE FINANCING OF CERTAIN SCHOOL
FACILITIES PURSUANT TO AN INSTALLMENT FINANCING AGREEMENT
NOTICE IS HEREBY GIVEN to all interested persons that the Board of Commissioners
for the County of Iredell, North Carolina (the "County') is considering the financing of (i) the
expansion of North Iredell High School, including the construction and equipping of additional
classrooms and a new gymnasium and locker room, (ii) the expansion of West Iredell High
School, including the construction and equipping of additional classrooms, a new science wing,
an auditorium, a new gymnasium and locker rooms, and expanded cafeteria and kitchen
facilities, (iii) the expansion of Statesville High School, including the construction and
equipping of a Freshman Academy, an auxiliary gymnasium, a ROTC room, a science wing and
additional performing arts and general classrooms and the acquisition of land to expand
practice fields and parking lots, (iv) the expansion of Sharon Elementary School, including the
construction of additional classrooms and resource rooms, a new cafeteria/kitchen, a new
administration area and a new media center and the acquisition of land for the expansion of the
sewer septic system, and (v) the construction and equipping of a new Mooresville Intermediate
School (collectively, the "Project') pursuant to an Installment Financing Agreement, to be
dated as of May 1, 2006 or such other date as the parties thereto shall mutually agree upon (the
"Installment Financing Agreement'), between Iredell County Public Facilities Corporation, a
North Carolina non-profit corporation (the "Corporation'), and the County. It is expected that
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