HomeMy WebLinkAboutC.054.93011_1687WHEREAS, Iredell County (the "Issuer" or the "County") will make expenditures on and
after the date of adoption hereof with respect to expenses incurred and to be incurred (the
"Expenditures') in connection with the purchase of land for the sites of new schools and the
construction, renovation, and/or equipping of new buildings at Coddle Creek Elementary,
Shepherd Elementary, Celeste Henkle Elementary, East Iredell Elementary, South Iredell High,
Statesville High, and a new elementary school to the north of the City of Statesville (the
"Projects'), and
WHEREAS, the Iredell County Board of Commissioners (the `Board") has determined
that the funds advanced and to be advanced from the General Fund to pay Expenditures are or
will be available for a temporary period and it is necessary to reimburse the Issuer for
Expenditures made on and after the date hereof with respect to the Project from the proceeds of
one or more tax-exempt financings.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD AS FOLLOWS:
Section 1. The Board hereby adopts this declaration of official intent under Treasury
Regulation Section 1.150-2 and declares its intent to reimburse the Issuer with the proceeds of
one or more tax-exempt financings for Expenditures made on and after the date hereof with
respect to the Projects.
Section 2. The maximum principal amount of debt expected to be issued for the Projects
is $90,000,000.
Section 3. 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 financing, (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 County.
Section 4. The County will make a reimbursement allocation, which is a written
allocation by the County that evidences its use of proceeds of the financings to reimburse an
Expenditure, no later than 18 months after the later of the date on which the Expenditure is paid
or 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 "preliminary 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.
8. Request for Approval of the August 21, 2007 Minutes
-----------------------------------------------END OF CONSENT AGENDA -------------------------------
Request for Approval of Budget Amendment #12 for a Computer System Switch &
Router Replacement for the Sheriffs Department: Chief Deputy Rick Dowdle explained the
need to replace computer components. In addition, he mentioned the need to install a new
HVAC system near the networking equipment. (The county's network administrator visited the
sheriffs office and concurred with the switch and router replacements along with a better
cooling system in the affected areas.) The contingency fund will be used to purchase the new
equipment that is estimated to cost $70,000.
ANNOUNCEMENT OF VACANCIES OCCURRING ON BOARDS &
COMMISSIONS
(none)
APPOINTMENTS TO BOARDS & COMMISSIONS
Statesville Plannin¢ Board (ETJ) U appointment): OTIO by Commissioner
Johnson to postpone this appointment until the September 18 meeting.
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