HomeMy WebLinkAboutC.054.93011_1712Ratings Services or "Baa3" or higher by Moody's Investors Service, Inc. or such transfer has been
previously approved by the LGC. This section may not be amended without the prior written consent of
the LGC.
The County represents that it reasonably expects that it and all subordinate entities thereof will not issue
in the aggregate more than $10,000,000 of tax-exempt obligations (not counting private -activity bonds
except for qualified 501(cx3) bonds as defined in the Code) during calendar year 2007. In addition, the
County hereby designates the Series 2007 Bond as a "qualified tax-exempt obligation" for the purposes of
Section 265(bx3) of the Code.
The Board hereby adopts those portions of the County's budget ordinance for the fiscal year of the
County ending June 30, 2008 establishing rates and assessments for the Solid Waste System (as defined
in the Order) as its Rate Resolution under Section 501 of the Order and states its intent, which is not
legally binding, to operate the Solid Waste System in such a manner as to generate Solid Waste System
Revenues (as defined in the Order) in an amount sufficient to cover all expenses of the Solid Waste
System, including Current Expenses (as defined in the Order), debt service, the maintenance of required
reserves and capital outlay.
So long as the Purchaser is the Owner of the Series 2007 Bond, the County covenants that it will send to
the Purchaser, by first class mail, postage prepaid, a copy of each notice, report and document which it is
required, pursuant to the Order, to provide to the Trustee.
The Chairman and Vice -Chairman of the Board of Commissioners, County Manager, Clerk to the Board
of Commissioners and Director of Finance and Administrative Services are hereby authorized to perform
the duties imposed on an Authorized Officer by the Order.
The officers, agents and employees of the County and the officers and agents of the Trustee and the Bond
Registrar are hereby authorized and directed to do all acts and things required of them by the provisions
of the Series 2007 Bond, the Order, the Bond Purchase Agreement and this Series Resolution for the full,
punctual and complete performance of the terns, covenants, provisions and agreements therein and
herein.
This resolution shall take effect immediately upon its passage.
ADOPTED by the Board of Commissioners for the County of Iredell, North Carolina the
2nd day of October, 2007.
Marvin Norman
Chairman of the Board of Commissioners
[SEAL]
Jean C. Moore
Clerk to the Board of
Commissioners
EXHIBIT A
Description of Additional Improvements
The Additional Improvements include the construction of Phase IV of the County's lined landfill
and the purchase of land adjacent to the existing landfill for future expansion.
EXHIBIT B
AMORTIZATION SCHEDULE
Total
Date Payment Interest Principw
Balance
04/16/2008 $530,325.00 $80,325.00 $450,000.00
$4,050,000.00
10/16/2008 522,292.50 72,292.50 450,000.00
3,600,000.00
04/16/2009 514,260.00 64,260.00 450,000.00
3,150,000.00
10/16/2009 506,227.56 56,227.50 450,000.00
2,700,000.00
04/16/2010 498,195.00 48,195.00 450,000.00
2,250,000.00
10/16/2010 490,162.50 40,162.50 450,000.00
1,800,000.00
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