HomeMy WebLinkAboutC.054.93009_2232provided that such agreement to use such sources of revenues to make such
payments or any such covenant to generate revenues does not constitute a
pledge of the County's taxing power; and
WHEREAS, pursuant to a bond order (the "Order") and a series resolution duty adopted by the
Board of Commissioners for the County (the "Board") on April 15,1992, the County has heretofore issued
$6,465,000 aggregate principal amount of its Special Obligation Bonds (Solid Waste System Project),
Series 1992 (the "Series 1992 Bonds") for, among other things, the purpose of financing the construction
and equipping of the Improvements (as defined in the Order), $5,010,000 principal amount of which
remains Outstanding (as defined in the Order); and
WHEREAS, Section 210 of the Order authorizes, subject to compliance with the terms and
conditions set forth therein, the issuance ofadditional special obligation bonds for the purpose of financing
Additional Improvements (as defined in the Order); and
WHEREAS, pursuant to Section 210 of the Order and a series resolution duly adopted by the Board
on April 22, 1993, the County has heretofore issued $3,770,000 aggregate principal amount of its Special
Obligation Bonds (Solid Waste System Project), Series 1993 for, among other things, the purpose of
financing the Additional Improvements described in said series resolution, $1,715,000 principal amount
of which remains Outstanding;
WHEREAS, pursuant to Section 210 ofthe Order and a series resolution duly adopted by the Board
on May 5, 1998, the County has heretofore issued its Special Obligation Bond (Solid Waste System
Project), Series 1998, in the original principal amount of $1,000,000, for the purpose of financing the
Additional Improvements described in said series resolution, $850,517.07 principal amount of which
remains Outstanding; and
WHEREAS, Section 211 of the Order authorizes, subject to compliance with the terms and
conditions set forth therein, the issuance of additional special obligation bonds for the purpose of refunding
all or part of the Outstanding special obligation bonds of any series issued under the Order; and
WHEREAS, the Board deems it necessary at this time to authorize the issuance of an additional
special obligation bond pursuant to Section 211 of the Order for the purpose of refunding the Series 1992
Bonds in order to achieve debt service savings; now, therefore,
The Board of Commissioners for the County of Iredell, North Carolina DOES HEREBY
RESOLVE, as follows:
Section 1. Capitalized words and terms used in this resolution which are defined in the Order shall
have the same meanings in this resolution as such words and terms are given in the Order.
In addition to words and terms elsewhere defined in this resolution, the following words and terms
used in this resolution shall have the following meanings, unless some other meaning is plainly intended:
"Escrow Agent" means First -Citizens Bank & Trust Company and any successor thereto under the
Escrow Deposit Agreement.
"Escrow Deposit Agreement" means the Escrow Deposit Agreement, dated as of August 1, 1999,
by and between the County and the Escrow Agent.
"Escrow Fund" means the fund created and so designated by the Escrow Deposit Agreement.
Section 2. Under the authority of the North Carolina Solid Waste Management Loan program and
pursuant to the provisions of Section 211 of the Order, the Board hereby authorizes a Special Obligation
Refunding Bond (Solid Waste System Project), Series 1999 (the "Series 1999 Bond") of the County for
the purpose of providing funds, together with any other available funds, for paying the cost of refunding
the Series 1992 Bonds and paying expenses incurred in connection with the issuance of the Series 1999
Bond.