HomeMy WebLinkAboutC.054.93009_0077The bonds will be dated April 1, 1993 and issued in demoninations
of $5,000 and will be payable on December 1, 1993 and semi-annually
thereafter on June 1 and December 1. The principal amount is
$3,760,000 at a net interest cost of 4.9881%. True interest cost
(TIC) 5.0364%. The resolution recites the bonds will be delivered
by means of a book entry system and no actual, physical bonds will
be delivered to members of the public. One bond will be issued to
the depository trust for each maturity date and then people who buy
the bonds will deal with the depository trust rather than with the
county. Payments on the bonds will be made by the trustee directly
to the depository trust company and not directly to the county. The
bonds can be redeemed pursuant to the provisions in the bonds and
in addition there is a provision for extraordinary redemption in
the event any of the improvements are destroyed, and you elect to
use insurance proceeds to pay off the bonds rather than rebuild
improvements.
Mr. Pope spent several minutes explaining the administrative
matters that the county was to perform in connection with the bond
issuance. Mrs. Blumenstein said the final interest rates will be
set on Wednesday, 4/21/93.
Commissioner Boone inquired what the interest rates are on the
longest terms of the bonds. Mrs. Blumenstein said the shortest
term is 2.75% (maturing June 1, 1994), which is a yield of 2.749%.
That stretches out to 5.00% with a 5.15$ yield in 2003.
Mr. Pope emphasized that these bonds are not a pledge of the
county's taxing authority.
MOTION from Commissioner Madison to approve in principle the
foregoing documents, contingent upon the interest rates being
confirmed as acceptable on April 22, 1993.
VOTING: Ayes - 5; Nays - 0.
RESOLUTION RECONXZNDED BY TRE CAROLINAS COALITION REGARDING
MANDATED PROGRAMS: At the request of Chairman Haire, Commissioner
Boone explained this resolution. This is similar to the
resolution the board adopted on March 16, 1993. They just want a
uniform resolution from all counties, Mr. Boone said. This says
the board is giving its support to Gaston County; it doesn't say
that Iredell should do what Gaston has done. It does not contain
a call for the Constitutional Amendment as the other resolution
adopted on March 16th did. It doesn't call for mailing it out to
a lot of people.
Commissioner Stewart inquired if the board approves this
resolution, is there another resolution regarding withholding funds
that is being recommended for adoption. Mr. Boone said this is the
same resolution as the one handed out at the meeting in Cabarrus
County with the CCC group; it has just been changed to "County"
instead of "CCC".
After further discussion, the board agreed to adopt a revised
version of the resolution as presented. Mr. Mashburn said the
resolution given the board was the one received from CCC and does
address withholding payments to the state for unfunded mandated
programs as Gaston County has done.
MOTION from Commissioner Boone to adopt the revised resolution
as revised by the Iredell County Board of Commissioners.
WHEREAS, Iredell County is a political subdivision of North
Carolina which is dedicated to the principles of accountability and
good government;
WHEREAS, in recent years there has been an alarming increase
in the number of state and federally mandated services and
regulatory programs imposed on county governments;