HomeMy WebLinkAboutC.054.93009_0250(e) DEBT RATIO
(e) Percentage which the NET DEBT (c) 1.218$
bears to the APPRAISED VALUE (d)
VOTING: Ayes - 4; Nays - 0.
ORDER TO APPROVE THE PASSAGE OF THE FIRST READING OF THE ORDER
ENTITLED:
ORDER AUTHORISING $36,285,000 SCHOOL BONDS
FIRST READING
MOTION from Commissioner Hamby, second from Commissioner
Stewart to approve the following:
WHEREAS, the Iredell-Statesville Board of Education and the
Mooresville Board of Education have petitioned the Board of
Commissioners for the County of Iredell, North Carolina, to provide
additional school facilities in said units by erecting additional
school buildings and other school plant facilities, remodeling,
enlarging and reconstruction existing school buildings and other
school plant facilities and acquiring any necessary land,
furnishings and equipment therefor, the estimated aggregate cost of
which is at least $29,480,000 for the Iredell-Statesville School
Administrative Unit and $6,805,000 for the Mooresville School
Administrative Unit;
WHEREAS, said petitions request said Board of Commissioners to
provide the funds required for such school facilities; and
WHEREAS, said Board of Commissioners has carefully examined
the facts and has determined and does hereby find as a fact that
the statements made in said petitions are true and that it has
become the duty of said Board of Commissioners, acting as an
administrative agent of the State in providing a State system of
public schools, to order the issuance of bonds of the county of
Iredell so that the school facilities mentioned in said resolutions
and in paragraph 1 of this order may be provided; now, therefore,
BE IT ORDERED by the Board of Commissioners for the County of
Iredell:
1. That, pursuant to The Local Government Bond Act, as
amended, the County of Iredell, North Carolina, is hereby
authorized to contract a debt, in addition to any and all other
debt which said County may now or hereafter have power or authority
to contract, and in evidence thereof to issue School Bonds in an
aggregate principal amount not exceeding $36,285,000 for the
purpose of providing funds, together with any other available
funds, in the amount of $29,480,000 to the Iredell-Statesville
School Administrative Unit for the construction of a new South
Iredell High School and a new South iredell Elementary School, the
cosntruction of additions to and renovations of Statesville High
School, West Iredell High School, North Iredell High School and
Central School, and the construction of additions and improvements
to existing school facilities, and in the amount of $6,805,000 to
the Mooresville School Administrataive Unit for the construction of
a new elementary school and the renovation of the existing high
school, including, in each case, the acquisition of any necessary
land, furnishings and equipment therefor.
2. That taxes shall be levied in an amount sufficient to pay
the principal of and the interest on said bonds.
3. That a sworn statement of the debt of said County has been
filed with the Clerk to the Board of Commissioners for said County
and is open to public inspection.
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