HomeMy WebLinkAboutC.054.93009_0444money for twenty years. She said the county would have to pledge
certain non -tax revenues. Some of the non -tax revenues are already
pledged for the solid waste obligation bonds, if there should ever
be a problem with repaying that debt. She estimates that the
longest payback period would be seven to ten years and would
require Local Government Approval. Since the county would not be
operating the water system, they cannot pledge fees as a method of
pay back. They could do it with a lease of the tank to Iredell
Water Corporation, with the principal to be repaid with the lease
revenues.
Commissioner Madison inquired if the construction of the tank
was included in the Farmers Home Loan Iredell Water Corporation is
requesting. Mr. Fisher said they have made this request. Mr.
Boone inquired about the term of the FmH loan. Mr. Fisher said it
was a forty -year loan at a 5 3/8 % interest rate. one of the
attractions for Iredell Water Corporation is they can spread the
repayment out over a 40 -year period, Boone said.
Commissioner Boone said he did not see any reason to go
through this process if Iredell Water Corporation can get a loan
the Farmers Home.
Mr. Fisher said it would be almost impossible to get the
application ready for the March 30th deadline; however, the
application could be ready by the September 30th date.
Chairman Haire inquired if Mr. Fisher was actually presenting
this to the board for its review. Mr. Fisher said for review and
also get guidance on whether the board would like to pursue this.
Commissioner Madison said he thought it would be good to wait
and see if the Water Corporation was going to receive a loan. If
they did not, then work toward a September application.
It was the consensus of the board to go with Commissioner
Madison's suggestion to receive this information and work toward
the September 30th deadline.
NO VOTE.
MINUTES - FEBRUARY 15, 1994 AFTERNOON SESSION AND FEBRUARY 15,
1994 EVENING SESSIONS MOTION from Commissioner Stewart to approve
the minutes as presented.
VOTING: Ayes - 5; Nays - 0.
ANNOUNCEMENT OF VACANCIES OCCURRING ON BOARDS AND COMMISSIONS
DOMICILIARY BONN ADVISORY BOARD: There are three vacancies
occurring on this board. One person cannot serve again; one person
has never attended a meeting; and the third person is a very active
member. It is suggested that two new members be appointed and that
Mr. Carl Ralston be reappointed.
This will be on the March 15, 1994 meeting.
MANAGERIS REPORT
JAIL MANAGEMENT TASK FORCES Mr. Mashburn said this task force
has met and they are planning visits to jails in surrounding
counties on March 11, 1994. J. N. Pease will supply the lunch;
Iredell County will supply transportation for the day which will
begin at 9:00 a.m. and conclude at 5:00 p.m., after visits to
Rowan, Union, and Burke Counties. Commissioners and task force
members are invited.
Commissioner Hamby said the task force has done well in their
work, and she thought the meeting was very informative.
11994
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