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HomeMy WebLinkAboutC.054.93008_1166719 Iredell Memorial Hospital renovation and addition. These bonds are to be repaid from revenues from the hospital. At the time the bonds were issued the market rate for bonds was much higher than the present rate. The bonds were issued at 10¢% interest rate. It was understood that if the market on interest rates dropped and the interest on the revenue bonds could be reduced by as much as two to three per cent, the bonds would be refinanced. The county manager and county attorney have been attending all the meetings where the bond documents have been discussed. A substantial savings could be realized on the refinancing of these bonds. In addition insurance can be acquired for the guarantee of payback on the bonds, which would increase the bond rate to AAA. Both of these items contribute to a lower interest rate. The hospital has also included some diagnostic equipment in the financing which would be included in the total bond amount. The county manager said the bonds would be closed in New York at the office of the bond counsel, Brown, Wood, Ivey, Mitchell & Petty, in mid-January. No board action was taken. EXECUTIVE SESSION: MOTION from Chairman Hedrick to adjourn to executive session for the purpose of discussing possible litigation. VOTING: Ayes - 5; Nays - 0. MOTION from Chairman Hedrick to return to regular session. VOTING: Ayes - 5; Nays - 0. PRE -BUDGET WORK SHOP: Commissioner Crosswhite has recently attended a meeting at the Institute of Government for newly elected county officials. Mrs. Crosswhite reported that two members of the Institute of Government believed that it is imperative for a board of county commissioners to have a pre -budget planning session. The Institute staff members recommend a retreat type setting for a session of budgetary planning, Mrs. Crosswhite said. PLANNING FOR FUTURE: Chairman Hedrick wrote the following topics on the blackboard and asked the board members to assist in arranging them in priority: School Capital Expense - Bond Water & Sewer Expense - Bond Waste Disposal School Consolidation Land Use Planning Incineration of Garbage (added by Commissioner Ostwalt) Commissioner Murdock said school consolidation should be with the school capital outlay for items of discussion. Commissioner Crosswhite said the consolidation and school capital expense should be combined as two separate items for the ballot, one asking if the public favored consolidation and one asking for funds for capital expense. Commissioner Murdock said she was at the North Carolina Association of County Commissioners Board Meeting in Raleigh, and it was suggested that counties seek legislation to prevent funding for no more than one school supervisory system for each county. �-- Commissioner Murdock suggested that members of the board visit the schools in the county on their own, going with the Iredell County Schools Maintenance Department. She believed that more could be learned about the condition of the schools in this manner. A discussion took place regarding the consolidation of the three school systems. Commissioner Murdock recommended an outside firm to do a study on the possible consolidation. It was also suggested that in the interim period all capital funds be directed toward repair and maintenance of the present buildings and nospecial capital money be appropriated for new buildings. This is because under a consolidation plan, these buildings may not be located in the proper places; and the funds will have been wasted. The county manager, Mr. Deal, suggested that it might be more advisable to go with consolida- ting the three districts into two districts initially. FUNDS FOR THE CHAMBERS OF COMMERCE: Commissioner Crosswhite inquired if the chambers of commerce gave an accounting to the County for the County funds they received. Mr. Deal replied that both chambers did. INCINERATION OF GARBAGE: Commissioner Ostwalt brought up the subject of future incinceration of garbage, stating that eventually the County would use up the landfill they now have. FIRE DISTRICTS: It was pointed out by the county manager that the five -mile fire districts would be on the agenda for board action during the month of January. LAND USE PLANNING: The county manager said the Land Use Planning Program was already underway, so it would not be necessary to add this to the long-range planning program.