HomeMy WebLinkAboutC.054.93009_1657§tum y Creek LLC: Release of a cash bond (#7428) for Harbor View Subkdivision Section IV
& V being held in the amount of $2,200.
t aka Norman Properties: Release of the balance of a cash bond (0904) for Harbor Watch
Section I Subdivision being held in the amount of $81,100.
VOTING: Ayes - 5; Nays - 0.
MOTION by Commissioner Stewart to approve the following Letter of Credit that was
described and recommended for approval by the planning supervisor.
Krom Financial $ervioes: A Letter of Credit (#97-138) is being held for the Oak Brook
Subdivision in the amount of $203,093.
VOTING: Ayes - 5; Nays - 0.
REQUEST FOR APPROVAL OF PLAT (LAND SWAP) IN REFERENCE TO LAKE
WAY ROADIMOORESVILLETRANSFERSTATION: The county manager said this finalized
some action that was taken some time ago. The land swap was done in an effort to develop the
property better. Recently, it came to the County's attention that the deeds had been recorded, but
the plat had not. This is required of the board of commissioners along with the Mooresville Town
Board. Attorney Pope said he had reviewed the plat and it was in order. He recollected that when
the land transfer was done that the final engineering had not been completed and this is why the
mylar plat was not approved at that time.
MOTION by Commissioner Boone to approve the mylar plat of the referenced area
VOTING: Ayes - 5; Nays - 0.
REQUEST FOR APPROVAL OF IREDELL MEMORIAL HOSPITAL'S
REFINANCING BOND DOCUMENTS: Attorney Pope briefed the board on the legalities
involved in this procedure. He mentioned that Iredell Memorial borrowed some funds in 1987 and
can now refinance at a substantial savings. The reason Iredell County is involved is because it owns
the land where the hospital is situated. The bonds are secured and payable by the net revenues of
the hospital. In the 1950s, a long-term lease was done. This lease will be superseded with another
one during the duration of the bond indebtedness. The Local Government Commission will
determine the interest rate. Mr. Pope advised that the Order was in order for approval. Chairman
Haire then introduced the following Order, a copy of which had previously been provided for each
Commissioner.
AN ORDER AUTHORIZING THE ISSUANCE AND SALE
UNDER THE PROVISIONS OF THE STATE AND LOCAL
GOVERNMENT REVENUE BOND ACT, AS AMENDED, OF
COUNTY OF IREDELL, NORTH CAROLINA, IREDELL
MEMORIAL HOSPITAL REVENUE BONDS, SERIES 1997,
AND AUTHORIZING THE EXECUTION AND DELIVERY
OF CERTAIN DOCUMENTS IN CONNECTION THEREWITH
BE IT ORDERED by the Board of Commissioners for the County of Iredeli, North Carolina
(the "County"):
Section 1. The Board of Commissioners does hereby find and determine as follows:
(a) The County has determined to issue its Iredell Memorial Hospital Revenue Bonds, Series
1997 (the "Series 1997 Bonds"), in an aggregate principal amount not to exceed $22,000,000, for the
purpose of providing funds, together with other available funds, to (1) refund the County's
outstanding Iredell Memorial Revenue Refunding Bonds, Series 1987, (2) finance (a) the
construction of improvements to the hospital facilities owned by the County and operated by Iredell