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HomeMy WebLinkAboutFebruary 19 2008 Regular MinutesIREDELL COUNTY BOARD OF COMMISSIONERS REGULAR MINUTES FEBRUARY 19, 2008 The Iredell County Board of Commissioners met in Regular Session on Tuesday, February 19, 2008, at 7:00 P.M., in the Iredell County Government Center (Commissioners' Meeting Room), 200 South Center Street, Statesville, NC. Board Members Present Chairman Marvin Norman Vice Chairman Sara Haire Tice Steve Johnson Ken Robertson Godfrey Williams Staff present: County Manager Joel Mashburn, County Attorney Bill Pope, Deputy County Manager Susan Blumenstein, and Clerk to the Board Jean Moore. CALL TO ORDER by Chairman Norman INVOCATION by Commissioner Johnson PLEDGE OF ALLEGIANCE ADJUSTMENTS OF THE AGENDA: MOTION by Commissioner Tice to approve the following agenda adjustments: Addition: Closed Session Pursuant to G.S. 143-318.11 (a) (5) — Property Acquisition Deletion: Request to Provide an Update Regarding the Sharpe Street Storage Building Variance Ruling by the Statesville Board of Adjustment VOTING: Ayes — 5; Nays — 0. APPOINTMENT BEFORE THE BOARD Annual Report from the Adult Care & Nursing Home Advisory Committees: Centralina Council of Governments Ombudsman Cindy Kincaid thanked Ruth Waters, Janet Hall, Brenda Speece, and Evie Caldwell, the committee members who were attending the meeting with with her. Kincaid then described the 2007 activities of the two committees, and she said one problem confronting both groups was having members who fully participated. She said another problem was having full committees. Kincaid invited the commissioners to participate in any future committee visitations. Commissioner Tice thanked the committee members for their work on behalf of the county's elderly citizens. PUBLIC HEARINGS Chairman Norman declared the meeting to be in a public hearing. Consideration of an Economic Development Grant Incentive for the ILMOR Company: Ron Leitch, with the North Carolina Department of Commerce, said the I1MOR Company was interested in locating a facility in Mooresville. Leitch said the company was proposing a $5 to $7 million investment in Iredell County. ILMOR Company representative Ron Brown was also in attendance to answer any questions. No one else desired to speak, and Chairman Norman adjourned the hearing. MOTION by Commissioner Tice to grant the economic development incentive of between $89,000 up to $124,600 (over a five-year period) based on an investment in Iredell County of not less than $5 million and up to $7 million. VOTING: Ayes — 5; Nays — 0. Chairman Norman declared the meeting to be in a public hearing. Consideration of an Economic Development Grant Incentive for Pratt Industries, Inc: County Manager Joel Mashburn said in the past, an economic development incentive had been granted to Pratt Industry based on a $22 million investment. He said the company was proposing an additional $7 million investment, and this would make Pratt eligible for a $124,600 incentive over a five-year period. No one else desired to speak, and Chairman Norman adjourned the hearing. MOTION by Commissioner Johnson to grant the $124,600 economic development incentive for Pratt Industries based upon the additional $7 million investment. VOTING: Ayes — 5; Nays — 0. Chairman Norman declared the hearing to be in a public hearing. Consideration of a Release of Subdivision/Zoning Jurisdiction to the Town of Mooresville for 57.6 Acres of Property (Parcel # 4675-09-2048) Located on Rocky River Road (Proposed site for the new Rocky River Elementary School): Planning and Development Director Ron Smith said the Mooresville Board of Education was planning a new school on Rocky River Road. He said the Town of Mooresville supplied utilities to the area, and for this reason, a request had been made for the release of zoning/subdivision jurisdiction to Mooresville. Smith said the site was designated as residential in the land use plans for both Iredell County and Mooresville, and this designation was appropriate for schools. No one else desired to speak, and Chairman Norman adjourned the hearing. MOTION by Commissioner Johnson to approve the subdivision/zoning jurisdiction release of the 57.6 acres to the Town of Mooresville as requested by the Mooresville Schools. VOTING: Ayes — 5; Nays — 0. ------------------------------------------------CONSENT AGENDA --------------------------------------- MOTION by Commissioner Tice to approve the following eleven consent agenda items. VOTING: Ayes — 5; Nays — 0. 1. Request to Call for a Public Hearing on March 4, 2008 Regarding the Release of Subdivision/Zoning Jurisdiction to the Town of Mooresville for 3.125 Acres Located off Morrison Plantation Boulevard, near Brawley School Road, as Requested by Johnston, Allison & Hord, P.A: A public hearing will be held on March 4 at 7:00 p.m., as requested. 2. Request for Approval of the January 2008 Refunds and Releases: The following releases/refunds, as submitted by Tax Administrator Bill Doolittle, were approved. Releases for the month of January 2008 Breakdown of Releases: County 37,523.75 Solid Waste Fees 515.50 E. Alex. Co. Fire #1 20.44 Shepherd's Fire #2 318.91 Mt. Mourne Fire #3 162.46 All County Fire #4 2,041.75 Statesville City 2,116.65 Statesville Downtown 147.74 Mooresville Town 17,368.23 Mooresville Downtown 79.14 Mooresville School 3,457.39 Love Valley 0.00 2 Harmony 2.07 Troutman 459.24 Davidson 41.50 TOTAL $64,254.77 Refunds for the month of January 2008 Breakdown of Refunds: County $3,024.98 Solid Waste Fees $0.00 E. Alex. Co. Fire #1 $3.98 Shepherd's Fire #2 $7.75 Mt. Mourne Fire #3 $19.21 All County Fire #4 $212.92 Statesville City $322.86 Statesville Downtown $0.00 Mooresville Town $732.83 Mooresville Downtown $0.00 Mooresville School $281.76 Love Valley $0.00 Harmony $0.00 Troutman $0.00 Davidson $0.00 TOTAL $4,606.29 3. Request for Approval to Allow the 2008 Board of Equalization & Review to Convene on Thursday, April 24, 2008 and to Adjourn on Thursday, June 19, 2008: The dates, submitted by the Tax Administrator, are in accordance with G.S. 105-322. 4. Request from the Social Services Department for Approval of Budget Amendment #36 to Appropriate Additional Funds in the Crisis Intervention Program, Daycare Program and Domestic Violence Program: Deputy County Manager Susan Blumenstein said this budget amendment would recognize additional funding for the following programs: $191,184 for the Crisis Intervention Program (assists with home heating/cooling for eligible recipients) $1,163,821 for the Day Care Program (assists with day care for working parents) $2,357 for the Domestic Violence Program (counseling services) 5. Request for Approval of a Corrected Fire District Map Resolution (Insurance District Boundaries): As was explained by Fire Marshal Lloyd Ramsey during the briefing, the fire district resolution was approved on November 20, 2007; however, the North Carolina Office of the State Fire Marshal requested revisions due the names of some of the VFDs not matching what was on file in Raleigh. The corrected resolution is as follows: RESOLUTION APPROVING INSURANCE DISTRICT BOUNDARIES WHEREAS, fire district boundaries for incorporated volunteer fire departments are established by boards of county commissioners pursuant to N.C.G.S. 153A-233, which districts are also used for insurance grading purposes; and WHEREAS, the fire district boundaries in the unincorporated portion of Iredell County need to be revised to change the way they have historically been described from a point to point description to maps created on the GIS system, and to reflect annexations by municipalities in the County; and WHEREAS, the Iredell County Fire Marshal has created new fire insurance district maps using the GIS system for the following fire districts which are incorporated by reference into Exhibit A to this Resolution: B& F, Central School, Cool Springs, County Line, East Alexander, Ebenezer, Harmony, Lake Norman, Lone Hickory, Monticello, Mt Mourne, Sheffield-Calahaln, Shepherds, South Iredell, Trinity, Union Grove, Wayside, West Iredell and WilkesIredell. NOW THEREFORE BE IT RESOLVED that the Iredell County Board of Commissioners approves the boundary lines of the Fire Insurance Districts shown on Exhibit A, and as represented in the scaled GIS produced map certified by the County Fire Marshal referenced in Exhibit A. 3 Note: The VFD names are written to correlate with what is on file in Raleigh, for example: Wilkeslredell, Mt Mourne, and East Alexander (not Stony Point). 6. Request from the Solid Waste Department for Approval of a Three -Year Recycling & Disposal Contract with U.S. Tire Recycling: Solid Waste Director David Lambert said that for the past five years, U.S. Tire Recycling had removed scrap tires from the landfill. He said the current agreement expired in March, and a new contract ($77 a ton for tire removal at the landfill along with $73 a ton for tire removal from the source of generation) was recommended. Lambert said that in accordance with state law, tires could not be disposed of in the landfill. He said the used tires were recycled as playground equipment, fuel, mulch, and some were restored/retreaded. 7. Request from the Solid Waste Department for Approval to Purchase a Used Caterpillar D8R Bulldozer: Solid Waste Director David Lambert requested approval to use $320,625 to purchase a used bulldozer. He said state law allowed for the waiver of bids for used equipment. Lambert said the purchase money would come from solid waste enterprise funds of $150,000 (encumbered in FY 06-07 budget) and the remainder from FY 07-08 depreciable expenses. 8. Request from the Elections Department for Permission to Apply for a 2008 Special Help America Vote Act (HAVA) Grant: Elections Director Becky Galliher requested permission to apply for a $98,204 HAVA grant geared to assist with one-stop voting. She said that if received, there would be an on-going annual software license/hardware maintenance cost of $5,460 for the EVIDs. Galliher said that once the redistricting plan was approved, the Fallstown, and one of the Davidson precincts might be divided. 9. Request for Approval of a Resolution Providing for the Issuance of $5,300,000 General Obligation Community College Bonds, Series 2008: The following resolution was approved for this bond issuance. RESOLUTION PROVIDING FOR THE ISSUANCE OF $5,300,000 GENERAL OBLIGATION COMMUNITY COLLEGE BONDS, SERIES 2008 BE IT RESOLVED by the Board of Commissioners for the County of Iredell: Section 1. The Board of Commissioners has determined and does hereby find and declare: (a) That an order authorizing not exceeding $6,000,000 Community College Bonds was adopted by the Board of Commissioners for the County of Iredell on August 2, 2005, which order was approved by the vote of a majority of the qualified voters of said County at a referendum duly called and held on October 11, 2005. (b) That (i) $700,000 of said Community College Bonds have heretofore been issued as part of an issue of $8,930,000 General Obligation Public Improvement Bonds, Series 2006, dated June 1, 2006, and maturing in annual installments on June 1 of the years 2007 to 2026, inclusive, (it) no notes have been issued in anticipation of the receipt of the proceeds of the sale of the balance of said Community College Bonds, and (iii) it is necessary to issue the balance of said Community College Bonds at this time. (c) That the maximum period of usefulness of the improvements to be undertaken with the proceeds of said bonds to be issued is estimated as a period of not less than 30 years from March 25, 2008, the scheduled delivery date of said bonds to be issued as hereinafter provided, and that such period expires on March 25, 2038. Section 2. Pursuant to said order, there shall be issued bonds of the County of Iredell, North Carolina (the "Issuer") in the aggregate principal amount of $5,300,000, designated "General Obligation Community College Bonds, Series 2008" and dated the date of their delivery (the "Bonds"). The Bonds shall be stated to mature (subject to the right of prior redemption as hereinafter set forth) annually, April 1, $250,000 2009 to 2025, inclusive, $525,000 2026 and $525,000 2027, and shall bear interest at a rate or rates to be determined by the Local Government Commission of North Carolina (the "LGC") at the time the Bonds are sold, which interest to the respective maturities thereof shall be payable on October 1, 2008, and semiannually thereafter on April 1 and October I of each year, until payment of such principal sum. Each Bond shall bear interest from the interest payment date next preceding the date on which it is authenticated unless it is (a) authenticated upon an interest payment date in which event it shall bear interest from such interest payment date or (b) authenticated prior to the first interest payment date in which event it shall bear interest from its date; provided, however, that if at the time of authentication interest is in default, such Bond shall bear interest from the date to which interest has been paid. 4 The principal of and the interest on the Bonds shall be payable in any lawful money of the United States of America on the respective dates of payment thereof. The Bonds will be issued by means of a book -entry system with no physical distribution of Bond certificates to be made except as hereinafter provided. One fully -registered Bond certificate for each stated maturity of the Bonds, registered in the name of Cede & Co., the nominee of The Depository Trust Company, New York, New York ("DTC"), or such other name as may be requested by an authorized representative of DTC, will be issued and required to be deposited with DTC and immobilized in its custody. The book -entry system will evidence beneficial ownership of the Bonds in the principal amount of $5,000 or any multiple thereof, with transfers of beneficial ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. The principal of each Bond shall be payable to Cede & Co. or any other person appearing on the registration books of the Issuer hereinafter provided for as the registered owner of such Bond or his registered assigns or legal representative at the office of the Bond Registrar mentioned hereinafter or such other place as the Issuer may determine upon the presentation and surrender thereof as the same shall become due and payable. Payment of the interest on each Bond shall be made by the Bond Registrar on each interest payment date to the registered owner of such Bond (or the previous Bond or Bonds evidencing the same debt as that evidenced by such Bond) at the close of business on the record date for such interest, which shall be the 15th day (whether or not a business day) of the calendar month next preceding such interest payment date, by check mailed to such person at his address as it appears on such registration books. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC, and transfer of principal and interest payments to beneficial owners of the Bonds by participants of DTC will be the responsibility of such participants and other nominees of such beneficial owners. The Issuer will not be responsible or liable for such transfers of payments or for maintaining, supervising or reviewing records maintained by DTC, its participants or persons acting through such participants. In the event that (a) DTC determines not to continue to act as securities depository for the Bonds or (b) the Director of Finance and Administrative Services of the Issuer determines that continuation of the book -entry system of evidence and transfer of ownership of the Bonds would adversely affect the interests of the beneficial owners of the Bonds, the Issuer will discontinue the book -entry system with DTC. If the Issuer identifies another qualified securities depository to replace DTC, the Issuer will make arrangements with DTC and such other depository to effect such replacement and deliver replacement Bonds registered in the name of such other depository or its nominee in exchange for the outstanding Bonds, and the references to DTC or Cede & Co. in this resolution shall thereupon be deemed to mean such other depository or its nominee. If the Issuer fails to identify another qualified securities depository to replace DTC, the Issuer will deliver replacement Bonds in the form of fully -registered certificates in the denomination of $5,000 or any multiple thereof ("Certificated Bonds") in exchange for the outstanding Bonds as required by DTC and others. Upon the request of DTC, the Issuer may also deliver one or more Certificated Bonds to any participant of DTC in exchange for Bonds credited to its account with DTC. Unless indicated otherwise, the provisions of this resolution that follow shall apply to all Bonds issued or issuable hereunder, whether initially or in replacement thereof. Section 3. The Bonds shall bear the manual or facsimile signatures of the Chairman or Vice Chairman of the Board of Commissioners for the Issuer and the Clerk or any Deputy Clerk to said Board and the official seal or a facsimile of the official seal of the Issuer shall be impressed or printed, as the case may be, on the Bonds. The certificate of the LGC to be endorsed on all Bonds shall bear the manual or facsimile signature of the Secretary of the LGC or any assistant designated by him and the certificate of authentication of the Bond Registrar to be endorsed on all Bonds shall be executed as provided hereinafter. In case any officer of the Issuer or the LGC whose manual or facsimile signature shall appear on any Bonds shall cease to be such officer before the delivery of such Bonds, such manual or facsimile signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any Bond may bear the manual or facsimile signatures of such persons as at the actual time of the execution of such Bond shall be the proper officers to sign such Bond although at the date of such Bond such persons may not have been such officers. No Bond shall be valid or become obligatory for any purpose or be entitled to any benefit or security under this resolution until it shall have been authenticated by the execution by the Bond Registrar of the certificate of authentication endorsed thereon. The Bonds to be registered in the name of Cede & Co. or any other name designated by an authorized representative of DTC and the endorsements thereon shall be in substantially the following forms: UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC'), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. No. R- ...... $.......... United States of America State of North Carolina COUNTY OF IREDELL GENERAL OBLIGATION COMMUNITY COLLEGE BOND, SERIES 2008 Maturity Date Interest Rate CUSIP April 1, 20.. ...% 462668 .... The County of Iredell, North Carolina (the "Issuer"), a political subdivision of the State of North Carolina, is justly indebted and for value received hereby promises to pay to CEDE & CO. or registered assigns or legal representative on the date specified above, upon the presentation and surrender hereof, at the office of the Director of Finance and Administrative Services of the Issuer (the "Bond Registrar"), Iredell County Government Center, 200 South Center Street, Statesville, North Carolina 28677, the principal sum of DOLLARS and to pay interest on such principal sum from the date hereof or from the April I or October 1 next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is an April I or October I to which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on October 1, 2008 and semiannually thereafter on April 1 and October I in each year, at the rate per annum specified above, until payment of such principal sum. The interest so payable on any such interest payment date will be paid to the person in whose name this bond (or the previous bond or bonds evidencing the same debt as that evidenced by this bond) is registered at the close of business on the record date for such interest, which shall be the 15th day (whether or not a business day) of the calendar month next preceding such interest payment date, by check mailed to such person at his address as it appears on the bond registration books of the Issuer. Both the principal of and the interest on this Bond shall be paid in any :awful money of the United States of America on the respective dates of payment thereof. For the prompt payment hereof, both principal and interest as the same shall become due, the faith and credit of the Issuer are hereby irrevocably pledged. This bond is one of an issue of bonds designated "General Obligation Community College Bonds, Series 2008" (the "Bonds") and issued by the Issuer for the purpose of providing funds, together with any other available funds, for financing community college facilities, and this bond is issued under and pursuant to The Local Government Bond Act, as amended, Article 7, as amended, of Chapter 159 of the General Statutes of North Carolina, an order adopted by the Board of Commissioners for the Issuer, which order was approved by the vote of a majority of the qualified voters of the County of Iredell who voted thereon at a referendum duly called and held, and a resolution duly passed by said Board (the "Resolution"). The Bonds maturing prior to April 1, 2019 are not subject to redemption prior to maturity. The Bonds maturing on April 1, 2019 and thereafter may be redeemed, at the option of the Issuer, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than April 1, 2018, at a redemption price equal to 100% of the principal amount of Bonds to be redeemed, plus interest accrued thereon to the date fixed for redemption. If less than all of the Bonds of any one maturity shall be called for redemption, the particular Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot in such manner as the Issuer in its discretion may determine; provided, however, that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or some multiple thereof and that, in selecting Bonds for redemption, each Bond shall be considered as representing that number of Bonds which is obtained by dividing the principal amount of such Bond by $5,000; provided further, however, that, so long as a book -entry system with The Depository Trust Company, New York, New York ("DTC'), is used for determining beneficial ownership of Bonds, if less than all of the Bonds within a maturity are to be redeemed, DTC shall determine by lot the amount of the interest of each DTC direct participant in the Bonds to be redeemed. If less than all of the Bonds shall be called for redemption, the maturities of the Bonds or portions of Bonds to be redeemed shall be determined by the Issuer. Not more than sixty (60) nor less than thirty (30) days before the redemption date of any Bonds to be redeemed, whether such redemption be in whole or in part, the Issuer shall cause a notice of such redemption to be filed with the Bond Registrar and given by certified or registered mail to Cede & Co. at its address appearing upon the registration books of the Issuer. On the date fixed for redemption, notice having been given as aforesaid, the Bonds or portions thereof so called for redemption shall be due and payable at the redemption price provided for the redemption of such Bonds or portions thereof on such date plus accrued interest to such date and, if moneys for payment of such redemption price and the accrued interest have been deposited by the Issuer as provided in the Resolution, interest on the Bonds or the portions thereof so called for redemption shall cease to accrue. If a portion of this Bond shall be 6 called for redemption, a new Bond or Bonds in principal amount equal to the unredeemed portion hereof will be issued to Cede & Co. or its legal representative upon the surrender hereof. Any notice of redemption may state that the redemption to be effected is conditioned upon the receipt by the Issuer, on or prior to the redemption date, of moneys sufficient to pay the redemption price of and interest on the Bonds to be redeemed and that if such moneys are not so received, such notice shall be of no force or effect and such Bonds shall not be required to be redeemed. In the event that such notice contains such a condition and moneys sufficient to pay the redemption price of and interest on such Bonds are not received by the Issuer on or prior to the redemption date, the redemption shall not be made and the Issuer shall within a reasonable time thereafter give notice, in the manner in which the notice of redemption was given, that such moneys were not so received. The Bonds are being issued by means of a book -entry system with no physical distribution of bond certificates to be made except as provided in the Resolution. One Bond certificate with respect to each date on which the Bonds are stated to mature, in the aggregate principal amount of the Bonds stated to mature on such date and registered in the name of Cede & Co., a nominee of DTC, is being issued and required to be deposited with DTC and immobilized in its custody. The book -entry system will evidence ownership of the Bonds in the principal amount of $5,000 or any multiple thereof, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC, and transfer of principal and interest payments to beneficial owners of the Bonds by participants of DTC will be the responsibility of such participants and other nominees of such beneficial owners. The Issuer will not be responsible or liable for such transfers of payments or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. In certain events, the Issuer will be authorized to deliver replacement Bonds in the form of fully -registered certificates in the denomination of $5,000 or any multiple thereof in exchange for the outstanding Bonds as provided in the Resolution. At the office of the Bond Registrar, in the manner and subject to the conditions provided in the Resolution, Bonds may be exchanged for an equal aggregate principal amount of Bonds of the same maturity, of authorized denominations and bearing interest at the same rate. The Bond Registrar shall keep at her office the books of the Issuer for the registration of transfer of Bonds. The transfer of this Bond may be registered only upon such books and as otherwise provided in the Resolution upon the surrender hereof to the Bond Registrar together with an assignment duly executed by the registered owner hereof or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar. Upon any such registration of transfer, the Bond Registrar shall deliver in exchange for this Bond a new Bond or Bonds, registered in the name of the transferee, of authorized denominations, in an aggregate principal amount equal to the unredeemed principal amount of this Bond, of the same maturity and bearing interest at the same rate. The Bond Registrar shall not be required to exchange or register the transfer of any Bond during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice of redemption of Bonds or any portion thereof and ending at the close of business on the day of such mailing or of any Bond called for redemption in whole or in part pursuant to the Resolution. It is hereby certified and recited that all acts, conditions and things required by the Constitution and laws of North Carolina to happen, exist and be performed precedent to and in the issuance of this Bond have happened, exist and have been performed in regular and due form and time as so required; that provision has been made for the levy and collection of a direct annual tax upon all taxable property within the boundaries of the Issuer sufficient to pay the principal of and the interest on this Bond as the same shall become due; and that the total indebtedness of the Issuer, including this Bond, does not exceed any constitutional or statutory limitation thereon. This Bond shall not be valid or become obligatory for any purpose or be entitled to any benefit or security under the Resolution until this Bond shall have been authenticated by the execution by the Bond Registrar of the certificate of authentication endorsed hereon. IN WITNESS WHEREOF, the Issuer, by resolution duly passed by its Board of Commissioners, has caused this bond to be manually signed by the Chairman of said Board and the Clerk to said Board and its official seal to be impressed hereon, all as of the 25th day of March, 2008. Chairman of the Board of Commissioners Clerk to the Board of Commissioners 7 CERTIFICATE OF LOCAL GOVERNMENT COMMISSION The issuance of the within bond has been approved under the provisions of The Local Government Bond Act of North Carolina. Secretary, Local Government Commission CERTIFICATE OF AUTHENTICATION This bond is one of the Bonds of the series designated herein and issued under the provisions of the within -mentioned Resolution. Date of authentication: Director of Finance and Administrative Services of the County of Iredell, North Carolina, M ASSIGNMENT as Bond Registrar Authorized Signatory FOR VALUE RECEIVED the undersigned registered owner thereof hereby sells, assigns and transfers unto the within bond and all rights thereunder and hereby irrevocably constitutes and appoints attorney to register the transfer of said bond on the books kept for registration thereof, with full power of substitution in the premises. Date: Signature Guaranteed: NOTICE: Signature(s) must be guaranteed by an institution which is a participant in the Securities Transfer Agent Medallion Program (STAMP) or similar program. NOTICE: The assignor's signature to this assignment must correspond with the name as it appears upon the face of the within bond in every particular, without alteration or enlargement or any change whatever. Certificated Bonds issuable hereunder shall be in substantially the form of the Bonds registered in the name of Cede & Co. with such changes as are necessary to reflect the provisions of this resolution that are applicable to Certificated Bonds. Section 4. The Bonds maturing prior to April 1, 2019 will not be subject to redemption prior to maturity. The Bonds maturing on April 1, 2019 and thereafter will be redeemable, at the option of the Issuer, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than April 1, 2018, at a redemption price equal to 100% of the principal amount of Bonds to be redeemed, plus interest accrued thereon to the date fixed for redemption. If less than all of the Bonds of any one maturity shall be called for redemption, the particular Bonds or portions of Bonds of such maturity to be redeemed shall be selected by lot in such manner as the Issuer in its discretion may determine; provided, however, that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or some multiple thereof and that, in selecting Bonds for redemption, each Bond shall be considered as representing that number of Bonds which is obtained by dividing the principal amount of such Bond by $5,000; provided further, however, that, so long as a book -entry system with DTC is used for determining beneficial ownership of Bonds, if less than all of the Bonds within a maturity are to be redeemed, DTC shall determine by lot the amount of the interest of each DTC direct participant in the Bonds to be redeemed. If less than all of the Bonds shall be called for redemption, the maturities of the Bonds or portions of Bonds to be redeemed shall be determined by the Issuer. Not more than sixty (60) nor less than thirty (30) days before the redemption date of any Bonds to be redeemed, whether such redemption be in whole or in part, the Issuer shall cause a notice of such redemption to be filed with the Bond Registrar and to be mailed, postage prepaid, to the registered owner of each Bond to be redeemed in whole or in part at his address appearing upon the registration books of the Issuer, provided that such notice to Cede & Co. shall be given by certified or registered mail. Failure to mail such notice or any defect therein shall not affect the validity of the redemption as regards registered owners to whom such notice was given as required hereby. Each such notice shall set forth the date designated for redemption, the redemption price to be paid and the maturities of the Bonds to be redeemed. In the event that Certificated Bonds are outstanding, each such notice to the registered owners thereof shall also set forth, if less than all of the Bonds of any maturity then outstanding shall be called for redemption, the distinctive numbers and letters, if any, of such Bonds to be redeemed and, in the case of any Bond to be redeemed in part only, the portion of the principal amount thereof to be redeemed. If any Bond is to be redeemed in part only, the notice of redemption shall state also that on or after the redemption date, upon surrender of such Bond, a new Bond or Bonds in principal amount equal to the unredeemed portion of such Bond will be issued. Any notice of redemption may state that the redemption to be effected is conditioned upon the receipt by the Issuer, on or prior to the redemption date, of moneys sufficient to pay the redemption price of and interest on the Bonds to be redeemed and that if such moneys are not so received, such notice shall be of no force or effect and such Bonds shall not be required to be redeemed. In the event that such notice contains such a condition and moneys sufficient to pay the redemption price of and interest on such Bonds are not received by the Issuer on or prior to the redemption date, the redemption shall not be made and the Issuer shall within a reasonable time thereafter give notice, in the manner in which the notice of redemption was given, that such moneys were not so received. On or before the date fixed for redemption, moneys shall be deposited with the Bond Registrar to pay the redemption price of the Bonds or portions thereof called for redemption as well as the interest accruing thereon to the redemption date thereof. On the date fixed for redemption, notice having been given in the manner and under the conditions hereinabove provided, the Bonds or portions thereof called for redemption shall be due and payable at the redemption price provided therefor, plus accrued interest to such date. If moneys sufficient to pay the redemption price of the Bonds or portions thereof to be redeemed, plus accrued interest thereon to the date fixed for redemption, have been deposited by the Issuer to be held in trust for the registered owners of Bonds or portions thereof to be redeemed, interest on the Bonds or portions thereof called for redemption shall cease to accrue, such Bonds or portions thereof shall cease to be entitled to any benefits or security under this resolution or to be deemed outstanding, and the registered owners of such Bonds or portions thereof shall have no rights in respect thereof except to receive payment of the redemption price thereof, plus accrued interest to the date of redemption. If a portion of a Bond shall be selected for redemption, the registered owner thereof or his attorney or legal representative shall present and surrender such Bond to the Bond Registrar for payment of the principal amount thereof so called for redemption, and the Bond Registrar shall authenticate and deliver to or upon the order of such registered owner or his legal representative, without charge therefor, for the unredeemed portion of the principal amount of the Bond so surrendered, a Bond or Bonds of the same maturity, of any denomination or denominations authorized by this resolution and bearing interest at the same rate. Section 5. Bonds, upon surrender thereof at the office of the Bond Registrar together with an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar, may, at the option of the registered owner thereof, be exchanged for an equal aggregate principal amount of Bonds of the same maturity, of any denomination or denominations authorized by this resolution and bearing interest at the same rate. The transfer of any Bond may be registered only upon the registration books of the Issuer upon the surrender thereof to the Bond Registrar together with an assignment duly executed by the registered owner or his attorney or legal representative in such form as shall be satisfactory to the Bond Registrar. Upon any such registration of transfer, the Bond Registrar shall authenticate and deliver in exchange for such Bond a new Bond or Bonds, registered in the name of the transferee, of any denomination or denominations authorized by this resolution, in an aggregate principal amount equal to the unredeemed principal amount of such Bond so surrendered, of the same maturity and bearing interest at the same rate. In all cases in which Bonds shall be exchanged or the transfer of Bonds shall be registered hereunder, the Bond Registrar shall authenticate and deliver at the earliest practicable time Bonds in accordance with the provisions of this resolution. All Bonds surrendered in any such exchange or registration of transfer shall forthwith be cancelled by the Bond Registrar. The Issuer or the Bond Registrar may make a charge for shipping and out-of-pocket costs for every such exchange or registration of transfer of Bonds sufficient to reimburse it for any tax or other governmental charge required to be paid with respect to such exchange or registration of transfer, but no other charge shall be made by the Issuer or the Bond Registrar for exchanging or registering the transfer of Bonds under this resolution. The Bond Registrar shall not be required to exchange or register the transfer of any Bond during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a notice of redemption of Bonds or any portion thereof and ending at the close of business on the day of such mailing or of any Bond called for redemption in whole or in part pursuant to Section 4 of this resolution. As to any Bond, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal or redemption price of any such Bond and the interest on any such Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and 9 effectual to satisfy and discharge the liability upon such Bond, including the interest thereon, to the extent of the sum or sums so paid. The Issuer shall appoint such registrars, transfer agents, dcpositarics or other agents as may be necessary for the registration, registration of transfer and exchange of Bonds within a reasonable time according to then current commercial standards and for the timely payment of principal and interest with respect to the Bonds. The Director of Finance and Administrative Services of the Issuer is hereby appointed the registrar, transfer agent and paying agent for the Bonds (collectively the "Bond Registrar"), subject to the right of the governing body of the Issuer to appoint another Bond Registrar, and as such shall keep at her office the books of the Issuer for the registration, registration of transfer, exchange and payment of the Bonds as provided in this resolution. Section 6. The Issuer covenants that, to the extent permitted by the Constitution and laws of the State of North Carolina, it will comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), except to the extent that the Issuer obtains an opinion of bond counsel to the effect that noncompliance would not result in interest on the Bonds being includable in gross income of the owners of the Bonds for purposes of federal income taxation. Section 7. The Issuer hereby undertakes, for the benefit of the beneficial owners of the Bonds, to provide: (a) by not later than seven months from the end of each fiscal year of the Issuer, commencing with the fiscal year ending June 30, 2008, to each nationally recognized municipal securities information repository ("NRMSIR") and to the state information depository for the State of North Carolina ("SID"), if any, audited financial statements of the Issuer for such fiscal year, if available, prepared in accordance with Section 159-34 of the General Statutes of North Carolina, as it may be amended from time to time, or any successor statute, or, if such audited financial statements of the Issuer are not available by seven months from the end of such fiscal year, unaudited financial statements of the Issuer for such fiscal year to be replaced subsequently by audited financial statements of the Issuer to be delivered within 15 days after such audited financial statements become available for distribution; (b) by not later than seven months from the end of each fiscal year of the Issuer, commencing with the fiscal year ending June 30, 2008, to each NRMSIR, and to the SID, if any, (i) the financial and statistical data as of a date not earlier than the end of the preceding fiscal year for the type of information included under the heading "The County - Debt Information and - Tax Information" (excluding information on underlying units) in the Official Statement relating to the Bonds and (ii) the combined budget of the Issuer for the current fiscal year, to the extent such items are not included in the audited financial statements referred to in (a) above; (c) in a timely manner, to each NRMSIR or to the Municipal Securities Rulemaking Board ("MSRB"), and to the SID, if any, notice of any of the following events with respect to the Bonds, if material: (1) principal and interest payment delinquencies; (2) non-payment related defaults; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on any credit enhancements reflecting financial difficulties; (5) substitution of any credit or liquidity providers, or their failure to perform; (6) adverse tax opinions or events affecting the tax-exempt status of the Bonds; (7) modification to the rights of the beneficial owners of the Bonds; (8) call of any of the Bonds for redemption; (9) defeasance of any of the Bonds; (10) release, substitution or sale of property securing repayment of the Bonds; and (11) rating changes; and (d) in a timely manner, to each NRMSIR or to the MSRB, and to the SID, if any, notice of a failure of the Issuer to provide required annual financial information described in (a) or (b) above on or before the date specified. To the extent permitted by the U.S. Securities and Exchange Commission, the Issuer may discharge the undertaking described above by transmitting electronically such financial statements, financial and statistical information and notices to www.diselosureusa.org. 10 If the Issuer fails to comply with the undertaking described above, any beneficial owner of the Bonds then outstanding may take action to protect and enforce the rights of beneficial owners with respect to such undertaking, including an action for specific performance; provided, however, that failure to comply with such undertaking shall not be an event of default and shall not result in any acceleration of payment of the Bonds. The Issuer reserves the right to modify from time to time the information to be provided to the extent necessary or appropriate in the judgment of the Issuer, provided that: (a) any such modification may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of the Issuer; (b) the information to be provided, as modified, would have complied with the requirements of Rule 15c2-12 issued under the Securities Exchange Act of 1934 ("Rule 15c2- 12") as of the date of the Official Statement, after taking into account any amendments or interpretations of Rule I5c2-12, as well as any changes in circumstances; and (c) any such modification does not materially impair the interests of the beneficial owners, as determined either by parties unaffiliated with the Issuer (such as bond counsel), or by approving vote of the registered owners of not less than a majority in principal amount of the Bonds then outstanding pursuant to the terms of this bond resolution, as it may be amended from time to time. The Issuer agrees that the annual financial information containing the amended operating data or financial information will explain, in narrative form, the reasons for the amendments and the impact of the change in the type of operating data or financial information being provided. The provisions of this Section 7 shall terminate upon payment, or provision having been made for payment, in a manner consistent with Rule I5c2-12, in full of the principal of and interest on all of the Bonds. Section 8. The actions of the Director of Finance and Administrative Services of the Issuer in applying to the LGC to sell the Bonds and the LGC in asking for sealed bids for the Bonds by distributing a notice of sale and a Preliminary Official Statement relating to the Bonds are hereby approved. Such Preliminary Official Statement, to be dated February 22, 2008 and in substantially the form presented at this meeting, is hereby approved, and the Chairman of the Board of Commissioners, the County Manager and the Director of Finance and Administrative Services of the Issuer are each hereby authorized to approve the Official Statement, in substantially the form of the Preliminary Official Statement, including changes necessary to reflect the interest rates on the Bonds, the offering prices of the Bonds and any credit enhancement for the Bonds purchased by the successful bidder, and to execute such Official Statement for and on behalf of the Issuer. Section 9. This resolution shall take effect upon its passage. 10. Request for Approval of a Resolution Recognizing 2008 as the Centennial Year for the North Carolina Association of County: All 100 North Carolina counties have been asked to approve a resolution in observance of the NCACC's 100`x' anniversary celebration. A copy of the resolution will be sent to the organization for its centennial records. Joint Resolution Recognizing the North Carolina Association of County Commissioners' Centennial Year WHEREAS, the North Carolina Association of County Commissioners is an advocacy and service organization made up of all one -hundred (100) North Carolina counties; and WHEREAS, the active participation and engagement of all 100 counties have helped to direct, strengthen, and enhance the Association; and WHEREAS, the dedication and talents of individual county commissioners and county staff have led the Association's success in advocacy, county -centered services, and educational programs; and WHEREAS, an informal agreement to form the Association was made by a handful of county commissioners who, at the request of Craven County Commissioner C.E. Foy, met in New Bern in 1908, to discuss county issues of common interest; and WHEREAS, the first session of the unofficial Association was held at the Atlantic Hotel in Morehead City on August 19, 1908, where C.E. Foy was elected as president; and WHEREAS, the North Carolina General Assembly passed an act on March 8, 1909 establishing the Association on behalf of counties. NOW, THEREFORE BE IT RESOLVED, that the North Carolina Association of County Commissioners and the Iredell County Board of Commissioners, jointly recognize and celebrate "100 Years of County Unity" in tribute to the Association's Centennial. NOW, THEREFORE BE IT RESOLVED, that the Association communicates its copy of this joint resolution to the Iredell County Board of Commissioners; and FURTHER, BE IT RESOLVED, that the Iredell County Board of County Commissioners communicates its copy of this joint resolution to the North Carolina Association of County Commissioners. This the 19'h day of February 2008. 11. Request for Approval of the February 5, 2008 Minutes END OF CONSENT AGENDA APPOINTMENTS TO BOARDS & COMMISSIONS Adult Care Home Community Advisory Committee (3 appointments): Commissioner Robertson nominated Evie Caldwell. MOTION by Chairman Norman to appoint Caldwell by acclamation. VOTING: Ayes — 5; Nays — 0. MOTION by Commissioner Tice to postpone the remaining two appointments until the March 4 meeting. VOTING: Ayes- 5; Nays — 0. Statesville Planning Board (ETJ) (1 appointment): MOTION by Commissioner Johnson to postpone this appointment until the March 4 meeting. VOTING: Ayes — 5; Nays — 0. Nursing Home Advisory Committee (5 appointments): Commissioner Tice nominated Dr. Alan Singerman. MOTION by Chairman Norman to appoint Singerman by acclamation. VOTING: Ayes — 5; Nays — 0. MOTION by Commissioner Tice to postpone the remaining four appointments until the March 4 meeting. VOTING: Ayes — 5; Nays — 0. Criminal Justice Partnership Program Committee (1 appointment): MOTION by Commissioner Robertson to postpone this appointment until the March 4 meeting. VOTING: Ayes — 5; Nays — 0. Animal Grievance Committee (1 appointment): Commissioner Williams nominated Dr. James Cartner. MOTION by Chairman Norman to appoint Cartner by acclamation. VOTING: Ayes — 5; Nays — 0. Comprehensive Land Use Plan Oversight Committee (10 appointments): Commissioner Robertson nominated Skip Weber and Don Bartell. 12 Commissioner Tice nominated Mike Johnson. Commissioner Johnson nominated Doug Madison. Commissioner Williams nominated Bill Finch and Vaughn Sprinkle. MOTION by Chairman Norman to appoint Weber, Bartell, M. Johnson, Madison, Findt, and Sprinkle by acclamation. VOTING: Ayes — 5; Nays — 0. MOTION by Commissioner Tice to appoint Jerry Samoni, Anita Johnson, and Harry Tsumas, the three planning board members who are willing to serve on the oversight committee. VOTING: Ayes — 5; Nays — 0. Note: A member of the Farmland Preservation Board will also be appointed. (This individual has yet to be identified.) PUBLIC COMMENT PERIOD PROPERTY TAXES: Patty Broderick, a resident of 105 Quail Lane, Mooresville, NC, expressed concerns about the county's tax structure. She said many elderly citizens on fixed incomes were finding it difficult to pay rising property taxes. Broderick said her property taxes had increased 67 percent in the past three years, and she could see where some people would have to "sell out paid -for homes due to the lack of ability to continue to pay rising taxes." She continued by saying her home was built 14 years ago at a $286,000 cost, but now, after many new homes had been built in her neighborhood, the property was valued at over $500,000. Mrs. Broderick requested the board to consider senior citizens when reviewing taxation this year. In addition, she mentioned California's Proposition 13 which did not allow tax increases unless the property was sold. She said the new owners then paid the higher taxes due to updated appraisals. Broderick suggested that something similar to this measure be considered. NEW BUSINESS AIRPORT TAX BASE: Commissioner Johnson said that a recent aviation meeting, it was stated that as of January 1, 2008, the Statesville Regional Airport had a tax base of $276 million. HIGHWAY 3 CORRIDOR PLAN: Commissioner Robertson said he was the board's representative on the Hwy 3 committee, and a recommendation from the group was scheduled for this summer. He mentioned concerns about waiting this long before the enactment of any growth control measures for this stretch of roadway occurred. Robertson then requested Planning/Development Director Ron Smith to address the board and to share information about possible options the board could immediately take. Smith said the study wouldn't be completed for six to eight months, and then the implementation period would last approximately another two months. He then discussed the following growth control options: 1. Moratorium (He said this was fairly draconian though.) 2. Do nothing (There's not much development pressure at the present.) 3. Implement a Roadway Protection Overlay (RPO). 4. Rezone to large lot rezoning districts (Smith said this was somewhat draconian too.) 5. New rezonings could be temporarily be halted 6. Usage of current policy; however, there would not be higher densities. 7. Adopt Mooresville's Comprehensive Transportation Plan (This already includes parts of the county.) 13 Commissioner Johnson asked Attorney Pope about the legality of refusing new rezonings in the area. Attorney Pope said he would prefer for any measures to leave a little leeway in the interpretation. As an example, he said verbiage might indicate rezonings could not occur unless there were unusual circumstances. Commissioner Johnson said all parties involved needed to have a clear understanding on which entity provided the water service. Smith said the water issue would probably be discussed. He said the City of Kannapolis had actively pursued annexations, and the city's jurisdiction almost extended to the county line. Johnson asked if Kannapolis planned to extend sewer. Smith said he didn't know. Commissioner Tice said a consensus of all parties (Kannapolis, Cabarrus County, Mooresville, and Iredell County) was needed. She asked if the group appeared to be working towards a consensus. Smith said it would be beneficial to at least be in agreement with Mooresville. Tice agreed. Robertson said he didn't know if all four entities could come to a consensus or not, especially in the timeframe. He said the committee was trying to devise a plan, but Iredell County had the largest land mass that could be hurt. Robertson mentioned Perth Road, and he reminded everyone that by the time a study was completed for that roadway it was useless. Chairman Norman suggested that Commissioner Robertson and Mr. Smith discuss the issue with Attorney Pope and to return to the board with a recommendation. Commissioner Tice emphasized the need to work with the Mooresville officials on the matter. (Action: Robertson and Smith will discuss the matter with Pope as suggested by Chairman Norman and return to the board with a recommendation.) COUNTY MANAGER'S REPORT: County Manager Mashburn reminded everyone about the Winter Planning Session on February 22 and February 23. CLOSED SESSION: MOTION by Chairman Norman at 8:00 P.M., to enter into closed session pursuant to G.S. 143-318.11 (a) ( 5) — Property Acquisition and G.S. 143-318.11 (a) (4) Economic Development. The motion was seconded by Commissioner Johnson. VOTING: Ayes — 5; Nays — 0. (RETURN TO OPEN SESSION AT 8:50 P.M.) ADJOURNMENT: MOTION by Chairman Norman to adjourn the meeting at 8:50 P.M. (NEXT MEETING: Winter Planning Session on February 22 & 23, 2008, at the Agriculture Resource Center, 444 Bristol Drive, Statesville, N.C.) VOTING: Ayes — 5; Nays — 0. Approval: 14 Clerk to the Board