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HomeMy WebLinkAboutFebruary 3 2015 Regular MinutesIREDELL COUNTY BOARD OF COMMISSIONERS REGULAR MINUTES February 3, 2015 The Iredell County Board of Commissioners met in regular session on Tuesday, February 3, 2015, at 7:00 PM, in the Iredell County Government Center (Commissioners' Meeting Room), 200 South Center Street, Statesville, NC. (A pre -agenda discussion was held at 5:00 PM in the South Wing Conference Room) Board Members Present Chairman James B. Mallory, III Vice Chairman Marvin Norman Tommy Bowles Steve Johnson Ken Robertson Staff present: County Manager Ron Smith, County Attorney Bill Pope, Deputy County Manager Beth Dirks, Finance Director Susan G. Robertson, Public Safety Coordinator David Saleeby, and Clerk to the Board Retha Gaither. CALL TO ORDER by Chairman Mallory. INVOCATION by Commissioner Steve Johnson. PLEDGE OF ALLEGIANCE led by Scout Ben Gibson of Boy Scout Troop 332. ADJUSTMENTS OF THE AGENDA: County Manager Ron Smith had no adjustments to the agenda but announced that the public hearing for Project Gallahad, which was approved on January 20, will be held on February 17, 2015. PRESENTATION OF SPECIAL RECOGNITIONS & AWARDS (None) APPOINTMENTS BEFORE THE BOARD (None) PUBLIC HEARINGS Chairman Mallory declared the public hearing open. Request from the Planning Division to Consider a Request from GA Airport, LLC to Rezone 6.21 Acres at 129, 141, and 149 Yeager Road, Mooresville: Planning Director Matthew Todd said a new site plan has been submitted. Changes were made in the area adjacent to the existing fuel tank and the entrance. The entrance area has been designated for signage in regard to the proposed safety plan. The other area is designated for a future median if the property moved away from aviation uses. Also, the applicant has agreed to remove restaurants, recreational 1 clrlla it3, I015 facilities, public dance/aerobic studios and schools, and martial arts instruction schools. The applicant will have a safety plan in place, approved by the County's Emergency Management Director, if any of the listed uses that are non -aviation related were to take place on the property in the future. Those uses are equipment rental/leasing; utility company offices, race shops, and wholesaling, which may be prior to the property ceasing aviation uses. For other non -aviation uses, such as automobile rental/leasing, automobile repair, boat dealers, schools, and recreation facilities, the owner would have to submit an affidavit stating the property has ceased aviation uses. The proposed safety plan would include signage, signaling, and operational procedures to increase pilot safety and public awareness in order to limit the comingling traffic with the existing taxiway. At the previous meeting, some of the other concerns where dealing with the speculative aspects in relation to the Iredell County Code. The General Statutes don't say anything regarding speculative aspects, it is strictly in the County Code. In 2005, the General Statutes allowed conditional zoning to begin. However, in 2008 the County transitioned from conditional use zoning, which was a quasi-judicial process, to the legislative process of conditional zoning. This requires a public input meeting prior to appearing before the planning board that wasn't required with the previous process. It also requires that a site plan specific be submitted for review. That site plan specific satisfies the Iredell County Land Development Code which requests the conditional zoning not be speculative. Another concern was the 18 -month provision on conditional zoning, which was originally intended for raw land. It allows another review to consider any changes in the community. However, the provision really isn't applicable for property that is already developed with buildings in -use. County Attorney Bill Pope stated he had reviewed this mater in-depth, conducted relevant legal research, and spoke to authorities at the NC School of Government and concurs with the decision of the staff. The speculative language is in the "intent or purpose" section of the ordinance. There is case law saying that the language of the ordinance trumps language of the intent or purpose section. Lee Moritz and Adge Hudson presented amended concessions to the application in effort to minimize risk. They have met with Mr. Porter concerning the landscape buffer behind 149 Yeager and the Facilities Engineer is working on that issue which will be corrected as soon as possible. He realizes this is not a perfect plan for everyone but it is a step in the right direction versus a straight M2. GA Airport has never wavered from their word or action. They will continue to be good corporate citizens with the desire to be good neighbors and continue to grow in the business for years to come. Chairman Mallory asked if there were plans in the next 18-24 months to bring in a race shop. Adge Hudson stated that GA Airport is in the leasing business, but, at the moment there is no race shop in the works. However, it is a viable opportunity should something change. The following citizens spoke against the rezoning sighting issues such as safety, leasing to a race shop in a residential airpark, berms/buffers, hours of operation, decibel levels, tourists, Lake Norman easement, non -aviation items, commercialization, quality of life/homeowners, i ehllliIN r.'01 2 unrestricted zoning, water pollution, sale of jet fuel: David Parker, May Frost, Mark Mayerchak, Harry Grimmer, Lisa Jones, Russell Jones, Robb Porter, and Jake Atteberry. Commissioner Steve Johnson asked to clarify that the applicant was in agreement to take care of the berm mentioned by Mr. Robb Porter. David Woodard, Engineer, stated he had just received two quotes for the berm and assures the Board it will be completed. Chairman Mallory asked if there were plans to sell jet fuel and can jets be accommodated at the airfield. Hudson said it was not practical for jets to be in/out of Lake Norman Airport. However, there are several home owners that run turbine aircraft which uses that type of fuel and have purchased that fuel in the past. As a practical matter, making money on any aviation type fuel sales or aviation type fixed base operator (FBO) business is not in the business model. Moritz said they have a mobile fuel truck that has JET A in it, but 99% goes into their own aircraft. They have offered it for sale but have not sold a lot. Chairman Mallory asked if there is a restriction on the type of fuel being sold. Hudson said there is an area that is part of the M2 conditional that allows fuel 100 low lead only. The jet fuel mobile truck is kept in the unrestricted area. Chairman Mallory asked if they were willing to entertain any of the other concerns or additional restrictions mentioned. Moritz said no. Commissioner Tommy Bowles asked for the definition of JET A fuel. Moritz said it is a high grade diesel fuel. He also stated they have not accepted any economic incentives or money from the State of North Carolina or Iredell County. The incentive grant is performance based on investments and job creation. Commissioner Tommy Bowles thanked the staff and Attorney Bili Pope for all the time they have labored in this. It appears that restaurants, recreational facilities, public dance studios and schools including aerobics and martial arts instruction have been taken out since the last review. The permitted uses that remain will be accompanied with an emergency management plan if the aviation use ceases. He believes the staff and legal team have gone to great lengths to work with the applicant to satisfy some of the concerns mentioned by citizens. He believes enough of the concerns have been addressed. MOTION by Commissioner Tommy Bowles to recommend in favor of the zoning map amendment and to advise that though it is inconsistent with the Iredell County 2030 Horizon Plan I c:N it1 . 201 5 3 it is reasonable and in the public interest because it unifies the property into one consistent zoning district, it is a conditional zoning request and is site plan specific, it will eliminate more intense uses currently allowed by right in two hangars and potential traffic impacts should not come close to capacity. VOTING: Ayes — 5; Nays — 0 Commissioner Steve Johnson asked that it be noted, the applicant has agreed to complete the berm as originally requested although not required by the ordinance. The Chairman closed the public hearing. ADMINISTRATIVE MATTERS (Consent Agenda) County Manager Ron Smith summarized the following items that were placed on the consent agenda at the 5:00 PM pre -agenda meeting. Request from the Finance Department to Adopt a Resolution Providing for the Issuance of Taxable General Obligation School Bonds: Finance Director Susan Robertson stated this is for the adoption of a resolution providing for the issuance of $12,700,000 taxable general obligation bonds. These will be used as qualified school construction bonds which were authorized as a part of the ERA Act. The interest will be paid at the date they are sold on February 17, 2015. A refund we will received from the US Treasury for almost 100% of the interest paid on that $12.7 million. The $12.7 million is intended to fund Cool Spring Elementary School. RESOLUTION PROVIDING FOR THE ISSUANCE OF $12,700,000 TAXABLE GENERAL OBLIGATION SCHOOL BONDS (QUALIFIED SCHOOL CONSTRUCTION BONDS), SERIES 2015A BE IT RESOLVED by the Board of Commissioners (the "Board") for the County of Iredell, North Carolina (the "County"): Section 1. The Board has determined and does hereby find and declare as follows: (a) An order authorizing $119,500,000 School Bonds was adopted by the Board for the County on August 5, 2014, which order was approved by the vote of a majority of the qualified voters of the County who voted thereon at a referendum duly called and held on November 4, 2014. None of said bonds have heretofore been issued, no further notes have been issued in anticipation of the receipt of the proceeds of the sale of said bonds, and it is necessary to issue $13,500,000 of such School Bonds at this time. The maximum period of usefulness of the school facilities improvements to be provided with the proceeds of said bonds is estimated as a period of forty (40) years from March 10, 2015, the date of the Series 2015A Bonds for school facilities improvements authorized hereby, and that such period expires on March 10, 2055. (b) The County has received volume cap allocation from the North Carolina Department of Public Instruction to issue "qualified school construction bonds" pursuant to the provisions of Section 54F of the Internal Revenue Code of 1986, as amended (the "Code") in the aggregate amount of $12,700,000 to provide financing for the construction, reconstruction or repair of public school facilities, or the acquisition of land on which such facilities are to be constructed or equipment to be used in such portion or portions of the public school facilities that are to be constructed with the proceeds of such bonds. (c) The Series 2015A Bonds (as defined herein) are hereby designated as "qualified school construction bonds" within the meaning of Section 54F of the Code. I`ehr uN ,'01 0 (d) The County hereby irrevocably elects to have Section 6431(f) of the Code apply to the Series 2015A Bonds and to receive the refundable credit provided in Section 6431 of the Code in lieu of the credit otherwise allowed under Section 54F of the Code. (e) Simultaneously herewith, the County is adopting a resolution providing for the issuance of not exceeding $31,800,000 of its General Obligation Refunding Bonds, $800,000 of the proceeds of which shall be used to pay the additional costs of the project being financed with the proceeds of the Series 2015A Bonds. $400,000 of such Series 2015B Bonds maturing February 1, 2016 and February 1, 2017 constitute school bonds authorized by the bond order adopted by the Board on August 5, 2014. The $800,000 of Series 2015B Bonds constituting school bonds, and the Series 2015A Bonds are hereby designated as a single series of bonds for purposes of G.S. 159-65, subdivisions (3) and (4) as authorized by G.S. 159-65, subdivision (5). Section 2. Pursuant to the bond order described above, there shall be issued bonds in the aggregate principal amount of $12,700,000 designated "Taxable General Obligation School Bonds (Qualified School Construction Bonds), Series 2015A" (the "Series 2015A Bonds"). The Series 2015A Bonds shall be dated the date of delivery thereof. The Series 2015A Bonds shall mature on the earliest to occur of (1) February 1, 2035 and (2) February 1 of the year constituting the maximum term for "qualified school construction bonds" as prescribed by the United States Department of Treasury. The Series 2015A Bonds shall bear interest at a rate to be determined by the Local Government Commission of North Carolina (the "Commission") at the time the Series 2015A Bonds are sold, such rate not to exceed 7% per annum, which interest to the maturity of the Series 2015A Bonds shall be payable on each February 1 and August 1, beginning August 1, 2015, 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. The principal of and the interest on the Series 2015A Bonds shall be payable in any coin or currency of the United States of America which is legal tender for the payment of public and private debts on the respective dates of payment thereof. The Series 2015A Bonds shall be issued by means of a book -entry system with no physical distribution of Bond certificates to be made except as hereinafter provided. One Bond certificate with respect to the Series 2015A Bonds, in the aggregate principal amount of the Series 2015A Bonds and registered in the name of Cede & Co., a nominee of The Depository Trust Company, New York, New York ("DTC'), shall be issued and required to be deposited with DTC and immobilized in its custody. The book -entry system will evidence ownership of the Series 2015A Bonds in the principal amount of $5,000 or any whole 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. The principal of each Bond shall be payable to Cede & Co. or any other person appearing on the registration books of the County hereinafter provided for as the registered owner of such Bond or his registered assigns or legal representative at such office of the Bond Registrar mentioned hereinafter or such other place as the County 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 said 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; provided, however, that for so long as the Series 2015A Bonds are deposited with DTC, the payment of the principal of and interest on the Series 2015A Bonds shall be made to DTC in same-day funds by 2:30 p.m. or otherwise as determined by the rules and procedures established by DTC. 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 Series 2015A Bonds by participants of DTC will be the responsibility of such participants and other nominees of such beneficial owners. The County shall 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. 5 In the event that (a) DTC determines not to continue to act as securities depository for the Series 2015A Bonds or (b) the Director of Finance and Administration of the County determines that continuation of the book -entry system of evidence and transfer of ownership of the Series 2015A Bonds would adversely affect the interests of the beneficial owners of the Series 2015A Bonds, the County will discontinue the book -entry system with DTC. If the County identifies another qualified securities depository to replace DTC, the County 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 County fails to identify another qualified securities depository to replace DTC, the County shall deliver replacement Bonds in the form of fully -registered certificates in denominations of $5,000 or any whole multiple thereof ("Certificated Bonds") in exchange for the outstanding Bonds as required by DTC and others. Upon the request of DTC, the County 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 Series 2015A Bonds shall bear the manual or facsimile signatures of the Chairman of the Board and the Clerk to the Board and the official seal or a facsimile of the official seal of the County shall be impressed or imprinted, as the case may be, on the Series 2015A Bonds. The certificate of the Commission to be endorsed on all Bonds shall bear the manual or facsimile signature of the Secretary of said Commission 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 County or the Commission 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 Series 2015A Bonds to be registered in the name of Cede & Co. and the endorsements thereon shall be in substantially the following form: No. R-......... S12,700,000 United States of America State of North Carolina COUNTY OF IREDELL TAXABLE GENERAL OBLIGATION SCHOOL BOND (QUALIFIED SCHOOL CONSTRUCTION BOND) SERIES 2015A Maturity Date Interest Rate CUSIP No. February I, 20 % The County of Iredell, a body corporate and politic in the State of North Carolina, is justly indebted and for value received hereby promises to pay to CEDE & CO. 0 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 Administration of said County (the "Bond Registrar"), in Iredell County, North Carolina, the principal sum of TWELVE MILLION SEVEN HUNDRED THOUSAND DOLLARS and to pay interest on such principal sum from the date hereof or from February I or August 1 next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is February 1 or August I to which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on each February 1 and August 1, beginning August 1, 2015, 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 said County; provided, however, that for so long as the Series 2015A Bonds (hereinafter defined) are deposited with The Depository Trust Company, New York, New York ("DTC'), the payment of the principal of and interest on the Series 2015A Bonds shall be made to DTC in same day funds by 2:30 p.m. or otherwise as determined by the rules and procedures established by DTC. Both the principal of and the interest on this bond shall be paid in any coin or currency of the United States of America that is legal tender for the payment of public and private debts on the respective dates of payment thereof. For the prompt of the principal and interest as the same shall become due, the faith and credit of said County are hereby irrevocably pledged. This bond is one of an issue of bonds designated "Taxable General Obligation School Bonds (Qualified School Construction Bonds), Series 2015A" (the "Bonds") and issued by said County for the purpose of providing funds, with any other available funds, for school construction and improvements, 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 said County, which order was approved by the vote of a majority of qualified voters who voted thereon at a referendum duly called and held, and a resolution adopted by said Board of Commissioners (the "Resolution'). The Series 2015A Bonds will be subject to redemption prior to their maturity, at the option of said County, from any moneys that may be made available for such purpose, either in whole or in part on any date not earlier than February 1, 2025, at a redemption price equal to 100% of the principal amount of the Series 2015A Bonds to be redeemed, plus accrued interest to the date fixed for redemption. The Series 2015A Bonds are subject to extraordinary optional redemption prior to their maturity, in whole or in part, at any time at the option of County, upon the occurrence of an Extraordinary Event, at the Extraordinary Optional Redemption Price, as such terms are defined below. "Extraordinary Event" means a determination by the County that a material adverse change has occurred to the provisions of the Code pertaining to Qualified School Construction Bonds or there is a guidance published by the Internal Revenue Service or the United States Treasury with respect to such provisions, or there is any other action taken by the United States of America, the result of which is a reduction or elimination in the cash subsidy payment to the County from the United States Treasury with respect to the Series 2015A Bonds from the amount of the cash subsidy payment in effect at the time of issuance of the Series 2015A Bonds, other than a reduction or elimination that is the result of an act or omission by the County to satisfy the requirements of the Code and regulations thereunder required to of the County, for the County to receive the cash subsidy payments from the United States Treasury. "Extraordinary Optional Redemption Price" means a redemption price equal to the greater of (i) 100% of the principal amount of the Series 2015A Bonds to be redeemed and (ii) the sum of the present value of the remaining scheduled payments of principal and interest on the Series 2015A Bonds to be redeemed to the maturity date thereof, not including any portion of those payments of interest accrued and unpaid as of the date on which the Series 2015A Bonds are to be redeemed, discounted to the date on which the Series 2015A Bonds are to be redeemed on a semi- annual basis, assuming a 360 -day year consisting of twelve 30 -day months, at the Treasury Rate plus one hundred basis points (1.0%), plus, in each case, accrued and unpaid interest on the Series 2015A Bonds to be redeemed on the redemption date. 7 "Treasury Rate" means, with respect to any redemption date for a particular Series 2015A Bond, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity excluding inflation indexed securities (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (5 19) that has become publicly available at least two business days prior to the redemption date or, if such Statistical Release is no longer published, any publicly available source of similar market data) most nearly equal to the period from the redemption date to the maturity date of the Series 2015A Bond to be redeemed; provided, however, that if the period from the redemption date to such maturity date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. The Series 2015A Bonds are subject to extraordinary mandatory redemption, as a whole or in part, at a redemption price equal to the principal amount redeemed, plus any accrued interest to the date of redemption, to the extent that less than 100% of the available project proceeds of the Series 2015A Bonds (being the excess of the proceeds from the sale of the Series 2015A Bonds over issuance costs with respect to the issuance of the Series 2015A Bonds to the extent such issuance costs do not exceed 2% of such proceeds) are not expended for qualified purposes by the end of the three-year expenditure period beginning on the date of issuance of the Series 2015A Bonds (or, if an extension has been granted, then by the close of the extended period), from such unexpended available project proceeds of the Series 2015A Bonds. Such redemption shall occur within 90 days of the end of such three-year period or extended period. If a book -entry system through DTC is used for determining beneficial ownership of the Series 2015A Bonds and less than all the Series 2015A Bonds are called for redemption, DTC shall determine the amount of the interest of each Direct Participant to be redeemed in accordance with its operating procedures, provided, however, that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or an integral multiple thereof and that, to the extent practicable, the County will request that DTC select the amount of interests of the Direct Participants in the Series 20 t 5A Bonds on a pro rata basis based upon the principal amount of their respective interests. The County can provide no assurance that DTC will so select the interests of the Direct Participants on a pro rata basis. If the book - entry system through DTC for determining beneficial ownership of the Series 2015A Bonds is discontinued and less than all the Series 2015A Bonds are called for redemption, the Series 2015A Bonds to be redeemed shall be selected by the Bond Registrar on a pro rata basis among all the owners of the Series 2015A Bonds based upon the principal amount of Bonds owned by such owners, provided that the portion of any Bond to be redeemed shall be in the principal amount of $5,000 or an integral multiple thereof. 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, said County 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 to his address appearing upon the registration books of said County, provided that such notice to Cede & Co. shall be given by certified or registered mail. On the date fixed for redemption, notice having been given as aforesaid, the Series 2015A 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 and, if moneys for payment of such redemption price and the accrued interest are held by the Bond Registrar as provided in the Resolution, interest on the Series 2015A Bonds or the portions thereof so called for redemption shall cease to accrue. If a portion of this Bond shall be 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 County on or prior to the redemption date of moneys sufficient to pay the principal of and interest on the Series 2015A Bonds to be redeemed, and that if such moneys are not so received, such notice shall be of no force or effect and such Bond 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 and interest on such Bonds are not received by the County on or prior to the redemption date, the redemption shall not be made and the County 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 Series 2015A 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 the Series 2015A Bonds, in the aggregate principal amount of the Series 2015A Bonds 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 Series 2015A Bonds in the principal amount of $5,000 or any whole g 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 Series 2015A Bonds by participants of DTC will be the responsibility of such participants and other nominees of such beneficial owners. The County 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, said County will be authorized to deliver replacement Bonds in the form of fully -registered certificates in the denomination of $5,000 or any whole 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 his office the books of said County 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 said County sufficient to pay the principal of and the interest on this bond as the same shall become due, and that the total indebtedness of said County, 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 County of Iredell, North Carolina, by resolution duly adopted 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 for said County and its official seal to be impressed hereon, all as of the day of March, 2015. Request from the Finance Department to Adopt a Resolution Providing for the Issuance of General Obligation Refunding Bonds: Finance Director Susan Robertson stated the intent is to refinance $31 million of outstanding general obligation bonds and issue another $800,000 to provide the full $13.5 million needed for Cool Spring. The interest rate will be set when they are sold on February 17, 2015. RESOLUTION PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS, SERIES 2015B 0 BE IT RESOLVED by the Board of Commissioners (the `Board") for the County of Iredell, North Carolina (the "County"): Section 1. The Board has determined and does hereby find and declare as follows: (a) An order authorizing General Obligation Refunding Bonds of the County in an aggregate principal amount not exceeding $31,000,000 for the purpose of providing funds, together with any other available funds, to (a) refund all or a portion of the County's outstanding (i) School Bonds, Series 1997, dated August I, 1997 and maturing February 1, 2016 and 2017, (ii) General Obligation School Bonds, Series 2006, dated February 1, 2006 and maturing February 1, 2017 through February 1, 2026, inclusive, and (iii) General Obligation Public Improvement Bonds, Series 2006, dated June 1, 2006 and maturing June 1, 2016 through 2026, inclusive and (b) pay certain expenses related thereto was adopted by the Board on December 2, 2014, which order has taken effect. (b) None of said Refunding Bonds have been issued, no notes have been issued in anticipation of the receipt of the proceeds of the sale of said bonds and it is necessary to issue such bonds at this time. (c) The shortest period of time in which the useful lifetime of the facilities financed by the general obligation bonds proposed to be refunded expires on August 1, 2037. (d) An order authorizing $119,500,000 School Bonds was adopted by the Board of Commissioners for the County on August 5, 2014, which order was approved by the vote of a majority of the qualified voters of the County who voted thereon at a referendum duly called and held on November 4, 2014. None of said bonds have heretofore been issued, no further notes have been issued in anticipation of the receipt of the proceeds of the sale of said bonds, and it is necessary to issue $13,500,000 of such School Bonds at this time. The maximum period of usefulness of the school facilities improvements to be provided with the proceeds of said bonds is estimated as a period of forty (40) years from March 10, 2015, the date of the Series 2015A Bonds for school facilities improvements authorized hereby, and that such period expires on March 10, 2055. (e) The County has received volume cap allocation from the North Carolina Department of Public Instruction to issue "qualified school construction bonds" pursuant to the provisions of Section 54F of the Internal Revenue Code of 1986, as amended (the "Code") in the aggregate amount of $12,700,000 to provide financing for the construction, reconstruction or repair of public school facilities, or the acquisition of land on which such facilities are to be constructed or equipment to be used in such portion or portions of the public school facilities that are to be constructed with the proceeds of such bonds. The County has determined to issue $12,700,000 of school bonds as "qualified school construction bonds" in reliance upon such allocation, and on the date hereof is authorizing the issuance of such bonds designated as "Taxable General Obligation School Bonds (Qualified School Construction Bonds), Series 2015A." (f) It is necessary to issue an additional $800,000 of the Series 2015B Bonds described in (d) at this time. Such Bonds will be included in the series of Bonds authorized hereby and shall mature in the amount of $400,000 on February 1, 2016 and February 1, 2017. Section 2. Pursuant to the bond order adopted by the Board on August 5, 2014 there shall be issued under this resolution general obligation school bonds of the County in the amount of $800,000. Pursuant to the bond order adopted by the Board on December 2, 2014, there shall be issued under this resolution general obligation refunding bonds of the County in an aggregate principal amount not exceeding $31,000,000. All of such Bonds shall be combined into one series of general obligation Bonds of the County in the aggregate principal amount of not to exceed $31,800,000 designated "General Obligation Refunding Bonds, Series 201513" (the "Series 2015B Bonds"). The Series 2015B Bonds shall be dated the date of delivery thereof. Initially, the Series 2015B Bonds shall be stated to mature (subject to adjustment as hereinafter provided) annually, February 1, $1,845,000 2016, $3,450,000 2017, $3,020,000 2018, $2,935,000 2019, $2,880,000 2020, $2,815,000 2021, $2,780,000 2022, $2,740,000 2023, $2,700,000 2024, $2,690,000 2025 and $1,605,000 2026. The Series 2015B Bonds shall bear interest at a rate or rates to be determined by the Commission at the time the Series 2015B Bonds are sold, which interest to the respective maturities thereof shall be payable on each February I and August 1, beginning August 1, 2015, until payment of such principal sum. $400,000 of the Series 2015B Bonds maturing February 1, 2016 and February 1, 2017 constitute school bonds authorized by the bond order adopted by the Board on August 5, 2014 and all other Series 2015B Bonds constitute refunding bonds authorized by the bond order adopted by the Board on December 2, 2014. The $800,000 of Series 2015B Bonds constituting school bonds, and the $12,700,000 Taxable General Obligation School Bonds (Qualified School Construction Bonds), Series 2015A authorized concurrently herewith are hereby designated as a I N 201 10 single series of bonds for purposes of G.S. 159-65, subdivisions (3) and (4) as authorized by G.S. 159-65, subdivision (5). The Director of Finance and Administration of the County is hereby authorized to determine at or before the time of opening of the bids for the Series 2015B Bonds whether it is in the best economic interests of the County to refund all or any portion of the County's School Bonds, Series 1997, General Obligation School Bonds, Series 2006, and General Obligation Public Improvement Bonds, Series 2006, so long as the Director of Finance and Administration of the County determines that such refunding will result in debt service savings to the County and that proceeding with the refunding at that time is in the best interests of the County. In making such determination, the Director of Finance and Administration of the County may adjust the principal amount of the maturities listed above and the aggregate principal amount of the Series 2015E Bonds, provided that (1) the aggregate principal amount of the Series 2015B Bonds shall not exceed $31,800,000, (2) the final maturity of the Series 20158 Bonds shall not be later than the final maturity of any bond being refunded and (3) the aggregate debt service over the life of the refunding bonds is less than the aggregate debt service on the Series 2015B Bonds to be refunded. 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. The principal of and the interest on the Series 2015B Bonds shall be payable in any coin or currency of the United States of America which is legal tender for the payment of public and private debts on the respective dates of payment thereof. The Series 2015B Bonds shall be issued by means of a book -entry system with no physical distribution of Bond certificates to be made except as hereinafter provided. One Bond certificate with respect to each date on which the Series 2015B Bonds are stated to mature, in the aggregate principal amount of the Series 2015B Bonds stated to mature on such date and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"), shall be issued and required to be deposited with DTC and immobilized in its custody. The book -entry system will evidence ownership of the Series 2015B Bonds in the principal amount of $5,000 or any whole 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. The principal of each Bond shall be payable to Cede & Co. or any other person appearing on the registration books of the County hereinafter provided for as the registered owner of such Bond or his registered assigns or legal representative, at such office of the Bond Registrar (hereinafter mentioned) or such other place as the County 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 said 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; provided, however, that for so long as the Series 2015B Bonds are deposited with DTC, the payment of the principal of and interest on the Series 2015B Bonds shall be made to DTC in same-day funds by 2:30 p.m. or otherwise as determined by the rules and procedures established by DTC. 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 Series 2015B Bonds by participants of DTC will be the responsibility of such participants and other nominees of such beneficial owners. The County shall not be responsible or liable for such transfers of payments or for maintaining, supervising or reviewing records maintained by UTC, 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 Series 2015B Bonds or (b) the County determines that continuation of the book -entry system of evidence and transfer of ownership of the Series 201513 Bonds would adversely affect the interests of the beneficial owners of the Series 201513 Bonds, the County shall discontinue the book -entry system with DTC. If the County identifies another qualified securities depository to replace DTC, the County shall 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 I'"hl Lim N' ;. 201:1 11 mean such other depository or its nominee. If the County fails to identify another qualified securities depository to replace DTC, the County shall deliver replacement Bonds in the form of fully -registered certificates in denominations of $5,000 or any whole multiple thereof ("Certificated Bonds") in exchange for the outstanding Bonds as required by DTC and others. Upon the request of DTC, the County 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 Series 2015E Bonds shall bear the manual or facsimile signatures of the Chairman of the Board and the Clerk to the Board for the County and the official seal or a facsimile of the official seal of the County shall be impressed or imprinted, as the case may be, on the Series 2015B Bonds. The certificate of the Local Government Commission of North Carolina to be endorsed on all Bonds shall bear the manual or facsimile signature of the Secretary of said Commission and the certificate of authentication of the Bond Registrar to be endorsed on all Bonds shall be executed as hereinafter provided. In case any officer of the County or the Local Government Commission of North Carolina 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 tune 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 Series 2015B Bonds and the endorsements thereon shall be in substantially the following form: No. R- $ United States of America State of North Carolina COUNTY OF IREDELL, NORTH CAROLINA GENERAL OBLIGATION REFUNDING BOND, SERIES 2015B Maturity Date Interest Rate CUSIP No. February I, 20 % The County of Iredell, a body corporate and politic duly organized and validly existing in 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 Administration of said County (the "Bond Registrar"), in the County of Iredell, North Carolina, the principal sum of DOLLARS and to pay interest on such principal sum from the date hereof or from February 1 or August 1 next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is February 1 or August 1 to which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on each February 1 and August I, beginning August 1, 2015, 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 said County; provided, however, that for so long as the Series 2015B Bonds (hereinafter defined) are deposited with The Depository Trust Company, New York, New York ("DTC"), the I ehiwil v' ;. 201-, 12 payment of the principal of and interest on the Series 2015B Bonds shall be made to DTC in same day funds by 2:30 p.m. or otherwise as determined by the rules and procedures established by DTC. Both the principal of and the interest on this bond shall be paid in any coin or currency of the United States of America that is legal tender for the payment of public and private debts 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 said County are hereby irrevocably pledged. This bond is one of an issue of bonds designated "General Obligation Refunding Bonds, Series 2015" (the "Bonds") and issued by said County for the purpose of providing funds to refund certain outstanding general obligation bonds of said County and to pay the cost of certain school facilities in the County. The Series 2015B Bonds are 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, bond orders adopted by the Board of Commissioners for said County, which orders have taken effect, and a resolution duly passed by said Board of Commissioners (the "Resolution'). The Series 2015B Bonds are not subject to redemption prior to maturity. The Series 2015B 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 Series 2015B Bonds are stated to mature, in the aggregate principal amount of the Series 2015B Bonds stated to mature on such date and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("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 Series 20158 Bonds in the principal amount of 55,000 or any whole 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 Series 2015B Bonds by participants of DTC will be the responsibility of such participants and other nominees of such beneficial owners. Said County 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, said County will be authorized to deliver replacement Bonds in the form of fully -registered certificates in the denomination of $5,000 or any whole 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 his office the books of said County 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 principal amount of this bond, of the same maturity and bearing interest at the same rate. 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 amoral tax upon all taxable property within said County sufficient to pay the principal of and the interest on this bond as the same shall become due; and that the total indebtedness of said County, 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. I ,hrum N 1, 201 13 IN WITNESS WHEREOF, the County of Iredell, North Carolina, 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 for said County and its official seal to be impressed hereon, all as of the day of March, 2015. Request from Tax Administration to Set Date for Advertising the Report of Unpaid Taxes: Tax Administrator/Collector Bill Furches stated it is required by law to present a report of unpaid taxes (liens on real property) to the Board at the first meeting in February. He is also requesting to set the date to advertise the tax liens on March 11, 2015. The report is available in the Clerk's office. There are $4.6 million in unpaid taxes on real property as of the end of January, 2015, however, tax collections are further along than last year by 70 basis points. Request for Approval of the January 6, 2015 Minutes: There were no corrections to the minutes. MOTION by Vice Chairman Marvin Norman to approve the consent agenda. VOTING: Ayes — 5; Nays — 0 ANNOUNCEMENTS OF VACANCIES OCCURRING ON BOARD & COMMISSIONS (None) APPOINTMENTS TO BOARDS AND COMMISSIONS Nursing Home Advisory Committee (5 Appointments): MOTION by Commissioner Steve Johnson to appoint Brenda Speece, Walter Kasmir, Gail Weeks, Greg Page and Sandra Redmond by acclamation. VOTING: Ayes — 5; Nays — 0 UNFINISHED BUSINESS (None) PUBLIC COMMENT (None) NEW BUSINESS (None) COUNTY MANAGER'S REPORT County Manager Ron Smith stated there is a meeting on April 2, at 5:30 PM. This is a meeting of the NC Association of County Commissioners. A reminder will be sent closer to date. Smith stated, as an update to the Justice Committee recommendations, staff is working with Appropriate Placement Options on a signed contract. APO has started with their program and 1 clrlta it ..'1015 14 is working with the District Attorney to hire an Assistant District Attorney. Measures have been taken with the Bailiff s position in the jail. Monitoring/reporting will begin within the month. Smith distributed the upcoming budget calendar. The Winter Planning Retreat is scheduled for March 6 & 7, 2015, at Little Joe's Enrichment Center, Barium Springs. Smith gave an update on the Cost of Services Study. He distributed a map which shows there are almost 94,000 parcels in Iredell County. This map also shows multiple parcels over 100 acres in the northern Iredell and around the City of Statesville. Chairman Mallory said the Justice Committee will meet again on Thursday, February 5, 2015, 12:30 PM, at Superior Court. CLOSED SESSION MOTION by Vice Chairman Marvin Norman to enter into Closed Session at 5:45 PM, immediately following the pre -agenda discussion pursuant to G.S. 143-318.11 (a) (5) Property Acquisition. VOTING: Ayes — 5; Nays — 0 ADJOURNMENT OTION by Commissioner Steve Johnson to adjourn at 8:00 PM. (The next meeting will be Tuesday, February 17, 2015, 7:00 PM, in the Commissioners' Meeting Room, Pre -Agenda Discussion at 5:00 PM in the South Wing Conference Room, Government Center, 200 South Center Street, Statesville, NC) VOTING: Ayes — 5; Nays — 0. Approval: f ebllzal� °011 Clerk to the Board 15