1992 - 05-18-92 Regular Meeting - Laserfiche WebLink

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0 0 b9V 14 662 The Board recognized Mr. Leonard Barefoot, Planning Director, who had received a request for reconsideration from Mr. William Kottcamp for a rezoning petition. Mr. Kottcamp presented matters which he contended were changes which the Board might consider in evaluating his request for reconsideration. After some discussion commissioner Cox made a motion to deny the request. Having no second, the Chairman declared the motion had died for lack of a second. Commissioner Reives made a motion to send the request back to the Planning Board. Commissioner Hall seconded the motion, and upon a vote, the results were as follows: Aye: Hall, Paschal, Reives, Stafford and Wicker Nay: Cox The Chairman ruled that although the vote was 5 to 1 in favor of the motion that the zoning ordinance requires a unanimous vote to grant a reconsideration and therefore the motion to reconsider fails. Finance Director John A. Crumpton appeared before the Board and advised the Board that bond counsel and representatives of the Local Government Commission had suggested that the County consider refunding the 1986 School Bond issue. The basis for such action is that the County is already planning to issue Courthouse/Jail bonds and Senior Center bonds and adding the expense of a refunding issue is more than offset by the interest rates available today. Mr. Crumpton reported that he had sought proposals from three companies who were willing to serve as financial advisor the the County in the refunding process, and based upon his analysis, it was in the County's best interest to consider refunding the school bond issue. Mr. Crumpton further explained that if the interest rate obtained on the refunding issue was not favorable, then the County was not obligated to go forward with the process and there would be no charge from the financial advisor. After some discussion Commissioner Cox introduced the following bond order which was read at length: "BOND ORDER AUTHORIZING THE ISSUANCE OF $9,000,000 GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF LEE" WHEREAS, the County of Lee (the "County") has issued School Bonds, dated August 1, 1986 (the "School Bonds"), and $7,300,000 of the School Bonds are outstanding (the "Outstanding Bonds"); and WHEREAS, the Board of Commissioners of the County deems it advisable to refund the Outstanding Bonds pursuant to and in accordance with The Local Government Finance Act; and WHEREAS, an application has been filed with the Secretary of the Local Government Commission of North Carolina requesting Commission approval of the Bonds hereinafter described as required by The Local Government Finance Act, and the Secretary of the Local 2