112188iLJ DI'
The Randolph County Board of Commissioners met in special session at 7:00
p.m. on November 21, 1988 in Courtroom B, Courthouse, Asheboro. The purpose of
the meeting was to further consider financing of the Stedman property. Commis-
sioners Frye, Langley, Davidson, :Petty and Comer were present.
Jim Stuart, bond counsel, advised the Board that all proposed documentation
has been agreed upon by all parties involved and that the Commissioners would
need to (1) make a budget amendment to appropriate enough funds for the first
payment on the installment purchase, which will come due in June, 1989; and (2)
adopt a resolution which approves all documentation in form and allows the
County Manager and Clerk to execute said documents.
Mr. Stuart explained each section of the resolution and all referenced
documents.
Frank Willis, County Manager, reported that an appraisal of the property
had been completed by Michael Watts, MAI, SRPA, SRA of Greensboro. The appraised
value exceeds the purchase price. The 3.75 acres, including the building, was
appraised at $3,500,000; the remaining 27 acres of raw land was appraised. at
$774,000, for a total valuation of $4,274,000. The purchase price is $4,238,500.
Doug Carter, investment counsel, told the Board that First Union had contacted
over fifty institutions in marketing this installment purchase contract. They
received bids ranging from 7.72% interest to 8.15% interest. First Union itself
won the low bid at 7.72% interest. Mr. Carter said that this is the first 15 -year
paper their bank has ever approved, which is an indication of the credit strength
of Randolph County. He also noted that since their own institution is purchasing
this paper, there will be no sales commission paid to First Union. The County
will pay an annual installment amount of $396,650.
Chairman Frye commended Frank Willis, Ed Gavin, Jim Stuart, Doug Carter and
their staffs for their many hours of hard work on this project.
On motion of Langley, seconded by Petty, the Board approved a budget amend-
ment to appropriate $37,264 from Contingency for the June, 1989 installment
payment. Budget Amendment #10 is included by reference.
On motion of Comer, seconded by Davidson, the Board adopted a resolution
authorizing the County Manager and Clerk to execute documents referred to in the
resolution. A copy of the resolution is included by reference.
The County Manager then executed the Sworn Statement of Debt of the County
and presented the Sworn Statement of Debt to the Clerk, who acknowledged his oath
and accepted the Sworn Statement for filing pursuant to NCGS 159-55.
On motion of Davidson, seconded by Comer, the Board adjourned.