Iredell County approves financing for Wethers Creek High School, authorizes up to $83.99 million in GO school bonds

The Iredell County Board of Commissioners on Jan. 21 approved two financing resolutions to fund construction of Wethers Creek High School, adopting a trust agreement and related documents for limited obligation bonds and authorizing a not-to-exceed $83,990,000 general obligation (GO) school bond issue.

Caroline Taylor, a presenter from the county finance department, told the board the trust agreement would be executed with a trustee and that the county would deliver a deed of trust and enter a construction and acquisition agreement with the Iredell-Statesville School Board of Education. “So this resolution is for our limited obligation bonds that we are looking to issue for Wethers Creek High School,” Taylor said, summarizing the documents the board was asked to approve.

The board was also asked to approve a separate resolution to offer GO school bonds in an amount not to exceed $83,990,000. Taylor said the GO bonds would mature annually beginning in April 2026, with a final maturity no later than Dec. 31, 2045, and would be sold in $5,000 denominations and registered in the name of Cede & Co. as nominee of the Depository Trust Company. The resolutions authorize distribution of a preliminary official statement and delegate preparation and execution of the final official statement once pricing is available.

Taylor told commissioners the county must meet continuing-disclosure requirements and provide documentation to the Municipal Securities Rulemaking Board. She described the financing structure as: the school project site conveyed to the county, conveyed back to the board through a lease agreement, and construction to be completed under the construction and acquisition agreement.

Commissioners asked about estimated interest rates. Taylor provided conservative estimates of about 3.6% for the GO bonds and about 3.7% for the limited obligation bonds. A commissioner referenced a prior local sale that carried a lower rate, noting changing market conditions since that earlier issuance.

Votes at a glance: the board approved the trust-agreement resolution for limited obligation bonds (motion by Commissioner Haupp; passed, tally recorded as unanimous) and approved the resolution providing for sale and issuance of not-to-exceed $83,990,000 GO school bonds, Series 2025 (motion by Commissioner Haupp; passed, tally recorded as unanimous). The board also approved a pre-agenda consent package that included several administrative items (see below).

The board’s consent action (approved at the same meeting by motion) included authorization for the county manager to finalize a three-year contract with the current EMS billing vendor (EMSMC) after necessary attorney revisions are accepted by the vendor; approval of an EMS fee schedule to take effect Feb. 1, 2025, based on Medicaid-allowable rates (fees had not been adjusted since 2014); approval of December 2024 releases and refunds from tax administration; and a call for a public hearing on Feb. 4, 2025, at 6 p.m. to consider proposed amendments to chapter 7.5 and 10.5 of the Iredell County Code of Ordinances addressing panhandling and soliciting. The board also approved two appointments to the Board of Health (one incumbent indicated willingness to continue and Jane Henson volunteered and was appointed), and took the zoning-board alternate appointments under advisement for later action.

The resolutions require follow-up administrative steps: the county will apply to the Local Government Commission to advertise and solicit sealed bids for the GO bonds; the final official statement will be executed after pricing; and continuing-disclosure filings will be provided to the Municipal Securities Rulemaking Board. No financing pricing or final interest rates were adopted at the meeting.

A closed session earlier in the day addressed a proposed property acquisition under North Carolina General Statute §143-318.11(a)(5); the board reported no action taken from that closed session and adjourned the meeting.

The board’s adoption of the financing resolutions means the county has authorized the legal documents and next steps needed to offer bonds in support of the Wethers Creek High School project; specific bond pricing, final sale terms, and any project-level budget adjustments will be set following the Local Government Commission process and the bond sale.