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152 Acceptance of Bank Financing Proposal - Muddy Creek Wastewater Treatment Plant UPON MOTION of Commissioner Fennel, seconded by Commissioner Payne and unanimously carried, the Board accepted the low bid from First Citizens Bank with an interest rate of 4.58 percent for 7 years for the financing of $1,900,000.00 for the construction of the Muddy Creek Wastewater Treatment Plant. Resolution Authorizing the Filing of an Application for Approval of Financing Agreement - Muddy Creek Wastewater Treatment Plant UPON MOTION of Commissioner Casper, seconded by Commissioner Carpenter and unanimously carried, the Board adopted the following Resolution. RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY NORTH CAROLINA GENERAL STATUTE 160A-20 WHEREAS, the Board of Commissioners of Cabarrus County desires to construct a Wastewater Treatment Plant, known as the Muddy Creek Wastewater Treatment Plant, in order to provide sewer service to the citizens of the Midland community where soil conditions are unfavorable; and WHEREAS, the Board of Commissioners of Cabarrus County desires to finance the Project by the use of an installment contract authorized under North CarOlina General Statute 160A, Article 3, Section 20; and WHEREAS, prior to approval of the proposed contract, the Board of Commissioners of Cabarrus County must make and enter findings of fact regarding the installment contract and present the same to the' North Carolina Local Government Commission as a prerequisite enabling the North Carolina Local Government Commission to make its findings of fact, as set forth in North Carolina General Statute 159, Article B, Section 151; NOW, THEREFORE, IT IS RESOLVED that the Board of Commissioners of Cabarrus County, North Carolina, meeting in regular session on the 20th day of June, 1994, does hereby make and enter the following findings of fact: o The proposed contract is necessary or expedient because land in the vicinty (sic) of the Midland community will not perk due to unfavorable soil conditions and development of Mecklenburg County along Hwy24/27, which abuts the Midland community, will exacerbate an already critical condition. The proposed contract is preferable to a bond issue for the same purpose because of the favorable interest rates offered through installment contract financing and the very low fixed cost as compared to a bond issue. The cost of financing under the proposed contract is believed to be less than the cost of issuing general obligation bonds. The sums to fall due under the contract are adequate and not excessive for the proposed purpose because tax revenues will be sufficient to make the debt service payments. The County of Cabarrus' debt management procedures and policies are adequate because the County is well below its legal debt margin, and there have been no defaults on debt service payments. The increase in taxes necessary to meet the sums to fall due under the proposed contract will be 1 cent per $100 valuation and is not deemed to be excessive. The County of Cabarrus is not in default in any of its debt service obligations. The attorney for the County of Cabarrus has rendered an opinion that the proposed Project is authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and laws of North Carolina.