BC 1994 06 20 - Laserfiche WebLink

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151 Reservoir, in order to adequately serve the water needs of the citizens of Cabarrus County; 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 3une, 1994, does hereby make and enter the following findings of fact: 1. The proposed contract is necessary or expedient because of critical water needs which will be alleviated upon the completion of the Coddle Creek Reservoir. 2. 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. 3. The cost of financing under the proposed contract is believed to be less than the cost of issuing general obligation bonds. 4. 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. 5. 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. 6. The increase in taxes necessary to meet the sums to fall due under the proposed contract will be 3/4 cent per $100 valuation and is not deemed to be excessive. 7. The County of Cabarrus is not in default in any of its debt service obligations. 8. 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. NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Director is hereby authorized to act on behalf of the County of Cabarrus in filing an application with the North Carolina Local Government Commission for approval of the Project and the proposed financing contract and other actions not inconsistent with this resolution. This resolution is effective upon its adoption this 20th day of June, 1994. The motion to adopt this resolution was made by Commissioner Casper, seconded by Commissioner Fennel and passed by a vote of 5 to 0. CABARRUS COUNTY, NORTH CAROLINA BOARD OF COMMISSIONERS By: /s/ Jeffrey L. Barnhart Chairperson ATTEST: /s/ Frankie F, Bonds Clerk to the Board Authorize Chairman to Execute the Finalized Lease Agreements Upon Closing of the Loan - Coddle Creek Reservoir Project UPON MOTION of Commissioner Fennel, seconded by Commissioner Payne and unanimously carried, the Board authorized Chairman Barnhart to execute the finalized lease agreements upon the closing of the loan for the Coddle Creek Reservoir Project.