BC 2013 02 04 Work Session - Laserfiche WebLink

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February 4, 2013 (Work Session) Page 1411 Pam Dubois, Deputy County Manager, presented the following information relating to a request for a resolution relating to refinancing of prior General Obligation Bonds of schools and public improvements: the County's underwriters have advised, given appropriate market conditions, refunding general obligation bonds Series 2005 and 2006 to realize long -term debt payments savings; the County will not refinance the debt, should the market conditions fail to provide the required savings levels established by the Local Government Commission; approval of the resolution is needed as well as the scheduling of a public hearing for March 18 She stated the aggregate principle amount will not exceed $95,580,000.00; the term of the debt will not be increased; and the basic goal is to reduce the interest rate which would reduce the annual payments. Additionally, she advised one -time monies will be used against it to reduce the amount of principal and interest paid for the remainder of the term and also to pay off some of the bonds in the interim period. She stated as the date grows nearer, the Board will need to determine how much one -time funds will be applied to pay off debt. She also responded to questions from the Board. Vice Chairman White requested information regarding the prepayment penalty clause in the new debt instrument and the net savings. General Services - Waste Reduction and Recycling - Replacement of Roll -Off Truck Kevin Grant, Sustainability Manager, presented the following information regarding a request to purchase a roll -off truck: the funding for the roll -off truck is included in the Waste Reduction /Recycling Department budget; pursuant to NCGS 143 -129, staff requests to piggyback the bid of Lincoln County who purchased a roll -off truck with hoist and tarp in April 2012; it was purchased from Advantage Truck Center in Charlotte, North Carolina for a total cost of $150,249.34. Mr. Grant and Pam Dubois, Deputy County Manger, responded to questions from the Board. Library - LSTA EZ Collaboration and Innovation Grant Application Dana Eure, Library Director, presented the following information relating to a request for the LSTA EZ Collaboration and Innovation Grant application: The Library would like to submit a grant application to the State Library of North Carolina for a Collaboration and Innovation project. The library will partner with public libraries, parks, community colleges and other organizations in Cabarrus, Davidson, Rowan and Stanly Counties to host a 4- county community read featuring "Mr. Penumbra's 24 -Hour Bookstore" by Robin Sloan in spring 2014. If awarded, the grant will provide $16,311.00 of the needed funds. A match of $1,813.00 will be provided from the library's budget. Ms. Eure also responded to questions from the Board. Library - LSTA Literacy and Lifelong Learning Project Grant Application Dana Eure, Library Director, presented the following information relating to a request for the LSTA Literacy and Lifelong Learning Project Grant application: The Library would like to submit a grant application to the State Library of North Carolina for a Literacy and Lifelong Learning Project. The library will partner with the Cabarrus Literacy Council to offer computer and technology classes for the public, literacy students and literacy tutors. If awarded, the grant will provide $63,481.00 of the needed funds. A match of $7,054.00 will be needed from the County. Ms. Eure also responded to a variety of questions from the Board. Planning and Development - 2013 -2014 HOME Consortium - Public Hearing - 6:30 P.M. Kelly Sifford, Planning and Development Director, advised Cabarrus County has participated in the Cabarrus /Iredell /Rowan HOME Consortium for nearly 20 years. The income -based program provides housing rehabilitation