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AG 2017 04 18
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AG 2017 04 18
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Last modified
4/21/2017 2:40:43 PM
Creation date
11/27/2017 10:28:06 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/18/2017
Board
Board of Commissioners
Meeting Type
Regular
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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br /> THE COUNTY OF CABARRUS,NORTH CAROLINA <br /> The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular <br /> session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in <br /> Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on April 18, 2017, with <br /> Stephen M. Morris, Chairman, presiding. The following Commissioners were: <br /> PRESENT: Chairman Stephen M. Morris; Vice Chairman Diane R. Honeycutt and <br /> Commissioners F. Blake Kiger, Elizabeth F. Poole and Lynn W. Shue. <br /> ABSENT: [None.] <br /> ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Senior <br /> Deputy County Manager; Susan B. Fearrington, Finance Director; Richard M. Koch, Esq., <br /> County Attorney; and Megan I.E. Smit, Clerk to the Board. <br /> Chairman Stephen M. Morris introduced the following resolution, and its title was read: <br /> RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE <br /> EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO UNITED STATES <br /> DEPARTMENT OF TREASURY REGULATIONS <br /> BE IT RESOLVED by the Board of Commissioners of Cabarrus County: <br /> I. The Board hereby finds, determines and declares as follows: <br /> (a) Treasury Regulations Section 1.150-2 (the "Regulations"), promulgated <br /> by the United States Department of Treasury on June 18, 1993, prescribes certain specific <br /> procedures applicable to certain obligations issued by the County after June 30, 1993, including, <br /> without limitation, a requirement that the County timely declare its official intent to reimburse <br /> certain expenditures with the proceeds of debt to be issued thereafter by the County. <br /> (b) The County has advanced and/or will advance its own funds to pay certain <br /> capital costs (the "Original Expenditures") associated with financing, in part, the acquisition, <br /> construction, installation and equipping of (i) a new public high school and (ii) a new public <br /> performance learning center high school, in each case including the acquisition of necessary land <br /> and rights-of-way(the "School Projects"). <br /> (c) The funds heretofore advanced or to be advanced by the County to pay the <br /> Original Expenditures are or will be available only on a temporary basis, and do not consist of <br /> funds that were otherwise earmarked or intended to be used by the County to permanently <br /> finance the Original Expenditures. <br /> (d) As of the date hereof, the County reasonably expects that it will reimburse <br /> itself for such Original Expenditures with the proceeds of debt to be incurred by the County, and <br /> Attachment number 1 \n <br /> F-4 Page 98 <br />
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