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AG 2016 07 18
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AG 2016 07 18
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Last modified
7/20/2016 11:45:58 AM
Creation date
11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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:k]I F-Ti] to] II: ELI_ I»:DITJ10 Les 910Fil01010It2111 :k]► 161 <br />WHEREAS: Cabarrus County, (the "County ") has previously determined <br />to undertake a project for the financing of a 911 System, (the "Project "), and <br />the Finance Officer has now presented a proposal for the financing of such <br />Project. <br />BE IT THEREFORE RESOLVED, as follows: <br />1. The County hereby determines to finance the Project through Branch Banking and Trust <br />Company ( "BB &T "), in accordance with the proposal dated July 7, 2016. The amount financed shall not <br />exceed $283,642.15, the interest rate shall not exceed 1.77% and the financing term shall not exceed <br />five (5) years from closing. <br />2. All financing contracts and all related documents for the closing of the financing (the <br />"Financing Documents ") shall be consistent with the foregoing terms. All officers and employees of the <br />County are hereby authorized and directed to execute and deliver any Financing Documents, and to take <br />all such further action as they may consider necessary or desirable, to carry out the financing of the <br />Project as contemplated by the proposal and this resolution. <br />3. The Finance Officer is hereby authorized and directed to hold executed copies of the <br />Financing Documents until the conditions for the delivery of the Financing Documents have been <br />completed to such officer's satisfaction. The Finance Officer is authorized to approve changes to any <br />Financing Documents previously signed by County officers or employees, provided that such changes <br />shall not substantially alter the intent of such documents or certificates from the intent expressed in the <br />forms executed by such officers. The Financing Documents shall be in such final forms as the Finance <br />Officer shall approve, with the Finance Officer's release of any Financing Document for delivery <br />constituting conclusive evidence of such officer's final approval of the Document's final form. <br />4. The County shall not take or omit to take any action the taking or omission of which shall <br />cause its interest payments on this financing to be includable in the gross income for federal income tax <br />purposes of the registered owners of the interest payment obligations. <br />5. The County intends that the adoption of this resolution will be a declaration of the County's <br />official intent to reimburse expenditures for the project that is to be financed from the proceeds of the <br />BB &T financing described above. The County intends that funds that have been advanced, or that may <br />be advanced, from the County's general fund, or any other County fund related to the project, for project <br />costs may be reimbursed from the financing proceeds. <br />6. All prior actions of County officers in furtherance of the purposes of this resolution are <br />hereby ratified, approved and confirmed. All other resolutions (or parts thereof) in conflict with this <br />resolution are hereby repealed, to the extent of the conflict. This resolution shall take effect <br />immediately. <br />Adopted this 18 day of July, 2016. <br />Stephen M. Morris, Chairman <br />Board of Commissioners <br />ATTEST: <br />Megan I.E. Smit, Clerk to the Board <br />F -7 Page 87 <br />
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