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CABARRUS COUNTY <br />* <br />REGULAR MEETING <br />FEBRUARY 16, 2015 <br />1 <br />• P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - 2015 LOBS Refunding and Resolution Approving Refinancing <br />BRIEF SUMMARY: <br />On December 15, 2014, the Board adopted a resolution relating to <br />refinancing of prior installment financing contract financings of various <br />public projects in an aggregate principal amount up to $211,615,000 and <br />held a public hearing on this matter on January 20, 2015. <br />Staff anticipates refunding all or a portion of the 2007 Certificates of <br />Participation (2007 COPS), the 2008A Certificates of Participation (2008A <br />COPS), the 2008C Certificates of Participation (2008C COPS) and the <br />2009 Certificates of Participation (2009 COPS) (collectively herein the <br />Prior COPS) as long as the market conditions are favorable. <br />If market conditions are unfavorable, then all or a portion of the Prior <br />COPS will not be refunded until the market conditions for all or such <br />portion of the Prior COPS improve. The term of the Prior COPS will not be <br />extended. An update on the savings will be provided to the Board <br />following each sale of refunding limited obligation bonds. <br />REQUESTED ACTION: <br />Motion to adopt resolution. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Susan Fearrington, Finance Director <br />F -6 Page 59 <br />