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CABARRUS COUNTY <br />BOARD OF • • <br />* <br />REGULAR <br />¢ TN eAR° �jr SEPTEMBER 1 <br />� / <br />1 P .M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Emergency Management — Georgeville Volunteer Fire Department <br />Financing of Existing Debt <br />BRIEF SUMMARY: <br />Georgeville Volunteer Fire Department, Inc. will finance an amount up to <br />$500,000 with Bank of North Carolina to consolidate two apparatus loan <br />payments at a lower interest rate. The United States Revenue Code <br />requires that for such financing to be carried out on a tax - exempt basis, <br />the Cabarrus County Board of Commissioners must approve the financing <br />by adopting the attached resolution. Georgeville Volunteer Fire <br />Department, Inc. has held a public hearing on the financing, as required <br />by the Code. Attached is a report of the proceedings of the hearing. <br />REQUESTED ACTION: <br />Motion to adopt resolution. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Steve Langer, Fire Marshal <br />BUDGET AMENDMENT REQUIRED: <br />No <br />COUNTY MANAGER'S RECOMMENDATIONS /COMMENTS: <br />This item was approved by the Board for inclusion on the Agenda as a <br />F -4 Page 75 <br />