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AG 2015 12 14
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AG 2015 12 14
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Last modified
12/15/2015 4:02:00 PM
Creation date
11/27/2017 10:40:27 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/14/2015
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 December 14, 2015, with <br />Stephen M. Morris, Chairman, presiding. The following Commissioners were: <br />PRESENT: Chairman Stephen M. Morris; Vice Chairman Elizabeth F. Poole and <br />Commissioners Diane R. Honeycutt, Grace M. Mynatt and Lynn W. Shue. <br />ABSENT: [None.] <br />ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Deputy County <br />Manager; Susan B. Fearrington, Finance Director; Richard M. Koch, Esq., County Attorney; and Megan <br />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 />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 a new public middle school to replace the existing <br />Mount Pleasant Middle School, including acquisition of necessary land and rights -of -way. <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 -6 Page 231 <br />
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