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WHEREAS, under the Act the issuance of such bonds must be approved by the Local <br />Government Commission and pursuant to G.S. § 159 -50 of the Act, a notice of the intention to <br />file an application with the Local Government Commission must be published prior to filing of <br />the application; <br />NOW, THEREFORE, the Board of Commissioners of Cabarrus County, meeting in <br />regular session in Concord, North Carolina, on May 19, 2014, does the following: <br />BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF CABARRUS <br />COUNTY: <br />1. The financing by the County of the Public School Projects with general obligation <br />bonds of Cabarrus County in an aggregate principal amount not to exceed $34,000,000 is <br />determined to be necessary and expedient because of the recent and projected growth in school <br />age population in Cabarrus County and the inability of the existing school facilities to house the <br />additional student population. <br />2. The aggregate amount of the proposed bond issue is found to be adequate and not <br />excessive for its proposed purpose because preliminary reports have estimated total project costs <br />for the Public School Projects to be approximately $34,000,000. <br />3. The debt management, budgetary and fiscal management policies of Cabarrus <br />County are found to have been carried out in strict compliance with applicable law as evidenced <br />by the fact that: <br />(a) The Local Government Commission has taken no action against the County, <br />nor found the County to have acted improperly in debt management. <br />(b) The County has not defaulted on any debt obligation. <br />(c) The County follows the debt management guidelines of the North Carolina <br />Local Government Commission. <br />4. No property tax increase is expected to be necessary to pay the increased debt <br />service requirements resulting from the School Bonds. <br />5. The filing of an application with the Local Government Commission for approval <br />of the proposed school bonds is hereby approved and confirmed and the Chairman, the Clerk to <br />the Board of Commissioners, and the Finance Director, or any one of them, are designated to <br />serve as representatives of the County in connection with the application for approval of the <br />school bonds with the Local Government Commission and are authorized to cause publication of <br />a Notice of Intent to file the application. <br />6. Nexsen Pruet, PLLC is hereby designated bond counsel for the school bonds. <br />7. This resolution shall take effect immediately. <br />Attachment number 2 <br />G -5 Page 214 <br />