AG 2014 05 19 - Laserfiche WebLink

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NOW, THEREFORE, the Board of Commissioners of Cabarrus County, meeting in regular session in Concord, North Carolina, on May 19, 2014, does the following: BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF CABARRUS COUNTY: 1. The financing by the County of the Public School Project with general obligation bonds of Cabarrus County in an aggregate principal amount not to exceed $11,000,000 is determined to be necessary and expedient because of the recent and projected growth in school age population in Cabarrus County and the inability of the existing school facilities to house the additional student population. 2. The aggregate amount of the proposed bond issue is found to be adequate and not excessive for its proposed purpose because preliminary reports have estimated total project costs for the Public School Project to be approximately $11,000,000. 3. The debt management, budgetary and fiscal management policies of Cabarrus County are found to have been carried out in strict compliance with applicable law as evidenced by the fact that: (a) The Local Government Commission has taken no action against the County, nor found the County to have acted improperly in debt management. (b) The County has not defaulted on any debt obligation. (c) The County follows the debt management guidelines of the North Carolina Local Government Commission. 4. No property tax increase is expected to be necessary to pay the increased debt service requirements resulting from the School Bonds. 5. The filing of an application with the Local Government Commission for approval of the proposed school bonds is hereby approved and confirmed and the Chairman, the Clerk to the Board of Commissioners, and the Finance Director, or any one of them, are designated to serve as representatives of the County in connection with the application for approval of the school bonds with the Local Government Commission and are authorized to cause publication of a Notice of Intent to file the application. 6. Nexsen Pruet, PLLC is hereby designated bond counsel for the school bonds. 7. This resolution shall take effect immediately. Upon motion of Commissioner seconded by Commissioner the foregoing resolution entitled: "RESOLUTION APPROVING THE Attachment number G -5 Page 228