Laserfiche WebLink
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 session <br />in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North <br />Carolina, the regular place of meeting, at 6:30 p.m., on June 16, 2014, with , <br />Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br />read: <br />Commissioner <br />introduced the following order authorizing bonds, which was <br />ORDER AUTHORIZING <br />$11,000,000 GENERAL OBLIGATION SCHOOL BONDS <br />WHEREAS, the Board of Commissioners of Cabarrus County (the "Board ") has decided to <br />pursue the issuance of general obligation school bonds in the maximum aggregate principal amount of <br />$11,000,000 under the Local Government Bond Act (the "Act ") to finance, in part, the acquisition, <br />construction, installation and equipping of a new public elementary school to replace the existing Royal <br />Oaks Elementary School, including acquisition of necessary land and rights -of -way; and <br />WHEREAS, the Board has filed an application with the Local Government Commission of North <br />Carolina for approval of such bonds as required by the Act; <br />BE IT ORDERED by the Board of Commissioners for the County of Cabarrus, North Carolina: <br />1. Pursuant to The Local Government Bond Act, as amended, the County of Cabarrus, <br />North Carolina, is hereby authorized to issue general obligation bonds of Cabarrus County for the purpose <br />of providing funds, together with any other available funds, to finance the acquisition, construction, <br />installation and equipping of a new public elementary school to replace the existing Royal Oaks <br />Elementary School, including acquisition of necessary land and rights -of -way. <br />2. The bonds shall be in an aggregate principal amount not to exceed $11,000,000. <br />3. The bonds shall be general obligations of Cabarrus County for the payment of principal <br />of and interest on which its full faith and credit shall be irrevocably pledged and taxes will be levied in an <br />amount sufficient to pay the principal of and interest on the bonds. <br />4. A sworn statement of debt shall be filed with the Clerk to the Board of Commissioners <br />pursuant to N.C.G.S. § 159 -55 and be open to public inspection. <br />This bond order shall take effect when approved by the voters of Cabarrus County. <br />G -4 Page 273 <br />