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THE INDEPENDENT TRIBUNE
<br />June 20, 2014
<br />NOTICE OF PUBLIC NEARING NOTICE OF PUBLIC NEARING
<br />ORDER AUTHORIZING ORDER AUTHORIZING
<br />$11,000,000 GENERAL OBLIGATION SCHOOL BONDS $9,000,000 GENERAL OBLIGATION COMMUNITY
<br />COLLEGE BONDS
<br />BE IT ORDERED by the Board of Commissioners for
<br />the County of Cabarrus, North Carolina:
<br />1. Pursuant to The Local Government
<br />Bond Act, as amended, the County of Cabarrus,
<br />North Carolina, is hereby authorized to issue gen-
<br />eral obligation bonds of Cabarrus County for the
<br />purpose of providing funds, together with any oth-
<br />er available funds, to finance the acquisition, con-
<br />struction, installation and equipping of a new pub-
<br />lic elementary school to replace the existing Royal
<br />Oaks Elementary School, including acquisition of
<br />necessary land and rights -of -way.
<br />2. The bonds shall be in an aggregate prin-
<br />cipal amount not to exceed $11,000,000.
<br />3. The bonds shall be general obligations
<br />of Cabarrus County for the payment of principal of
<br />and interest on which its full faith and credit shall
<br />be Irrevocably pledged and taxes will be levied in
<br />an amount sufficient to pay the principal of and in-
<br />terest on the bonds..
<br />4. A sworn statement of debt shall be filed
<br />with the Clerk to the Board of Commissioners pur-
<br />suant to N.C.G.S. § 159 -55 and be open to public in-
<br />spection.
<br />5. This bond order shall take effect when
<br />approved by the voters of Cabarrus County.
<br />The foregoing order has been 'introduced and a
<br />sworn statement of debt has been filed under The
<br />Local Government Bond Act showing the apprais-
<br />ed value of the County of Cabarrus, North Caroli-
<br />na, to be $19,414,603,079 and the net debt thereof,
<br />including the proposed bonds, to be $320,586,437.
<br />The finance officer of the County has filed a state-
<br />ment estimating that the total amount of interest
<br />that will be paid on the bonds over the expected
<br />term of the bonds, if issued, is $941,876. The esti-
<br />mate is preliminary, is for general informational
<br />purposes only, and may differ from the actual in-
<br />terest paid on the bonds. The assumptions upon
<br />which the foregoing estimate is based are set
<br />forth in a statement of the finance officer that has
<br />been flied with the Clerk to the Board of Commis-
<br />sioners and is open to public inspection. There is
<br />no assurance that the circumstances included in
<br />such assumptions will occur; and the occurrence
<br />of certain of such assumptions is beyond the con-
<br />trol of the County. Differences between the actual
<br />circumstances at the time the bonds are Issued
<br />from the assumptions included in the foregoing
<br />estimate could result in significant differences be-
<br />tween the estimated interest and the actual Inter-
<br />est on the bonds. A tax will be levied to pay the
<br />Principal of and interest on the bonds if they are
<br />issued. Anyone who wishes to be heard on the
<br />questions of the validity of the bond order and the
<br />advisability of issuing the bonds may appear at a
<br />public hearing or an adjournment thereof to be
<br />held by the Board of Commissioners of said Coun-
<br />L at a regular meeting at 6:30 p.m. or as soon
<br />reafter as the hearing can be Qa, on July 21,
<br />2014 in the Commissioners' Meeting Room In the
<br />Cabarrus County Governmental Center In Concord,
<br />North Carolina.
<br />Megan I.E. Smit
<br />Clerk to the Board of Commissioners
<br />for the County of Cabarrus, North Carolina
<br />PUBLISH: Friday, 6/30/14
<br />BE IT ORDERED by the Board of Commissioners for
<br />the County of Cabarrus, North Carolina:
<br />1. Pursuant to The Local Government
<br />Bond Act, as amended, the County of Cabarrus,
<br />North Carolina, Is hereby authorized to issue gen-
<br />eral obligation bonds of Cabarrus County for the
<br />purpose of providing funds, together with any oth-
<br />er available funds, to finance the acquisition, con-
<br />struction, installation and equipping of a new
<br />community college facility (Building 4000 - Ad-
<br />vanced Technology Center) for Rowan- Cabarrus
<br />Community College within the boundaries of
<br />Cabarrus County, including acquisition of necessa-
<br />ry land and rights -of -way.
<br />2. The bonds shall be in an aggregate prin-
<br />cipal amount not to exceed $9,000,000.
<br />3. The bonds shall be general obligations
<br />of Cabarrus County for the pa ment of principal of
<br />and interest on which its full with and credit shall
<br />be irrevocably pledged and taxes will be levied in
<br />an amount sufficient to pay the principal of and in-
<br />terest on the bonds.
<br />4. A sworn statement of debt shall be filed
<br />with the Clerk to the Board of Commissioners pur-
<br />suant to N.C.G.S. § 159 -55 and be open to public in-
<br />spection.
<br />5. This bond order shall take effect when
<br />approved by the voters of Cabarrus County.
<br />The foregoing order has been introduced and a
<br />sworn statement of debt has been filed under The
<br />Local Government Bond Act showing the apprais-
<br />ed value of the County of Cabarrus, North Caroli-
<br />na, to be $19,414,603,079 and the net debt thereof,
<br />Including the proposed bonds, to be $320,586,437.
<br />The finance officer of the County has filed a state-
<br />ment estimating that the total amount of Interest
<br />that will be paid on the bonds over the expected
<br />term of the bonds, if issued, is $770,626. The esti-
<br />mate is preliminary, is for general informational
<br />purposes only, and may differ from the actual in-
<br />terest paid on the bonds. The assumptions upon
<br />which the foregoing estimate is based are set
<br />forth in a statement of the finance officer that has
<br />been filed with the Clerk to the Board of Commis-
<br />sioners and is open to public inspection. There is
<br />no assurance that the circumstances included in
<br />such assumptions will occur; and the occurrence
<br />of certain of such assumptions is beyond the con-
<br />trol of the County. Differences between the actual
<br />circumstances at the time the bonds are issued
<br />from the assumptions included in the foregoing
<br />estimate could result in significant differences be-
<br />tween the estimated interest and the actual inter-
<br />est on the bonds. A tax will be levied to pay the
<br />principal of and Interest on the bonds if they are
<br />issue Anyone who wishes to be heard on the
<br />questions of the validity of the bond order and the
<br />advisability of issuing the bonds may appear at a
<br />E hearing or an adjournment thereof to be
<br />held by the Board of Commissioners of said Coun-
<br />ty at a regular meeting at 6:30 p.m., or as soon
<br />thereafter as the hearing can be held, on July 21,
<br />2014 in the Commissioners' Meeting Room in the
<br />Cabarrus County Governmental Center in Concord,
<br />North Carolina.
<br />Megan I.E. Smit
<br />Clerk to the Board of Commissioners
<br />for the Count of Cabarrus, North Carolina
<br />PUBLISH: Friday, 6/30/14
<br />Attachment number 4
<br />G -1 Page 159
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