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AG 2014 07 21
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AG 2014 07 21
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Last modified
7/22/2014 2:15:41 PM
Creation date
11/27/2017 10:49:16 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/2014
Board
Board of Commissioners
Meeting Type
Regular
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NOTICE OF PUBLIC HEARING <br />ORDER AUTHORIZING <br />$11,000,000 GENERAL OBLIGATION SCHOOL BONDS <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 />5. This bond order shall take effect when approved by the voters of Cabarrus County. <br />The foregoing order has been introduced and a sworn statement of debt has been filed under The <br />Local Government Bond Act showing the appraised value of the County of Cabarrus, North Carolina, to <br />be $19,414,603,079 and the net debt thereof, including the proposed bonds, to be $320,586,437. The <br />finance officer of the County has filed a statement estimating that the total amount of interest that will be <br />paid on the bonds over the expected term of the bonds, if issued, is $941,876. The estimate is <br />preliminary, is for general informational purposes only, and may differ from the actual interest paid on the <br />bonds. The assumptions upon which the foregoing estimate is based are set forth in a statement of the <br />finance officer that has been filed with the Clerk to the Board of Commissioners and is open to public <br />inspection. There is no assurance that the circumstances included in such assumptions will occur; and the <br />occurrence of certain of such assumptions is beyond the control of the County. Differences between the <br />actual circumstances at the time the bonds are issued from the assumptions included in the foregoing <br />estimate could result in significant differences between the estimated interest and the actual interest on the <br />bonds. A tax will be levied to pay the principal of and interest on the bonds if they are issued. Anyone <br />who wishes to be heard on the questions of the validity of the bond order and the advisability of issuing <br />the bonds may appear at a public hearing or an adjournment thereof to be held by the Board of <br />Commissioners of said County at a regular meeting at 6:30 p.m., or as soon thereafter as the hearing can <br />be held, on July 21, 2014 in the Commissioners' Meeting Room in the Cabarrus County Governmental <br />Center in Concord, North Carolina. <br />Megan I.E. Smit <br />Clerk to the Board of Commissioners <br />for the County of Cabarrus, North Carolina <br />Attachment number 6 <br />G -1 Page 161 <br />
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