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Commissioner introduced the following resolution, and its title <br />was read: <br />RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE <br />EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO UNITED STATES <br />DEPARTMENT OF TREASURY REGULATIONS <br />BE IT RESOLVED by the Board of Commissioners of Cabarrus County: <br />The Board hereby finds, determines and declares as follows: <br />(a) Treasury Regulations Section 1.150 -2 (the "Regulations "), promulgated <br />by the United States Department of Treasury on June 18, 1993, prescribes certain specific <br />procedures applicable to certain obligations issued by the County after June 30, 1993, including, <br />without limitation, a requirement that the County timely declare its official intent to reimburse <br />certain expenditures with the proceeds of debt to be issued thereafter by the County. <br />(b) The County has advanced and /or will advance its own funds to pay certain <br />capital costs (the "Original Expenditures ") associated with financing, in part, the acquisition, <br />construction, installation and equipping of a new public elementary school to replace the existing <br />Royal Oaks Elementary School, including acquisition of necessary land and rights -of -way. <br />(c) The funds heretofore advanced or to be advanced by the County to pay the <br />Original Expenditures are or will be available only on a temporary basis, and do not consist of <br />funds that were otherwise earmarked or intended to be used by the County to permanently <br />finance the Original Expenditures. <br />(d) As of the date hereof, the County reasonably expects that it will reimburse <br />itself for such Original Expenditures with the proceeds of debt to be incurred by the County, and <br />the maximum principal amount of debt to be incurred with respect to the School Project is <br />expected to be $11,000,000. <br />(e) All Original Expenditures to be reimbursed by the County were paid no <br />more than 60 days prior to, or will be paid on or after the date of, this declaration of official <br />intent. The County understands that such reimbursement must occur not later than 18 months <br />after the later of (i) the date the Original Expenditure was paid; or (ii) the date the School Project <br />were placed in service or abandoned, but in no event more than 3 years after the Original <br />Expenditure was paid. <br />2. This resolution shall take effect immediately. <br />Attachment number 1 <br />G -1 Page 138 <br />