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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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ORDER AUTHORIZING <br />$9,000,000 GENERAL OBLIGATION COMMUNITY COLLEGE 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 community college facility (Building 4000 - Advanced Technology <br />Center) for Rowan - Cabarrus Community College within the boundaries of Cabarrus County, including <br />acquisition of necessary land and rights -of -way. <br />2. The bonds shall be in an aggregate principal amount not to exceed $9,000,000. <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. § 15 9-5 5 and be open to public inspection. <br />This bond order shall take effect when approved by the voters of Cabarrus County. <br />The foregoing order was adopted on the 21st day of July, 2014, and is hereby published this 25th <br />day of July, 2014. Any action or proceeding questioning the validity of the order must be begun within <br />30 days after the date of publication of this notice. The finance officer of the County has filed a statement <br />estimating that the total amount of interest that will be paid on the bonds over the expected term of the <br />bonds, if issued, is $770,626. The estimate is preliminary, is for general informational purposes only, and <br />may differ from the actual interest paid on the bonds. The assumptions upon which the foregoing <br />estimate is based are set forth in a statement of the finance officer that has been filed with the Clerk to the <br />Board of Commissioners and is open to public inspection. There is no assurance that the circumstances <br />included in such assumptions will occur; and the occurrence of certain of such assumptions is beyond the <br />control of the County. Differences between the actual circumstances at the time the bonds are issued <br />from the assumptions included in the foregoing estimate could result in significant differences between <br />the estimated interest and the actual interest on the bonds. <br />Megan I.E. Smit <br />Clerk to the Board of Commissioners <br />for the County of Cabarrus, North Carolina <br />Attachment number 2 <br />G -1 Page 148 <br />
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