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cal +.srruc <br />I A . nrustytiiMmrl. <br />CABARRUS COUNTY BOARD OF EDUCATION <br />RESOLUTION APPROVING THE APPLICATION FOR [QUALIFIED SCHOOL <br />CONSTRUCTION BONDS — Reallocation Round <br />March 12, 2012 <br />WHEREAS, the American Recovery and Reinvestment Act of 2009 (Public Law 111 -5) <br />established Qualified School Construction Bonds ( "QSCB "), an interest -free debt instrument, for <br />use by local education agencies; and <br />WHEREAS, QSCB proceeds may be used for new building construction, land acquisition, or the <br />renovation or rehabilitation of older buildings; and <br />WHEREAS, the Federal Government has allocated a portion of the QSCB to the State of North <br />Carolina in the amount of $275,772,000.00; and <br />WHEREAS, the North Carolina State Board of Education and the North Carolina Department of <br />Public Instruction have reallocated approximately $12,530,150.00 in reverted funds to counties <br />via the QSCB funding program; and <br />WHEREAS, the North Carolina State Board of Education and the North Carolina Department of <br />Public Instruction have allocated $8,500,550.00 of the QSCB fund to the Cabarrus County <br />Board of Education; and <br />WHEREAS, the Cabarrus County Board of Education has immediate capital needs which <br />qualify for the use of QSCB funds, a list of which is attached hereto as Exhibit A and <br />incorporated herein; and <br />WHEREAS, the application deadline to become eligible for the QSCB funds is March 16, 2012. <br />NOW, THEREFORE, BE IT RESOLVED by the Cabarrus County Board of Education as follows: <br />That the projects listed in Exhibit A are eligible to be paid for with QSCB <br />(reallocated) funding. <br />2. That the Board Chair, Superintendent, and Legal Counsel are authorized to take <br />any and all action necessary to qualify for QSCB funding, including submission of <br />the requisite eligibility application for additional QSCB funds to the State Board of <br />Education and Department of Public Instruction by March 16, 2012. <br />Approved by the Cabarrus County Board of Education, this the 12 day of March, 2012. <br />THE CABARRUS COUNTY BOARD OF EDUCATION <br />y: L nn Slue, Board Chair <br />ATTEST: -} <br />r <br />} <br />VtAarri C. Shepherd, ' <br />Attachment number 2 <br />G -3 Page 170 <br />