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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />AUGUST 16, 2010 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />County Manager - Approval of Resolution Authorizing the Filing of an <br />Application for Approval of a Financing Agreement for Qualified School <br />Construction Bonds as Authorized by North Carolina General Statute <br />160A -20 <br />BRIEF SUMMARY: <br />On May 17, 2010, the Board approved project applications for the <br />potential debt issuance of Qualified School Construction Bonds in the <br />amount of $14,637,157 for Kannapolis City and Cabarrus County Schools. <br />Both applications were approved by the Department of Public Instruction <br />shortly thereafter. The next step in the financing is to approve <br />the following resolution which also sets a public hearing for September 20, <br />2010. Closing costs are not to exceed $75,000 and are budgeted. <br />REQUESTED ACTION: <br />Motion to adopt: "Resolution Relating to Long -Term Installment Contract <br />Financings of Various Public School Projects in an Aggregate Principal <br />Amount up to $14,637,160; Authorizing Interim Installment Contract <br />Financings for Such Projects in an Aggregate Principal Amount up to <br />$14,637,160; Authorizing the Execution and Delivery by the Cabarrus <br />County Development Corporation of Certificates of Participation Related <br />to Long -Term Installment Contract Financings" and set required public <br />hearing for Sept. 20, 2010. <br />EXPECTED LENGTH OF PRESENTATION: <br />1 Minute <br />SUBMITTED BY: <br />G_2 Page 201 <br />