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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />SEPTEMBER 20, 2010 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />Finance - Update on 2001 COPS Refunding & Adoption of Resolution <br />Approving Refinancing of Prior Installment Financing Contract Financing <br />in an Aggregate Principle Amount up to $45,000,000 <br />BRIEF SUMMARY: <br />On January 20, 2009 the Board adopted a resolution relating to <br />refinancing of prior installment financing contracts of various public <br />projects in an aggregate principal amount not to exceed $60 million and <br />held a public hearing on this matter on February 16, 2009. On or about <br />September 22, 2010, a portion of the 2001 Certificates of Participation <br />(COPS) will be refunded due to favorable market conditions. An update on <br />the savings will be provided at the meeting as the date of sale is <br />September 1, 2010. <br />A portion of the 2002/2003 COPS are scheduled for refunding in October <br />2010 as long as the market conditions remain favorable. If the market <br />conditions become unfavorable, the debt will not be refunded until <br />conditions improve. The term of the debt will not be extended. <br />REQUESTED ACTION: <br />Receive update on 2001 refunding. <br />Motion to adopt resolution approving the refinancing of prior installment <br />contract financing in an aggregate principal amount up to $45,000,000 <br />and the execution and delivery by the Cabarrus County Development <br />Corporation of Certificates of Participation and /or Limited Obligation <br />Bonds related thereto, authorizing the execution and delivery of related <br />documents in connection therewith, and providing for certain other related <br />Page 118 <br />F -10 <br />