AG 2010 10 18 - Laserfiche WebLink

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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH CAROLINA The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, the regular place of meeting, at _:_ p.m., on October 18, 2010, with , Chairman, presiding. The following Commissioners were: PRESENT: ABSENT: ALSO PRESENT: * * * * * * * * * * RESOLUTION REQUESTING REALLOCATION OF RECOVERY ZONE BOND AUTHORITY TO CABARRUS COUNTY WHEREAS, the American Recovery and Reinvestment Act of 2009 (the "Act ") amended the Internal Revenue Code of 1986, as amended (the "Code ") by authorizing the issuance of recovery zone economic development bonds ( "RZED Bonds ") to finance "qualified economic development purposes" (as defined in Section 140OU -2 of the Code) and recovery zone facility bonds ( "RZF Bonds" and, collectively with the RZED Bonds, "Recovery Zone Bonds ") to finance "recovery zone property" (as defined in Section 140OU -3 of the Code), each subject to the limitations set forth in the Code; WHEREAS, the Board of Commissioners (the "Board ") of the County of Cabarrus, North Carolina (the "County"), by resolution adopted on October 18, 2010, has designated the entirety of the County as a "recovery zone" in accordance with the provisions of Section 1400U- 1 of the Code; WHEREAS, the County, through the issuance of RZF Bonds, desires to assist a private corporation with financing a portion of the costs of acquisition, rehabilitation, improvement and renovation of an existing facility located in the County and various related improvements thereto, including, without limitation, the acquisition and installation of machinery and equipment related thereto (the "Project "), which collectively is expected to cost approximately $750,000,000; WHEREAS, the County has no existing allocation of RZF Bond authority; WHEREAS, under the provisions of Article 51 B of Chapter 143 of the General Statutes of the State of North Carolina, as amended by Session Law 2009 -140 of the North Carolina General Assembly, the North Carolina Federal Tax Reform Allocation Committee (the "Committee ") is given the authority to determine whether the allocations of RZF Bonds are being waived and in the event of such waiver to determine reallocations of such waived allocations; Page 549 G -5