AG 2010 10 18 - Laserfiche WebLink

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WHEREAS, the North Carolina Department of Commerce ( "DOC ") has promulgated rules (the "Allocation Rule ") providing a procedure for a unit of local government to request a reallocation of RZF Bonds as provided in the Allocation Rule; and WHEREAS, the County, in order to assist said private corporation with financing a portion of the total costs of the Project, desires to request a reallocation of RZF Bond authority in the amount of.$100,000,000. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the "Board ") of the County, as follows: Section 1. The County Manager and the Finance Officer are each hereby authorized and directed to take any and all action as either the County Manager or Finance Officer deems necessary or advisable to carry out the intent of this resolution and accomplish the goal of obtaining a reallocation of RZF Bond authority in the amount of $100,000,000, including, without limitation, providing such additional information relating to the Project as may be requested in connection with the County's request for reallocation of RZF Bond authority for a portion of the Project. Section 2. In connection with the request for reallocation of RZF Bond authority, the Board makes the following findings: (a) The Board has heretofore designated the entire County as a recovery zone. (b) The obligations to be issued will be Recovery Zone Facility Bonds. (c) The Cabarrus County Industrial Facilities and Pollution Control Financing Authority will be the issuer of the RZF Bonds. (d) The portion of the Project to be financed includes the acquisition, rehabilitation, improvement and renovation of an existing facility located in Cabarrus County, North Carolina and various improvements related thereto, including, without limitation, the acquisition and installation of machinery and equipment related thereto, to be used by said private corporation in the active conduct of its telecommunication, marketing and media businesses. (e) The maximum amount of RZF Bonds to be issued will be $100,000,000. Section 3. This resolution shall take effect immediately upon its adoption. Thereupon, upon motion of Commissioner , seconded by Commissioner , the foregoing resolution entitled "RESOLUTION REQUESTING REALLOCATION OF RECOVERY ZONE BOND AUTHORITY TO CABARRUS COUNTY," was adopted and passed by the following vote: AYES: NOES: G -5 Page 550