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CABARRUS COUNTY BOARD OF EDUCATION <br />RESOLUTION APPROVING THE APPLICATION FOR QUALIFIED SCHOOL <br />CONSTRUCTION BONDS <br />July 30, 2009 <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 <br />instrument, for use by local education agencies; and <br />WHEREAS, QSCB proceeds may be used for new building construction, land <br />acquisition, or the renovation or rehabilitation of older buildings; and <br />WHEREAS, the Federal Government has allocated a portion of the QSCB to the State of <br />North Carolina in the amount of $275,772,000.00; and <br />WHEREAS, the North Carolina State Board of Education and the North Carolina <br />Department of Public Instruction has allocated $3,191,155.08 of the QSCB fund to the <br />Board; 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 July 31, <br />2009. <br />NOW, THEREFORE, BE IT RESOLVED by the Cabarrus County Board of Education <br />as follows: <br />That the projects listed in Exhibit A are eligible to be paid for with QSCB <br />funding. <br />2. That the Board Chair, Superintendent, and Legal Counsel are authorized to <br />take any and all action necessary to qualify for QSCB funding, including submission of <br />the requisite eligibility application for QSCB funds to the State Board of Education and <br />Department of Public Instruction by July 31, 2009. <br />Approved by the Cabarrus County Board of Education, this the 30th day of July, <br />2009. <br />THE CABA US COUNTX B EDUCATION <br />~ ~ <br />y: o ly B ack lder, Chairwoman <br />ATTEST: <br />Su e n n ent B -y She erd, Secretary <br />Attachment number 1 <br />Page 134 of 315 <br />F-7 <br />