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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 8/18/08 <br />Agenda Item # ~, - ~'Z <br />SUBJECT: <br />Finance -Resolution Approving the Amendment of Existing Deed of Trust Securing Prior <br />Installment Contract Financing and Related Cabarrus County Development Corporation <br />Certificates of Participation, Series 2007 <br />BRIEF SUMMARY: <br />The Deed of Trust for the Jail (dated February 1, 2007) granted an interest in and lien on <br />real property to Ambac in order to secure the debt. However, one parcel of land <br />(approximately 2.11 acres for the jail housing unit) was erroneously included in the original <br />Deed of Trust. The legal description must be corrected in order for the financing for the <br />Housing Unit to proceed. Correction of this error requires the adoption of the following <br />resolution, which authorizes a payment not to exceed $5,000 to Ambac for its consent to <br />the correction of the legal description. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Motion to adopt resolution. <br />Attachments ^X Yes ^ No Expected Length of Presentation 5 Minutes <br />Submitted By: Pamela S. Dubois, Deputy County Manager Date: 8/15/08 <br />Name /Job Title <br />Budget Amendment Required: ^ Yes ^ No <br />Budget Amendment Attached and Reviewed by Budget Officer: ^ Yes ^ No <br />County Manager's Recommendations/Comments: <br />Action Taken: <br />Approved (] Deferred [ ] <br />Denied [ ] Other [ ] <br />C- IZ <br />