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<br />Resolution No. 2004-0 a <br /> <br />RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION <br />FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY <br />NORTH CAROLINA GENERAL STATUTE 160A-20 <br /> <br />WHEREAS, the Board of Commissioners of Cabarrus. County, North Carolina desires to <br />construct an additional parking lot on the south campus of Rowan-Cabarrus Community College <br />(RCCC), renovate and equip the old school administration building for the new business center <br />ofRCCC, and obtain a design for a third building on the south campus of RCCC, (the "Project"), <br />to better serve the citizens of CabarrusCounty; and <br /> <br />WHEREAS, the Board of Commissioners of Cabarrus County desires to finance the <br />Project by the use of an installment contract authorized under North Carolina General Statutes <br />Section 160A-20; and <br /> <br />WHEREAS, prior to approval of the proposed contract, the Board of Commissioners of <br />Cabarrus County must make and enter findings of fact regarding the installment contract and- <br />present the same to the North Carolina Local Government Commission as a prerequisite enabling <br />the North Carolina Local Government Commission to make its findings of fact, as set forth in <br />North Carolina General Statutes Section 159-1S1(b); <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of <br />Cabarrus County, North Carolina, meeting in regular session the 16th day of February, 2004, <br />make the following findings of fact: <br /> <br />1. The proposed contract is necessary or expedient because of critical needs of <br />RCCC as an educational resource to the immediate economic welfare of the <br />community. <br />2. The proposed contract is preferable to a bond issue for the same purpose because <br />of the favorable interest rates offered through installment contract financing and <br />the very low fixed cost compared to a bond issue. The cost of the proposed <br />undertaking will range from $4 million to not exceed $9.9 million. <br />3. The cost of financing under the -proposed contract is believed to be less than the <br />cost of issuing general obligation bonds. <br />4. The sums to fall due under the contract are adequate and not excessive for the <br />proposed purpose. <br />5. The County of Cabarrus' debt management procedures and policies are adequate <br />because the County is well below its legal debt margin and there have been no <br />defaults on debt service payments. / <br />6. The increase in taxes necessary to meet the sums to fall due under the proposed <br />contract will range from $.0043 to $.0106 per $100 valuation and is not deemed to <br />be excessive. <br /> <br />r:--B <br />