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<br /> <br />Cabarrus County Government <br /> <br />March 11, 2005 <br /> <br />To: Board of Commissioners <br /> <br />From: Pamela Dubois, Deputy County Manager <br /> <br />Subject: Resolution appointing an Underwriting Team <br /> <br />Cabarrus County has been issuing debt successfully on a reoccurring basis over the past several <br />years with the aid of UBS Financial Services, Inc. as either underwriter or financial advisor. An <br />underwriter or financial advisor is utilized as a contracted service for the issuance of certain types <br />of debt. Typically we contract for this service at the time of issuance of the debt however, over <br />the past several years we have utilized the services of the underwriter and/or financial advisor on <br />an ongoing basis. I believe it is in the best interest of Cabarrus County to establish an ongoing <br />contractual relationship for this service to insure consistency throughout the debt process such as <br />the reiationship with the external auditors who aid the county throughout the year, outside of the <br />annual audit process. The contract being offered is at a savings to the County over the current <br />fees charged by UBS. The savings are approximately $10,000 per $10,000,000 million bonds <br />issued. The per bond fee is set at $5.50 per bond. . <br /> <br />~ <br />~~ <br /> <br />NORm CAROUNA <br /> <br />Cabarrus County Finance <br />65 Church Street SE (28025)' P.O. Box 707' Concord, North Carolina 28026-0707 <br />Phone: 704.920.2104 Fax: 704.920.2881 web: www.cabarruscounty.us <br /> <br />r.,~ <br />