AG 2005 03 21 - Laserfiche WebLink

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A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY QF CABARRUS, NORTH CAROLINA, APPOINTING UBS FINANCIAL SERVICES INC. AS THE BOOK-RUNNING SENIOR MANAGER AND FERRIS, BAKER WATTS INC. AS CO-SENIOR MANAGER FOR ALL NEGOTIATED GOVERNMENTAL BONDS OR INSTALLMENT FINANCING CONTRACTS TO WHICH THE COUNTY IS A PARTY FOR A THREE-YEAR PERIOD COMMENCING JANUARY 1,2005 AND ENDING DECEMBER 31, 2007, WITH TWO ONE-YEAR OPTIONS; AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS. PREAMBLES WHEREAS, the County of Cabarrus, North Carolina (the "County''), is a duly and regularly created, organized and validly existing political subdivision of the State of North Carolina, existing as such under and by virtue of the Constitution, statutes and laws of the State of North. Carolina (the "State''); and WHEREAS, the BoardiofCommissioners of the County (the "Board'') has and shall exercise the responsibility of developing and directing the fiscal policy ofthe County's government under Section 153A-IOI of the General Statutes of North Carolina, as amended; and WHEREAS, an important component of the County's fiscal policy is the construction or acquisition of capital assets (generally, "Capital Projects''); and WHEREAS, the County recognizes that in order for it to provide for the timely funding for Capital Projects, it has been ~d will be necessary for the County to borrow money, either through the Local Government Finance Act, Chapter 159 of the General Statutes of North Carolina, as amended, or by means of installment fmanoing contracts entered into pursuant to Section 160A-20 of the General Statutes of North Carolina, as amended (collectively, such financings are referred to as the "Debt Instruments''); and WHEREAS, the County plans to use the proceeds of governmental Debt Instruments to finance its planned capital projects for tije next five years; and WHEREAS, the County has determined that in order for the County to have a consistent and stable approach to the municip~1 bond markets, it is in its best interest to retain fmancial institutions which have experience both in the national and state municipal bond markets to serve as its underwriters and financial advisors in cOl'\1lection with,. respectively, negotiated and competitively sold Debt Instruments; and WHEREAS, representalives ofUBS Financial Services, Inc. ("UBS'') and Ferris, Baker Watts, Inc. ("Ferris" and, together wit~ UBS, the "Underwriting Team'') have proposed to the County that the Underwriting Team serve as t~e underwriter for all of the County's negotiated governmental Debt Instruments and as the financial advisor for all of the County's competitively sold governmental Debt Instruments for a three-year period ending December 31, 2007, with mutual option by all parties to continue such relationship for tWo additional one-year periods, each ending December 31; and CLT 737387v2 /=:/8 WHEREAS, based on its existing and continuing relationship of many years with UBS and its Charlotte office, and its past rellltionship with representatives of Ferris, the County believes that such a relationship would be advantagecpus for both the County and the Underwriting Team.