AG 2005 11 21 - Laserfiche WebLink

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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF CABARRUSCOUNTY,NORTHCAROLINA The Board of Commissioners of Cabarrus County, North Carolina (the "Boarcf'), met in regular session [ special session] at the in'. Cabarrus County, North Carolina, at P.M. on ,2005 with Chairman presiding. The following Board Members were: PRESENT: ABSENT: ALSO PRESENT: * * * * * * * * * * * * * * ** * * * * * * * * * * * * * * The Chairman slated that he had been advised that the Midland Volunteer Fire Department (the "Department") intends to borrow up to $328,358.00 (the "Loan") from First Charter Bank to finance the acquisition of a KME Pumper Fire Truck (the "Project"). The Project will be owned and operated by the Department. Neither Cabarrus CoUnty nor any . agency thereof shall be liable in any event for the repayment of the Loan, the Loan does not constitute an indebtedness of Cabarrus County or any agency thereof and does not constitute or create in any manner a debt or liability of Cabarrus County or any agency thereof. Under applicable federal income tax laws, the interest on the Loan will not be exempt from federal income taxation unless, among other things, the Board of Directors of Midland Volunteer Fire Department has, by resolution after having held a public hearing on behalf of Cabarrus County, approved the Loan and the proposed Project and then the Board by Resolution approves the Loan and the proposed Project. The Chairman then stated that a notice had been published by the Clerk to the Midland Volunteer Fire Department Board of Directors on September 5, 2005 stating that the Midland Volunteer Fire Department would hold a public hearing on behalf of Cabarrus County, North Carolina on September 22, 2005 on the proposed Loan and the Project (the "Notice"). The Midland Volunteer Fire Department held a public hearing during which anyone who wished to be heard on the advisability of the Loan and the Project could speak and there were no written comments about the proposed Project or the Loan received prior to the public hearing held by the Midland Volunteer Fire Department. After the Midland Volunteer Fire Department heard from all person who requested to be heard, the Board of Directors for the Midland Volunteer Fire Department passed the resolution approving the incurrence by the Midland Volunteer Fire Department of up to $328,358.00 in indebtedness from First Charter Bank to finance the acquisition of the Project. The Chairman introduced the following resolution which was read at length: 552086 F~/~ !