AG 2004 02 16 - Laserfiche WebLink

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Resolution No. 2004- RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY NORTH CAROLINA GENERAL STATUTE 160A-20 WHEREAS, the Board of Commissioners of Cabarrus County, North Carolina desires to construct an additional parking lot on the south campus of Rowan-Cabarrus Community College (RCCC), renovate and equip the old school administration building for the new business center of RCCC, and obtain a design for a third building on the south campus of RCCC, (the "Project"), to better serve the citizens of Cabarrus County; and WHEREAS, the Board of Commissioners of Cabarrus County desires to finance the Project by the use of an installment contract authorized under North Carolina General Statutes Section 160A-20; and WHEREAS, prior to approval of the proposed contract, the Board of Commissioners of Cabarrus County must make and enter findings of fact regarding the installment contract and present the same to the North Carolina Local Government Commission as a prerequisite enabling the North Carolina Local Government Commission to make its findings of fact, as set forth in North Carolina General Statutes Section 159-151 (b); NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Cabarrus County, North Carolina, meeting in regular session the 16th day of February, 2004, make the following findings of fact: The proposed contract is necessary or expedient because of critical needs of RCCC as an educational resource to the immediate economic welfare of the community. The proposed contract is preferable to a bond issue for the same purpose because of the favorable interest fates offered through installment contract financing and the very Iow fixed cost compared to a bond issue. The cost of the proposed undertaking will range from $4 million to not exceed $9.9 million. The cost of financing under the proposed contract is believed to be less than the cost of~i~suing general obligation bonds. The sums to fall due under the contract are adequate and not excessive for the proposed purpose. The County of Cabarrus' debt management procedures and policies are adequate because the County is well below its legal debt margin and there have been no defaults on debt service payments. The increase in taxes necessary to meet the sums to fall due under the proposed contract will range from $.0043 to $.0106 per $100 valuation and is not deemed to be excessive.