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AG 2004 02 16
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AG 2004 02 16
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Last modified
3/9/2006 9:18:58 PM
Creation date
11/27/2017 11:37:18 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
2/16/2004
Board
Board of Commissioners
Meeting Type
Regular
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Resolution No. 2004- <br /> <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-Caban'us Community College <br />(RCCC), renovate and equip the old school administration building for the new business center <br />of RCCC, and obtain a design for a third building on the south campus of RCCC, (the "Project"), <br />to better serve the citizens of Cabarrus County; 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 />Cabarms 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 159-151 (b); <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of <br />Cabarrus County, North Carolina, meeting in regular session thc 16th day of February, 2004, <br />make the following findings of fact: <br /> <br />o <br /> <br />o <br /> <br />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 />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 $4.5 million to not exceed $9.9 million. <br />The cost of financing under the proposed contract is believed to be less than the <br />cost of issuing general obligation bonds. <br />The sums to fall due under the contract are adeqi~ate and not excessive for the <br />proposed purpose. <br />The County of Cabarms' 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 />The increase in taxes necessary to meet the sums to fall due under the proposed <br />contract will be __ cents per $100 valuation and is not deemed to be excessive. <br />The County of Cabarrus is not in default in any of its debt service, obligations. <br /> <br /> <br />
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