AG 2004 07 26 - Laserfiche WebLink

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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH CAROLINA The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on July 26, 2004, with Robert M. Freeman, Chairman, presiding. The following Commissioners were: PRESENT: ABSENT: ALSO PRESENT: Pamela S. Dubois, Finance Director for Cabarrus County, reviewed for the Board various projects proposed to be financed with general obligation bond issues in an aggregate principal amount not exceeding $98,000,000: One or more bond issue(s) in a principal amount not exceeding $94,900,000 in the aggregate would be used to erect additional school buildings and other school plant facilities and to replace, remodel, enlarge and reconstruct existing school buildings and other school plant facdittes and acquire necessary land, rights-of-way, furnishings and equipment therefor, including computers. Ms. Dubois noted that the Board had received resolutions requesting the bonds from the Cabarrus County Board of Education and the Kannapolis City Schools' Board of Education. ° One or more bond issue(s) ~n a principal amount not exceeding $3,100,000 ~n the aggregate would be used to erect an additional educational building and related improvements for Rowan- Cabarrus Community College and to acquire furnishings and equipment therefor, including computers. Ms. Dubois noted l[~tat the Board had received resolutions requesting the bonds from the Rowan-Cabarms Community College Board of Trustees. The Board reviewed information relating to the need for each project and why the amount of bonds proposed was adequate and not excessive for each proposed purpose. The Board further reviewed information regarding compliance of the County's debt management policies and its budgetary and fiscal management policies with applicable law and indicating that the estimated increase in property tax required for the estimated increase in debt service requirements for the bond issue(s) was not excessive. Ms. Dubois also noted the need for the Board to designate a representative to act on its behalf w~th the Local Government Commission in connection with an application to be submitted by the County for approval of the bond issues and to authorize the publication of a notice of intent to file the application. Thereupon, Commissioner introduced the following resolution, a copy of which had been distributed to each Commissioner and the title of which was read: