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AG 2004 07 26
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AG 2004 07 26
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Last modified
3/9/2006 9:20:03 PM
Creation date
11/27/2017 11:38:35 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/26/2004
Board
Board of Commissioners
Meeting Type
Regular
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RESOLUTION APPROVING THE FILING OF AN APPLICATION WITH THE <br />LOCAL GOVERNMENT COMMISSION, AUTHORIZING PUBLICATION OF A <br />NOTICE OF INTENT TO FILE SAID APPLICATION AND FINDING THE NEED <br />FOR PROJECTS TO BE FINANCED BY THE ISSUANCE BY THE COUNTY OF <br />CABARRUS, NORTH CAROLINA OF GENERAL OBLIGATION BONDS <br />CONSISTING OF $94,900,000 SCHOOL BONDS AND $3,100,000 COMMUNITY <br />COLLEGE BONDS. <br /> <br /> WHEREAS, the Board of Commissioners for the County of Cabarrus has reviewed in detail the <br />proposed projects requested to be financed with general obligation bonds of the County, the need for such <br />projects, facts showing that the amount of bonds proposed is adequate but not excessive for such <br />proposed purposes, matters relating to the debt management policies and budgetary and fiscal <br />management policies of the County and the estimated increase in property tax to pay the increased debt <br />service requirements resulting from the bonds; <br /> <br /> BE IT RESOLVED, by the Board of Commissioners of Cabarrus County, North Carolina, as <br />follows: <br /> <br />The erecting of additional school buildings and other school plant facilities and the <br />replacing, remodeling, enlarging and reconstructing of existing school buildings and <br />other school plant facilities and the acquisition of necessary land, rights-of-way, <br />furnishings and equipment therefor, including computers, to be financed by general <br />obligation bonds of Cabarrus County in an aggregate principal amount not to exceed <br />$94,900,000 is determined to be necessary and expedient. <br /> <br />The erecting of an additional educational building and related improvements for Rowan- <br />Cabarrus Community College and the acquisition of furnishings and equipment therefor, <br />including computers, to be financed by general obligation bonds of Cabarrus County in <br />an aggregate principal amount not to exceed $3,100,000 is determined to be necessary <br />and expedient. <br /> <br />o <br /> <br />The aggregate amount of each of the proposed bond issue(s) is found to be adequate and <br />not excessive for its proposed purposes. <br /> <br />The debt management policies of Cabarrus County are found to have been carried out in <br />strict compliance with the applicable law. <br /> <br />o <br /> <br />The budgetary and fiscal management policies of Cabarrus County are found to have <br />been carried out in compliance with applicable law. <br /> <br />The estimated increase in property tax to pay the increased debt service requirements <br />resulting from the bonds of approximately $0.0678 per $100.00 of assessed value of <br />property subject to taxation is hereby found to be not excessive. <br /> <br />o <br /> <br />The filing of an application with the Local Govemment Commission for approval of the <br />proposed bonds is hereby approved and confirmed and the Finance Director is designated <br />to serve as the representative of the County in connection with the application for <br />approval of the bonds with the Local Government Commission and is authorized to cause <br />a Notice of Intent to file the application to be published. <br /> <br />This resolution shall take effect immediately. <br /> <br />2 <br /> <br /> <br />
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