AG 2004 07 26 - Laserfiche WebLink

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