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<br />August 16, 2004
<br />
<br />DRAFT
<br />
<br />Page 586
<br />
<br />WHERBAS, The, Cabarrus County Board of Education and The Kannapolis City
<br />Schools Board of 'ducation have submitted to the Board of Commissioners for
<br />the County of Cabarrus, North Carolina, resolutions passed by said boards of
<br />education showing ,that adequate school facilities are not now available in
<br />their respective .dministrative units to comply with the requirements of
<br />Section 2 of Article IX of the Constitution of North Carolina for the
<br />maintenance of schools ,at least nine months in every year and that it is
<br />necessary, in orde~ to maintain and provide such school system as required by
<br />said Section 2 of Article IX of the Constitution, to provide additional
<br />school facilities in said units by erecting additional school buildings and
<br />other school plant facilities,' replacing. remodeling, enlarging and
<br />reconstructing existing school buildings and other school plant facilities
<br />and acquiring any necessary land. rights-of-way, furnishings and equipment
<br />therefor, includi~g computers, the estimated aggregate cost of which is
<br />approximately $94.100,000.00;
<br />
<br />WHEREAS, s&ili resolutions request said Board of Commiuioners to take
<br />all necessary steRs, by the issuance of bonds or otherwise. in order that
<br />funds for such schOol facilities may be provided; and
<br />
<br />WHERBAS. sai4 Board of Commissioners has carefully examined the facts
<br />and has determined and does hereby find as a fact that the statements made in
<br />said resolutions are true and that it has become the duty of said Board of
<br />Commissioners, act!ng as an administrative agent of the State in providing a
<br />State system of pUþlic schools. to order the issuance of bonds of the County
<br />of Cabarrus so th.t the school facilities mentioned in said resolutions and
<br />in paragraph 1 of ~his order may be provided in ,order to maintain the school
<br />system in the Cou*y of Cabarrus as required by Section 2 of Article IX of
<br />the Constitution; now, therefore,
<br />
<br />BE ITORDERE~ by the Board of Commissioners for the County of Cabarrus:
<br />
<br />1. 'That. punua.t to The LooC:al Government Bond Act, as amended, and in
<br />order to ma!ntain the school system in the County of Cabarrus as
<br />required by tection 2 of Article IX of the Constitution. the County of
<br />Cabarrus, North Carolina, is hereby authorized to contract a debt, in
<br />addition to 'any and all' other debt which said, County may now or
<br />hereafter hav.power or authority to contract, and in evidence thereof.
<br />to illue School Bonds in an aggregate principal amount not exceeding
<br />$94.900.000.00 for the purpose of providing funds. with any other
<br />available' f~ds, for erecting additional school buildings and other
<br />school plan~ facilities. replacing, remodeling, enlarging and
<br />reconstruct ins existing school buildings and other school plant
<br />facilities arid acquiring any necessary land, rights-of-way, furnishings
<br />and equipment; therefor, including computers, in order to provide such
<br />school facilities in said County. '
<br />
<br />2. That taxes shall be levied in an amount sufficient to pay the principal
<br />of and the interest on said bonds.
<br />
<br />3. That a sworn ,statement of the debt of said County shall bè filed with
<br />the Clerk to the Board of Commissioners and be open to public
<br />inspection.
<br />
<br />4. That this or4er shall take effect when approved by the voters of said
<br />County ,at a referendum as provided in The Loocal Government Bond Act. as
<br />amended.
<br />
<br />Commissioner Privette thereupon
<br />authorizing bondswtl.ich was read:
<br />
<br />introduced
<br />
<br />the
<br />
<br />following
<br />
<br />order
<br />
<br />ORDER AUTHORIZING $3,100,000.00
<br />COMMUNITY COLLEGE BONDS
<br />
<br />BE IT ORDERED-by the Board of Commissioners for the County of Cabarrus:
<br />
<br />1. That. pursuan~ to The Loocal Government Bond Act, as amended. the County
<br />of Cabarrus, North Carolina, is hereby authorized to contract a debt,
<br />in addition 110 any and all other debt which said County may now or
<br />hereafter hav, power or authority to contract, and in evidence thereof,
<br />to issue Comniunity College Bonds Jon an aggregate principal amount not
<br />exceeding $3,100,000.00 for the purpose of providing funds, with any
<br />other available funds, for erecting an additional educational building
<br />and related improvements for Rowan-Cabarrus Community College and
<br />acquiring furnishings and equipment therefor, including computers.
<br />
<br />A.. ,
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<br />0)
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