AG 2004 12 28 - Laserfiche WebLink

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RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY NORTH CAROLINA GENERAL STATUTE 160A-20 WHEREAS, the Board of Commissioners of Cabarrus County, North Carolina desires to purchase land for the construction of a Law Enforcement Center, (the "Project"), to better serve the citizens of Cabarrus County; and . WHEREAS, the Board of Commissioners of Cabarrus County desires to finance the Project by the use of an installment contract authorized under North Carolina General Statutes Section 160A-20; and WHEREAS, prior to approval of the proposed contract, the Board of Commissioners of Cabarrus County must make and enter findings of fact regarding the installment contract and present the same to the North Carolina Local.GovernmentCommission as a prerequisite enabling the North Carolina Local Government Commission to make its findings of fact, as set forth in North Carolina General Statutes Section 159-151(b); NOW, THEREFORE, BE IT RESOLVED that the Board of. Commissioners of Cabarrus County, North Carolina, meeting in regular recessed session the 28th day of December, 2004, make the following findings of fact: 1. The proposed contract is necessary or expedient because of critical needs of overcrowding at our current Law Enforcement Facility. The proposed contract is preferable to a bond issue for the same purpose because of the favorable interest rates offered through installment contract financing and the very low fixed cost compared to a. bond issue. The cost of the proposed. undertaking will range from $2.0 million to not exceed $6.0 million. The cost of financing under the proposed contract is believed to be less than the cost of issuing general obligation bonds. The sums to fall due under the contract are adequate and not excessive for the proposed purpose. The County of Cabarrus' debt management procedures and policies are adequate because the County is well below its legal debt margin and there have been no defaults on debt service payments. . . The increase in taxes necessary to meet the sums to fall due under the proposed contract will be less than .01 cent per $100 valuation and is not deemed to be exceSSIve. The County of Cabarrus is not in default in any of its debt service obligations. The attorney for the County ofCabarrus has rendered an opinion that the proposed Project is authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and laws of North Carolina. 2. 3. 4. 5. 6. 7. 8. NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Director is hereby authorized to act on behalf of the County of Cabarrus in filing an application with the North Carolina Local Government Commission for approval of the Project and the proposed financing contract and other actions not inconsistent with this resolution.