AG 2003 08 18 - Laserfiche WebLink

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July 21, 2003 Page 192 We need to lay the groundwork now for the Cabarrus County of tomorrow. Now we're talking about the county's first full service hotel coming here to locate next to a convention center, but I see the day when there are 5 or 10 more. I see the day, and it's not far off, when new hotels and restaurants are built next to the Arena and Events Center. I see the day when Charlotte is overshadowed by Cabarrus County as a destination for conventions and tourists. We must think big and plan now. We must create an authority with oversight of the Cabarrus Arena and Events Center, the proposed Concord Convention Center and the Cabarrus Convention and Visitors Bureau. Vesting responsibility for oversight of these three operations in one organization ensures maximum cooperation and effectiveness. It concentrates efforts to attract tourists, visitors and entertainment in a single agency with that as its only mission. It avoids the occasional squabbling between governments. It removes politics from a business that functions better without it. In short, it is the reasonable thing to do, it is the right thing to do. Those who say it won't work don't want it to work. New ideas and change are sometimes hard to accept and we understand that. But we are confident that reason and a shared vision of prosperity will prevail. (F-2) Refunding of General Obll~ation Bonds Issued in 1992, 1993 and 1997 Ms. Susan Fearrlngton, Assistant Finance Director, reviewed the proposed refinancing of 1992, 1993 and 1997 general obligation bonds totaling $69,610,000.00. She stated this would allow the County to take advantage of lower interest rates with anticipated savings of approximately $1.1 million. Mr. Steve Cordell, Bond Attorney with Helms Mulliss & Wicker, LLP, reviewed the process for refunding the 1992, 1993 and 1997 general obligation bonds and for issuing up to $21,725,000.00 general obligation refunding bonds (1992 and 1993) at this time. He explained .that the County would issue debt to reflmd the 1997 general obligation bonds at a later date. The Refunding IF-2 (a) ] I[F-2 (b)] Bonds 'Notice of the Public Hearing and Order Authorizing $69,610,000 Bonds" was published in ~dE INDEPENDENT ~RIBIJNE on July 2, 2003. Public Hearing on the Refunding of Bn-d~ - 6:30 p.m Bond Order for Refunding 1992, 1993 and 1997 ~--erel Obli~att-- The Chairman announced that this was the date and hour fixed by the Board for the public hearing on the order entitled 'ORDER Ab~ORIZING $69,610,000 REFIFNDING BONDS" and that the Board would i~uuediately hear anyone who might wish to be heard on the question of the validity of said order or the advisability of issuing any of said bonds. The Chairman stated that the proceeds of the Refunding Bonds in the aggregate principal amount not exceeding $69,610,000 would be used for the purpose of providing funds, together with other available funds, to refund all or a portion of the County's outstanding Water Bonds, Series 1992, Refunding Bonds, Series 1993 and School Bonds, Series 1997, each as described in the published notice of the public hearing, and paying expenses related thereto. No one appeared, either ~n person or by attorney, to be heard on the question of the validity of said order or the advisability of issuing any of said bonds and the Clerk to the Board announced that no written statement relating to said questions had been received. It was then announced that the public hearing was cloaed. Chairman Freeman then stated that the Board having held the required public hearing thereon, it was now time for the Board to consider adoption of the order introduced on first reading on June 16, 2003 entitled: 'ORDER AU~ORIZING $69,610,000 REFUNDING BONDS." Thereupon, upon motion of Commissioner Frivette, seconded by Co~issioner Carpenter, the order entitled: 'ORDER AUTHORIZING $69,610,000 REi~ONDING BONDS" was read a second time by title and placed upon its final passage. The vote upon the final adoption of said order was: