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Resolution <br /> <br />RESOLUTION APPROVING THE FILING OF AN APPLICATION WITH <br />THE LOCAL GOVERNMENT COMMISSION, AUTHORIZING <br />PUBLICATION OF A NOTICE OF INTENT TO FILE SAID <br />APPLICATION AND FINDING THE NEED FOR PROJECTS TO BE <br />FINANCED BY THE ISSUANCE BY THE COUNTY OF CABARRU$, <br />NORTH CAROLINA OF GENERAL OBLIGATION BONDS CONSISTING <br />OF $49,000,000 SCHOOL BONDS. <br /> <br /> WHEREAS, the Board of Commissioners for the County of <br />Cabarrus has reviewed in detail the proposed projects requested <br />to be financed with general obligation bonds of the County, the <br />need for such projects, facts showing that the amount of bonds <br />proposed is adequate but not excessive for such proposed purpose, <br />matters relating to the debt management policies and budgetary <br />and fiscal management policies of the County and the estimated <br />increase in property tax to pay the increased debt service <br />requirements resulting from the bonds; <br /> <br /> BE IT RESOLVED, by the Board of Commissioners of Cabarrus <br />County, North Carolina, as follows: <br /> <br />The erecting of additional school buildings and other <br />school plant facilities and the remodeling, enlarging <br />and reconstructing of existing school buildings and <br />other school plant facilities and the acquisition of <br />necessary land, rights-of-way, furnishings and <br />equipment therefor, to be financed by general <br />obligation bonds of Cabarrus County in an aggregate <br />principal amount not to exceed $49,000,000 is <br />determined to be necessary and expedient. <br /> <br />The aggregate amount of the proposed bond issue(s) is <br />found to be adequate and not excessive for its proposed <br />purpose. <br /> <br />The debt management policies of Cabarrus County are <br />found to have been carried out in strict compliance <br />with the applicable law. <br /> <br />The budgetary and fiscal management policies of <br />Cabarrus County are found to have been carried out in <br />compliance with applicable law. <br /> <br />The estimated increase in property tax to pay the <br />increased debt service requirements resulting from the <br />bonds of approximately $0.08 per $100.00 of assessed <br />value of property subject to taxation is hereby found <br />to be not excessive. <br /> <br /> <br />