My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
AG 1994 06 20
CabarrusCountyDocuments
>
Public Meetings
>
Agendas
>
BOC
>
1994
>
AG 1994 06 20
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/25/2002 4:32:37 PM
Creation date
11/27/2017 11:58:46 AM
Metadata
Fields
Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
6/20/1994
Board
Board of Commissioners
Meeting Type
Regular
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
90
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION <br />FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY <br />NORTH CAROLINA GENERAL STATUTE 160A-20 <br /> <br /> WHEREAS, the Board of Commissioners of Cabarms County desires to complete the <br />water impoundment facility, known as Coddle Creek Reservoir, in order to adequately serve the <br />water needs of the citizens of Cabarms County; and <br /> <br /> WHEREAS, the Board of Commissioners of Cabarrus County desires to finance the <br />Project by the use of an installment contract authorized under North Carolina General Statute <br />160A, Article 3, Section 20; and <br /> <br /> WHEREAS, prior to approval of the proposed contract, the Board of Commissioners of <br />Cabarrus County must make and enter findings of fact regarding the installment contract and <br />present the same to the North Carolina Local Government Commission as a prerequisite enabling <br />the North Carolina Local Government Commission to make its findings of fact, as set forth in <br />North Carolina General Statute 159, Article B, Section 151; <br /> <br /> NOW, THEREFORE, IT IS RESOLVED that the Board of Commissioners of Cabarrus <br />County, North Carolina, meeting in regular session on the 20th day of June, 1994, does hereby <br />make and enter the following findings of fact: <br /> <br />The proposed contract is necessary or expedient because of critical water needs <br />which will be alleviated upon the completion of the Coddle Creek Reservoir. <br /> <br />The proposed contract is preferable to a bond issue for the same purpose because <br />of the favorable interest rates offered through installment contract financing and <br />the very low fixed cost as compared to a bond issue. <br /> <br />The cost of financing under the proposed contract is believed to be less than the <br />cost of issuing general obligation bonds. <br /> <br />The sums to fall due under the contract are adequate and not excessive for the <br />proposed purpose because tax revenues will be sufficient to make the debt service <br />payments. <br /> <br />The County of Cabarrus' debt management procedures and policies are adequate <br />because the County is well below its legal debt margin, and there have been no <br />defaults on debt service payments. <br /> <br />The increase in taxes necessary to meet the sums to fall due under the proposed <br />contract will be 3/4 cent per $100 valuation and is not deemed to be excessive. <br /> <br />7. The County of Cabarrus is not in default in any of its debt service obligations. <br /> <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.