AG 1993 03 03 - Laserfiche WebLink

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RESOLUTION AUTHORIZING THE FILING OF A/~ APPLICATION FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY NORTH CAROLINA GENERAL STATUTE 160A-20 WHEREAS, the Board of Commissioners of Cabarrus County desires to provide capital improvements and equipment for Kannapolis city School renovations necessary 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 Statute 160A, Article 3, Section 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 Government Commission as a prerequisite enabling the North Carolina Local Government Commission to make its findings of fact, as set forth in North Carolina General Statute 159, Article B, Section 151; NOW, THEREFORE, IT IS RESOLVED that the Board of Commissioners of Cabarrus County, North Carolina, meeting in regular session on the 3rd day of March, 1993, does hereby make and enter the following findings of fact: The proposed contract is necessary or expedient because of critical capital improvement needs at A. L. Brown High School, Kannapolis, North Carolina, that affect the integrity of the building. 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 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 because of capital outlay funds available to the schools that will be used for payment of the debt service. 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.