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Mr. Blair D. Bennett <br />November 8, 1993 <br />Page 2 <br /> <br />the refunding will not be included in the $10 million annual limit. Therefore, if the proposed general <br />obligation school bond referendum is passed in the spring of 1994, the County still has the capacity to <br />issue up to $i0 million in aggregate debt during calendar year 1994 without violating this agreement. <br /> <br /> We believe the solution described herein provides the best strategy available to the County. This <br />would allow the County to include the costs associated with refunding the Series 1988 bonds thus <br />avoiding a direct cash contribution into the refunding process. Additionally, since Cabarrus County and <br />Wachovia entered into a formal commitment in August, Wachovia is willing to maintain its commitment <br />of 4.50% on the refunding bonds and to make that retroactive back to September 1, 1993. This would <br />require the County to still make the January 1, 1994, payment per Exhibit B, however, the bank would <br />then return or apply the difference in the interest accrued between September 1, 1993 and December 31, <br />1993. <br /> <br /> I trust the information included in this letter accurately reflects the telephone discussions of the <br />past several weeks. If you have additional questions or concerns regarding the refunding, please do not <br />hesitate to call. As always, it is a pleasure to be of service to Cabarrus County and we look forward <br />to the successful completion of this transaction. <br /> <br />Sincerely, <br />~A. Green <br />Vice President <br />Public Finance Services <br /> <br />RAG/krm <br />rag9.krm <br /> <br />cc: Bob Suddreth <br /> <br /> <br />