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<br /> Mr. Michael M. Ruffin, County Manager, asked the Board to request the
<br />Planning Board to consider an application for an Airport-Airspace Overlay
<br />District for the proposed airport site. He explained that the overlay
<br />district would prevent height obstructions and protect the site for general
<br />aviation facilities.
<br /> The motion by Commissioner Simmons to instruct the Planning Department
<br />to notify the Board of any building permits that are requested in the
<br />overlay area and then, if necessary, for the Board to take action failed
<br />for lack of second.
<br /> UPON MOTION of Commissioner Hamby, seconded by Commissioner Melvin
<br />with Commissioners Hamby, Melvin, and Moss and Chairman Lentz voting for
<br />and Commissioner Simmons voting against, the Board authorized the Planning
<br />staff to proceed with the public hearing measure on the rezoning request
<br />for an Airport-Airspace Overlay District for the proposed airport site.
<br /> Chairman Lentz recessed the meeting at 7:50 P.M. until the conclusion
<br />of the meeting of the Board of Commissioners for the Water and Sewer
<br />District of Cabarrus County.
<br /> Chairman Lentz reconvened the meeting at 7:54 P.M.
<br /> Commissioner Hamby introduced the following resolution, a copy of
<br />which had been provided to each Commissioner and which was read by title:
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF
<br />$17,000,000 SCHOOL BONDS, SERIES 1989
<br />
<br /> BE IT RESOLVED by the Board of Commissioners for the County of
<br />Cabarrus:
<br /> Section 1. The Board of Commissioners has determined and does
<br />hereby find and declare:
<br /> (a) That an order authorizing not exceeding $25,000,000 School
<br />Bonds was adopted by the Board of Commissioners for the County of Cabarrus
<br />on January 14, 1988, which order was approved by the vote of a majority of
<br />the qualified voters of said County who voted thereon at a referendum duly
<br />called and held on March 8, 1988.
<br /> (b) That none of said bonds has been issued, that no notes have
<br />been issued in anticipation of the receipt of the proceeds of the sale of
<br />said bonds and that it is necessary to issue $17,000,000 of said bonds at
<br />this time.
<br /> (c) That the maximum period of usefulness of the additional
<br />school facilities to be provided pursuant to said order is estimated as a
<br />period of 40 years from March 1, 1989, the date of said $17,000,000 of
<br />bonds as hereinafter provided, and that such period expires on March 1,
<br />2029.
<br /> Section 2. Pursuant to said order, there shall be issued bonds
<br />of the County of Cabarrus (the "Issuer") in the aggregate principal amount
<br />of $17,000,000, designated "School Bonds, Series 1989" and dated March 1,
<br />1989 (the "Bonds"). The Bonds shall be stated to mature (subject to the
<br />right of prior redemption as hereinafter set forth) annually, March 1,
<br />$450,000 1990 to 1993, inclusive, $500,000 1994, $600,000 1995 to 1997,
<br />inclusive, $700,000 1998, $775,000 1999, $1,050,000 2000, $1,100,000 2001
<br />to 2009, inclusive, and $475,000 2010, and shall bear interest at a rate or
<br />rates to be determined by the Local Government Commission of North Carolina
<br />at the time the Bonds are sold, which interest to the respective maturities
<br />thereof shall be payable on September 1, 1989 and semiannually thereafter
<br />on March 1 and September 1 of each year until payment of such principal
<br />sum.
<br /> Each Bond shall bear interest from the interest payment date next
<br />preceding the date on which it is authenticated unless it is (a)
<br />authenticated upon an interest payment date in which event it shall bear
<br />interest from such interest payment date or (b) authenticated prior to the
<br />first interest payment date in which event it shall bear interest from its
<br />date; provided, however, that if at the time of authentication interest is
<br />in default, such Bond shall bear interest from the date to which interest
<br />has been paid.
<br /> The principal of and the interest and any redemption premium on
<br />the Bonds shall be payable in any coin or currency of the United States of
<br />America which is legal tender for the payment of public and private debts
<br />on the respective dates of payment thereof.
<br /> The Bonds will be issued by means of a book-entry system with no
<br />physical distribution of Bond certificate to be made except as hereinafter
<br />
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