My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
BC 2016 02 15 Regular Meeting
CabarrusCountyDocuments
>
Public Meetings
>
Meeting Minutes
>
BOC
>
2016
>
BC 2016 02 15 Regular Meeting
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/22/2016 4:58:39 PM
Creation date
11/27/2017 12:51:21 PM
Metadata
Fields
Template:
Meeting Minutes
Doc Type
Minutes
Meeting Minutes - Date
2/15/2016
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.
/
17
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
February 15, 2016 (Regular Meeting) <br />Page 2655 <br />the governing body or highest ranking executive or administrator of the <br />political subdivision within whose boundaries a project is located, which <br />with respect to the Projects is Cabarrus County, North Carolina; <br />WHEREAS, the Borrowers have requested that the Board approve the <br />financing of the Projects, and the issuance of the Bonds, in an amount not to <br />exceed $125,000,000, in order to satisfy the public approval requirement of <br />Section 147(f) of the Code and the requirements of Section 4 of the Amended <br />and Restated Joint Exercise of Powers Agreement Relating to the Public <br />Finance Authority, dated as of September 28, 2010 (the " Joint Exercise <br />Agreement "), and Section 66.0304(11)(a) of the Wisconsin Statutes; <br />WHEREAS, on January 29, 2016, a notice of public hearing was published <br />in the Independent Tribune, setting forth a general, functional description <br />of the type and use of the facilities to be financed, the maximum principal <br />amount of the Bonds, the initial owner, operator or manager of the facilities <br />and the location of the facilities, among other things; <br />WHEREAS, the names, address and testimony of the persons who were <br />present and who offered comments on the proposed issuance of the Bonds or who <br />responded in writing to the notice of public hearing are as follows: [None] <br />WHEREAS, the Chairman of the Board inquired elsewhere in and around the <br />meeting room to determine whether there were any other persons who wished to <br />speak at the public hearing and the Chairman of the Board determined that no <br />other persons who wished to speak at the public hearing were found; and <br />WHEREAS, the purpose of the above - described public hearing and this <br />resolution is to satisfy the public approval requirement of Section 147(f) of <br />the Internal Revenue Code of 1986, as amended (the " Code "), in order to <br />qualify the interest on the Bonds for exclusion from the gross income of the <br />owners thereof for federal income tax purposes pursuant to the applicable <br />provisions of the Code; <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE <br />COUNTY OF CABARRUS, NORTH CAROLINA: <br />Section 1. For the sole purpose of qualifying the interest on the tax- <br />exempt portion of the Bonds for exclusion from the gross income of the owners <br />thereof for federal income tax purposes pursuant to the applicable provisions <br />of the Code, the Board hereby approves the issuance of the Bonds by the <br />Authority for the purpose of providing funds to finance multiple charter <br />school facilities including the Projects, provided that in no event shall <br />Cabarrus County, the State of North Carolina or any political subdivision <br />thereof be liable for such Bonds nor shall the Bonds constitute a debt of <br />Cabarrus County, the State of North Carolina or any political subdivision <br />thereof. It is the purpose and intent of the Board that this resolution <br />constitute approval of the issuance of the Bonds by the applicable elected <br />representative of the Project Jurisdiction for the Projects, which is the <br />governmental unit having jurisdiction over the areas in which the Projects <br />are located, in accordance with Section 147(f) of the Code and Section <br />66.0304 (11) (a) of the Wisconsin Statutes and Section 4 of the Joint Exercise <br />Agreement. <br />Section 2. This resolution shall take effect immediately upon its <br />passage. <br />Vice Chairman Honeycutt moved the passage of the foregoing resolution, <br />Commissioner Shue seconded the motion and the motion was adopted by the <br />following vote: <br />AYES: Chairman Morris, vice Chairman Honeycutt and Commissioners <br />Mynatt, Poole and Shue. <br />NAYS: None <br />(G -4) Finance - Resolution Approving Installment Contract Financing for <br />Various Public School Projects Up to $112,000,000.00 <br />Susan Fearrington, Finance Director, stated the Board of County <br />Commissioners preliminarily approved the issuance of Limited Obligation Bonds <br />(LOBS) for the funding of various public school projects on December 14, 2015 <br />and held a public hearing on the issue on January 19, 2016. She advised the <br />next required step in the financing is the final approval by adoption of the <br />attached Resolution approving the installment contract financing in an amount <br />
The URL can be used to link to this page
Your browser does not support the video tag.