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April 18, 2017 (Regular Meeting) Page 3105 /s/ Megan Smit Clerk to the Board (F-3) Finance - Establishment of Other Post-Employment Benefits Trust Fund and Local Government Law Enforcement Special Separation Allowance Trust Fund The County provides certain benefits for its eligible retirees that constitute what are known as "other post-employment benefits" ( "OPEB") . The County is required to account for OPEB pursuant to the Governmental Accounting Standards Board Statement No. 45; the County desires to create a trust fund (the "OPEB Trust Fund") into which it will make an original deposit of $1, 000, 000.00 and then deposit regular contributions in order to further fund the County's OPEB obligations. Such deposits into the OPEB Trust Fund will be irrevocable, not subject to the claims of creditors and may only be withdrawn by the County to provide other post-employment benefits to individuals who are former employees or beneficiaries of former employees of the County and who are entitled to other post-employment benefits payable by the County. The County also provides certain pension benefits for its eligible law enforcement retirees that constitute what are known as "Local Government Law Enforcement Special Separation Allowance" ("LEOSSA") . The County is required to account for LEOSSA pursuant to the Article 12D of General Statute Chapter 143. The County desires to create a trust fund (the "LEOSSA Trust Fund") into which it will make an original deposit of $1, 576, 476. 00 and then deposit regular contributions in order to further fund the County's LEOSSA obligations. Such deposits into the LEOSSA Trust Fund will be irrevocable, not subject to the claims of creditors and may only be withdrawn by the County to provide Local Government Law Enforcement Special Separation Allowance payments to individuals who are former law enforcement employees or beneficiaries of former employees of the County and who are entitled to other Special Separation Allowance payments payable by the County. It is requested to establish the two trust funds. Both trust funds would be held in an account established with the North Carolina Local Government Commission. Additional details will be available at the Board meetings. UPON MOTION of Commissioner Shue, seconded by Vice Chairman Honeycutt and unanimously carried, the Board authorized the Finance Director to establish an Other Post-Employment Benefits (OPEB) Trust Fund and a Local Government Law Enforcement Special Separation Allowance (LEOSSA) Trust Fund. (F-4) Finance - Resolution Declaring Official Intent to Reimburse Expenditures with Proceeds of Debt Pursuant to U. S. Department of Treasury Regulations It is requested that the County advance its own funds to pay certain original expenditures associated with the new Cabarrus County high school and Performance Learning Center projects. Approval of the attached resolution will allow the County to pay the original expenditures and then reimburse itself for the expenditures with the proceeds of the debt to be incurred by the County for the 2017 Limited Obligation Bonds. UPON MOTION of Commissioner Shue, seconded by Vice Chairman Honeycutt and unanimously carried, the Board adopted the reimbursement resolution and authorized the Chairman to sign the reimbursement agreement for the New High School and New Performance Learning Center. Resolution No 2017-08 RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO UNITED STATES DEPARTMENT OF TREASURY REGULATIONS BE IT RESOLVED by the Board of Commissioners of Cabarrus County: 1. The Board hereby finds, determines and declares as follows: (a) Treasury Regulations Section 1.150-2 (the "Regulations") , promulgated by the United States Department of Treasury on June 18, 1993, prescribes certain specific procedures applicable to certain obligations issued by the County after June 30, 1993, including, without limitation, a requirement that the County timely declare its official intent to reimburse certain expenditures with the proceeds of debt to be issued thereafter by the County. (b) The County has advanced and/or will advance its own funds to pay certain capital costs (the "Original Expenditures") associated with