BC 2015 02 16 Regular Meeting - Laserfiche WebLink

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February 16, 2015 (Regular Meeting) Page 2287 UPON MOTION of Commissioner Mynatt, seconded by Commissioner Honeycutt and unanimously carried, the Board approved the request from Carolina Farm Stewardship Association to provide $25,000.00 from the deferred tax fund to help with operating costs at the Elma C. Lomax Farm. (F -4) Cooperative Extension - Cabarrus County Youth Council Name Change The members of the Cabarrus County Youth Council (CCYC) are requesting the Board of Commissioners' approval of an official name change to "Cabarrus County Youth Commission ". The members of the Youth Council have researched and discussed this matter extensively since the fall of 2014. UPON MOTION of Commissioner Mynatt, seconded by Commissioner Honeycutt and unanimously carried, the Board approved the name change of the Cabarrus County Youth Council to the Cabarrus County Youth Commission. (F -5) County Manager - Aging Strategic Plan Cabarrus County staff, non - profit staff and individuals from the private sector contributed to and completed an Aging Strategic Plan to help address the growing aging population and needs of older residents. The plan was presented to the Board of Commissioners in March and April of 2014 and an update on activities was provided last summer. At that time, the Board did not adopt the plan, but the plan committee would like to present the document again for adoption. The work and initiatives outlined in the plan are not new and do not require additional staff to accomplish. It is hoped that by more clearly addressing needs and working in partnership that programs and activities can be provided more efficiently and effectively to address the growing need. UPON MOTION of Commissioner Mynatt, seconded by Commissioner Honeycutt and unanimously carried, the Board adopted the Aging Strategic Plan. (F -6) Finance - 2015 LOBS Refunding and Resolution Approving Re£inancin On December 15, 2014, the Board adopted a resolution relating to refinancing of prior installment financing contract financings of various public projects in an aggregate principal amount up to $211,615,000.00 and held a public hearing on this matter on January 20, 2015. Staff anticipates refunding all or a portion of the 2007 Certificates of Participation (2007 COPS) , the 2008A Certificates of Participation (200BA COPS) , the 20080 Certificates of Participation (2008C COPS) and the 2009 Certificates of Participation (2009 COPS) (collectively herein the Prior COPS) as long as the market conditions are favorable. If market conditions are unfavorable, then all or a portion of the Prior COPS will not be refunded until the market conditions for all or such portion of the Prior COPS improve. The term of the Prior COPS will not be extended. An update on the savings will be provided to the Board following each sale of refunding limited obligation bonds. UPON MOTION of Commissioner Mynatt, seconded by Commissioner Honeycutt and unanimously carried, the Board adopted the following resolution. Resolution No. 2015 -04 RESOLUTION APPROVING REFINANCING OF PRIOR INSTALLMENT FINANCING CONTRACT FINANCINGS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $211,615,000; THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF ONE OR MORE SERIES OF LIMITED OBLIGATION BONDS AND /OR CERTIFICATES OF PARTICIPATION RELATED THERETO; AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Board of Commissioners desires to approve a proposed plan of refinancing in an aggregate principal amount of up to $211,615,000, which plan would involve the entry by the County into one or more installment financing contracts (or amendments to one or more outstanding installment financing contracts) with the Cabarrus County Development Corporation (the "Corporation ") or one or more third parties pursuant to North Carolina General Statutes §160A -20, as amended, the proceeds of which would be used to refinance all or a portion of one or more installment financing contracts previously executed and delivered by the County, which prior installment