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September 21, 2015 (Regular Meeting) Page 2542
<br />00194620 -9448
<br />Whit e Goods
<br />$20,000.00
<br />$184,260.00
<br />$204,260.00
<br />00165630 -6901
<br />Fund Balance Approp.
<br />$0.00
<br />$0.00
<br />$4,403.00
<br />$4,403.00
<br />00195630 -94003
<br />Triple P Incentive Grt
<br />$4,403.00
<br />$4,403.00
<br />(F -4) Emergency Management - Georgeville Volunteer Fire Department: Finance
<br />of Existing Debt
<br />Georgeville Volunteer Fire Department, Inc. will finance an amount up
<br />to $500,000.00 with Bank of North Carolina to consolidate two apparatus loan
<br />payments at a lower interest rate. The United States Revenue Code requires
<br />that for such financing to be carried out on a tax - exempt basis, the Board of
<br />Commissioners must approve the financing by adopting a resolution.
<br />Georgeville Volunteer Fire Department, Inc. has held a public hearing on the
<br />financing, as required by the Code.
<br />UPON MOTION of Commissioner Mynatt, seconded by Commissioner Honeycutt
<br />and unanimously carried, the Board adopted the Resolution Approving the
<br />Financing by Georgeville Volunteer Fire Department, Incorporated of up to
<br />$500,000.00 for Refinancing Existing Fire Equipment.
<br />Resolution No. 2015 -23
<br />RESOLUTION APPROVING THE FINANCING BY GEORGEVILLE VOLUNTEER
<br />FIRE DEPARTMENT, INCORPORATED OF UP TO $500,000 FOR
<br />REFINANCING EXISTING FIRE EQUIPMENT
<br />WHEREAS, Georgeville Volunteer Fire & Rescue, Incorporated has
<br />determined to finance an amount of up to $500,000 for existing fire equipment
<br />debt; and
<br />WHEREAS, the United States Internal Revenue Code requires that for such
<br />financing to be carried out on a tax - exempt basis, this Board must first
<br />approve the financing; and
<br />WHEREAS, the VFD has held a public hearing on the financing after
<br />published notice, as required by the Code; and
<br />Board;
<br />WHEREAS, the VFD has reported the proceedings of the hearing to this
<br />NOW, THEREFORE, BE IT RESOLVED, that the Cabarrus County Board of
<br />Commissioners approves the VFD's entering into the financing, as required
<br />under the Code for the financing to be carried out on a tax - exempt basis.
<br />The VFD's conduct of the required public hearing is approved.
<br />Adopted this the 21 day of September, 2015.
<br />/s/ Stephen M. Morris
<br />Stephen M. Morris, Chairman
<br />Board of Commissioners
<br />ATTEST:
<br />/s/ Megan I.E. Smit
<br />Megan I.E. Smit, Clerk to the Board
<br />(F -5) Finance - Request for Additional Cash Funds to Continue Progress on
<br />Three School Construction Projects
<br />As we continue to move toward the financing of three school
<br />construction projects, (Mount Pleasant Middle, Royal Oaks, and Kannapolis
<br />Middle School), additional cash funds are needed for Land, Architect,
<br />Engineering, Administrative Costs, Abatements, and Contingency. All funds
<br />requested total $3,843,269.00 of which $952,850.00 would be transferred to
<br />the actual construction funds and $ 2,890,419.00 would be held in the capital
<br />reserve fund until requested by either school district.
<br />UPON MOTION of Commissioner Mynatt, seconded by Commissioner Honeycutt
<br />and unanimously carried, the Board approved the budget amendments and the
<br />appropriate Capital Projects /Capital Reserve Fund Ordinances.
<br />Date: 9/21/2015 Amount:$3,843,269
<br />Dept. Head: Susan Fearrington Department: Finance- School Const Debt Fd
<br />IJ Internal Transfer Within Department CI Transfer Between Departments /Funds g Supplemental Request
<br />Purpose: Additional allocation of cash funding for the Mt. Pleasant Middle, Royal Oaks and
<br />Kannapolis Middle School projects as we continue to move toward the financing of the three school
<br />projects. Additional Funding is being provided from the Capital Reserve Fund. $952,850 will be
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