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December 1, 2015 (Work Session)
<br />Agenda item Requesting a Not to exceed number
<br />Page 2598
<br />Base 95,428,000
<br />Cost of Issuance 1,183,900
<br />Esculaticn cost 2,579,100 (buffer clue to _noreasing cost of contrmction)
<br />106, 151, 446
<br />Debt Service for last numbers 9,519,625 Sold with a premium of $9,582,195
<br />would have been a not to exceed of $91,000,000
<br />Par value plus premium = 77,410,000 + 9,592,195 = $86,992,195
<br />Debt Service for current number 8,527,917 Sold with a discount of $(5,599,000)
<br />projected as a not to exceed of $112,000,000
<br />Par value less discount = 111,790,000 - 5,589,000 = $106,191,000
<br />A discussion ensued.
<br />Finance - Resolutions Declaring Official Intent to Reimburse_ Expenditures_
<br />with Proceeds of Debt Pursuant to U. S. Department of Treasury Regulations
<br />Susan Fearrington, Finance
<br />information relating to resolutions
<br />expenditures with proceeds of debt
<br />regulations.
<br />Director, presented the following
<br />declaring official intent to reimburse
<br />pursuant to U.S. Department of Treasury
<br />It is requested that the County advance its own funds to pay
<br />certain original expenditures associated with the new Mount
<br />Pleasant Middle School and Kannapolis Middle School projects.
<br />Approval of the resolutions will allow the County to pay the
<br />original expenditures and then reimburse itself for the
<br />expenditures with the proceeds of the debt to be incurred by the
<br />County for the 2015 Limited Obligation Bonds.
<br />Infrastructure and Asset Management - Offer for Purchase of Tax Foreclosure
<br />Property --
<br />Kyle Bilafer, Infrastructure and Asset Management Director, stated Tax
<br />foreclosure parcels that are not purchased through the courthouse auction
<br />have been sold using an online surplus property web service. Those online
<br />auctions have a time limited duration. One particular parcel, located at 637
<br />Faith Drive SCSI in Concord, has recently received an offer to purchase, after
<br />the web service auction expired, for $2,000 from Nadine L. Massarelli, a
<br />resident of Kannapolis. In order to accept this offer to purchase it is
<br />required to go through the standard upset hid process.
<br />Jonathan Marshall, Deputy County Manager, stated in the past, this has
<br />been a two -month process. He suggested the Board, by consensus, accept the
<br />offer and begin the upset bid process immediately and if no upset bids are
<br />received, the item will he ready for action at the Boards' regular meeting in
<br />December.
<br />Richard Koch, County Attorney, stated this would be a conditional
<br />acceptance because the Board retains the right at any time to take a final
<br />vote to reject this initial offer. He also responded to questions from the
<br />Board.
<br />Board members indicated approval to begin the upset bid process by
<br />consensus.
<br />Infrastructure and Asset Management - Offer for Purchase of Tax Foreclosure
<br />Property
<br />Kyle Bilafer, Infrastructure and Asset Management Director, requested
<br />the Board approve to begin the upset bid process for this item as it did for
<br />the previous item. He stated an offer was received from Donald Watson in the
<br />amount of $2,000.00 for property located at 335 Fox Street in Concord. He
<br />requested the Board accept the initial bid from Mr. Watson and commence the
<br />upset bid process.
<br />Board members indicated approval to begin the upset bid process by
<br />consensus.
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