BC 2015 12 14 Regular Meeting - Laserfiche WebLink

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December 14, 2015 (Regular Meeting) Page 2&08 Commissioner Grace M. Mynatt moved to approve the passage of the foregoing resolution and Vice Chairman Diane R. Honeycutt seconded the motion, and the resolution was passed by the following vote: Ayes: Chairman Stephen M. Morris, Vice Chairman Diane R. Honeycutt and Commissioners Grace M. Mynatt, Elizabeth F. Poole and Lynn W. Shue. Nays: [None.] Not Voting: [None.] (F-7) Finance - Resolution Relating to the Installment Contract of Various Public School Projects and Call for a Public Hearing Finance requests the Board of Commissioners approve the attached resolution enabling staff to enter into one or more installment financing contracts for various public school projects. UPON MOTION of Commissioner Mynatt, seconded by Vice Chairman Honeycutt and unanimously carried, the Board approved the resolution relating to one or more installment financing contracts in an aggregate principal amount of up to $112,000,000.00, and called for a required public hearing on January 19, 2015. Resolution No. 2015 -31 RESOLUTION RELATING TO LONG -TERM INSTALLMENT CONTRACT FINANCINGS OF VARIOUS PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $112,000,000; AUTHORIZING INTERIM INSTALLMENT CONTRACT FINANCINGS FOR SUCH PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $112,000,000; AUTHORIZING 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 AND CALLING REQUIRED PUBLIC HEARING WHEREAS, the Board of Commissioners desires to undertake a proposed plan of financing in an aggregate principal amount of up to $112,000,000, which plan would involve the entry by the County into one or more long -term installment financing contract(s) with the Cabarrus County Development Corporation (the "Corporation") or one or more other third parties pursuant to North Carolina General Statutes 160A -20, as amended, the proceeds of which would be used to pay all or a portion of the costs of (i) constructing and equipping new public school facilities and expanding, rehabilitating, renovating and equipping existing public school facilities, including but not limited to one new elementary school and two new middle schools and (ii) various real and personal property improvements related to the foregoing (collectively, the "Projects "), and under said one or more long -term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more long -term installment financing contract(s) by granting a security interest in and lien on all or some portion of the Projects or all or some portion of the real property upon which the Projects are located; WHEREAS, as part of said proposed plan of financing, the Corporation may also execute and deliver one or more series of Limited Obligation Bonds and /or Certificates of Participation in said one or more long -term installment financing contract(s) in an aggregate principal amount not exceeding $112,000,000 to finance the advancement of moneys to the County pursuant to said one or more long --term installment financing contract(s) between the County and the Corporation or one or more other third parties; WHEREAS, as part of the proposed plan of financing for the Projects, the Board of Commissioners further desires to authorize interim financing for all or some portion of the Projects in an aggregate principal amount of up to