BC 2015 12 14 Regular Meeting - Laserfiche WebLink

Home Browse Search

December 14, 2015 (Regular Meeting) Page 2609 $112,000,000, which would involve the entry by the County into one or more short -term installment financing contract(s) with one or more third parties pursuant to North Carolina General Statutes 160A -20, as amended, the proceeds of which would be used to provide interim financing for all or some portion of the Projects pending execution and delivery of said one or more long -term financing contract(s) and the related Limited Obligation Bonds and /or Certificates of Participation, if any, and under said one or more short -term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such short -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; and WHEREAS, North Carolina General Statutes 160A -20, as amended, requires that the Board of Commissioners must hold a public hearing concerning the one or more short -term installment financing contract(s), the one or more long- term installment financing contract(s) and the transactions contemplated thereby and associated therewith, with notice of said public hearing to be published once at least 10 days before the date of the public hearing; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The Board of Commissioners hereby finds and confirms that (i) the Projects and the financing thereof by one or more short -term contract(s) and one or more long -term contract(s) is necessary and expedient for the County; (ii) financing of the Projects by one or more short -term contract(s) and one or more long -term contract(s), under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under one or more short -term contract(s) and one or more long -term contract(s) are adequate and not excessive for their proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under one or more short -term contract(s) and one or more long -term contract(s) will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 2. As required by Section 160A -20 of the North Carolina General Statutes, as amended, a public hearing shall be held by the Board of Commissioners on January 19, 2016 at 6:30 p.m., or as soon thereafter as practicable, in the Commissioner's Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, concerning the proposed execution of one or more short -term installment financing contract(s) and related documents, the execution of one or more long -term installment financing contracts) and related documents, the proposed financing of the Projects and any other transactions associated therewith. The Clerk to the Board of Commissioners is directed to cause a notice of such public hearing, substantially in the form attached hereto as Exhibit A, to be published once in a qualified newspaper of general circulation within the County not less than 10 days prior to said public hearing. Section 3. The appropriate officers of the County are hereby authorized and directed to do any and all things necessary, appropriate or convenient to