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February 17, 2014 (Regular Meeting) Page 1930
<br />UPON MOTION of Vice Chairman Burrage, seconded by Commissioner
<br />Cesterreich and unanimously carried, the Board approved the January 2014
<br />Refund - Release report, along with the NCVTS Refund report, as submitted and
<br />granted authority to the Tax Collector to process the refunds and releases.
<br />The report is hereby incorporated into the minutes by reference and is on
<br />file with the Clerk to the Board.
<br />(G) NEW BUSINESS
<br />(G -1) County Manager - On Behalf of A.C.E. Academy Regarding the Issuance of
<br />Charter School Revenue Bonds - Public Hearing 6:30 P.M.
<br />Chairman Poole announced a public hearing is needed on behalf of A.C.E.
<br />Academy for them to fulfill the requirements of Section 147(f) of the
<br />Internal Revenue Codes of 1986, in regards to the issuance of charter school
<br />revenue bonds by the Wisconsin Public Finance Authority.
<br />Caroline Wannamaker Sink, attorney representative for A.C.E. Academy,
<br />stated the public hearing is a formality required by the federal tax law
<br />because the A.C.E. Academy School will be located in Cabarrus County. She
<br />said there is no financial responsibility on the part of the County, the
<br />State of North Carolina or this community. The borrower, Vertex Non -- -Profit
<br />Organization, will be responsible for repaying the tax exempt bonds. She
<br />also noted the availability of A.C.E. Academy representatives in attendance
<br />to answer any questions.
<br />Chairman Poole opened the public hearing at 7:20 p.m. The Public
<br />Hearing Notice was published on January 31, 2014 in The Independent Tribune.
<br />The Public Hearing Notice was also posted on the County's website
<br />( www.cabarrus county. us ) on January 28, 2014 in accordance with Article 2,
<br />Administration, Section 2.1 (Use of Electronic Means to Provide Public
<br />Notices) of the Cabarrus County Code of Ordinances.
<br />There was no one present to address the Board; therefore, Chairman
<br />Poole closed the public hearing.
<br />UPON MOTION of Commissioner Morris, seconded by Vice Chairman Burrage
<br />and unanimously carried, the Board approved the resolution authorizing the
<br />bonds.
<br />Resolution No. 2014 -03
<br />RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $39,261,000 OF
<br />THE PUBLIC FINANCE AUTHORITY CHARTER SCHOOL REVENUE BONDS TO
<br />FINANCE OR REFINANCE CERTAIN COSTS OF VARIOUS PROJECTS ON BEHALF
<br />OF VERTEX NON-PROFIT ORGANIZATION
<br />WHEREAS, at 7:20 P.M., the Chairman announced that the Board of
<br />Commissioners (the " Board ") would proceed to hold a public hearing and would
<br />hear anyone who wished to be heard on the proposed issuance by the Public
<br />Finance Authority (the " Authority "), a unit of government and a body
<br />corporate and politic of the State of Wisconsin, of not exceeding $39,261,000
<br />of its Charter School Revenue Bonds in one or more issuances and /or one or
<br />more series which may include both senior and subordinate bonds (the
<br />"Bonds ");
<br />WHEREAS, the Authority will loan the proceeds of the Bonds to Vertex
<br />Non- Profit Organization, a Utah non -for- profit corporation and 501(c)(3)
<br />organization (the " Borrower "), and the Borrower, pursuant to the plan of
<br />finance, will use the proceeds of the loan from the Authority for the purpose
<br />of financing and refinancing, as applicable, the eligible costs of the
<br />acquisition, construction, reconstruction, renovation, equipping, and /or any
<br />other capital expenditures and related expenses, as applicable, of multiple
<br />charter school educational facilities, and to fund certain costs of issuance
<br />and capitalized interest in connection therewith, to include the charter
<br />school located at 7807 Caldwell Road, Harrisburg, North Carolina 28075, with
<br />the applicable facility sometimes referred to as A.C.E. Academy (the " A.C.E.
<br />Academy Project ") within Cabarrus County;
<br />WHEREAS, pursuant to Section 66.C304(11)(a) of the Wisconsin Statutes,
<br />prior to their issuance, bonds issued by the Authority must be approved by
<br />the governing body or highest ranking executive or administrator of the
<br />political jurisdiction within whose boundaries a project is located, which
<br />with respect to the A.C.E. Academy Project is Cabarrus County, North
<br />Carolina;
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