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May 19, 2014 (Regular Meeting) Page 2016
<br />UPON MOTION of Vice Chairman Burrage, seconded by Commissioner Morris
<br />and unanimously carried, the Board approved the April 2014 Refund - Release
<br />report, along with the NCVTS Refund report, as submitted and granted
<br />authority to the Tax Collector to process the refunds and releases. The
<br />report is hereby incorporated into the minutes by reference and is on file
<br />with the Clerk to the Board.
<br />(G) NEW BUSINESS
<br />(G -1) County Manager - On Behalf of Cabarrus Charter Academy Regarding the
<br />Issuance of Charter School Revenue Bonds - Public Hearing 6:30 P.M.
<br />On behalf of Cabarrus Charter Academy, Brandon Lofton, Bond Counsel,
<br />advised a public hearing is needed in order for them to fulfill the
<br />requirements of Section 147(f) of the Internal Revenue Codes of 1986, in
<br />regards to the issuance of charter school revenue bonds by the Public Finance
<br />Authority.
<br />Brandon Lofton was in attendance on behalf of Cabarrus Charter Academy
<br />and stated this action does not obligate the county or affect the county's
<br />credit. He also responded to questions from the Board.
<br />Chairman Poole opened the public hearing at 7:16 p.m. The Public
<br />Hearing Notice was published on April 25, 2014 in The Independent Tribune.
<br />The Public Hearing Notice was also posted on the County's website
<br />( www.cabarrusccunty.us ) on April 25, 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 Poole
<br />closed the public hearing.
<br />UPON MOTION of Vice Chairman Burrage, seconded by Commissioner Morris
<br />and unanimously carried, the Board approved the resolution authorizing the
<br />bonds.
<br />Resolution No. 2014 -10
<br />RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $20,000,000 OF
<br />PUBLIC FINANCE AUTHORITY EDUCATION REVENUE BONDS TO FINANCE
<br />CERTAIN COSTS OF VARIOUS PROJECTS ON BEHALF OF THE NORTH CAROLINA
<br />EDUCATIONAL FOUNDATION, INC.
<br />WHEREAS, at 7:16 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 $20,000,000
<br />of its revenue bonds in one or more issuances and /or one or more series (the
<br />„ Bonds ");
<br />WHEREAS, the Authority will loan the proceeds of the Bonds to The North
<br />Carolina Charter Educational Foundation, Inc. (the " Corporation "), a North
<br />Carolina nonprofit corporation and an exempt organization under Section
<br />501(c) (3) of the Internal Revenue Code, Red Apple at Cabarrus, LLC, or an
<br />affiliate thereof ( " Red Apple Cabarrus " and together with the Corporation,
<br />the " Borrowers "), a Florida limited liability company, for the purpose of (1)
<br />financing the acquisition, equipping, and /or any other capital expenditures
<br />and related expenses, as applicable, of charter school educational facilities
<br />located at 355 Poplar Crossing Drive NW, Concord, North Carolina 28027,
<br />within Cabarrus County, referred to as Cabarrus Charter Academy (the
<br />" Project ") , (2) funding capitalized interest in connection therewith, (3)
<br />funding any debt service reserve funds and (4) paying certain expenses in
<br />connection with the issuance of the Bonds by the Authority;
<br />WHEREAS, pursuant to Section 66.0304(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 Project is Cabarrus County, North Carolina;
<br />WHEREAS, the Borrowers have requested that the Board approve the
<br />financing of the Project, and the issuance of the Bonds, in an amount not to
<br />exceed $20,000,000, in order to satisfy the public approval requirement of
<br />Section 147(f) of the Code and the requirements of Section 4 of the Amended
<br />and Restated Joint Exercise of Powers Agreement Relating to the Public
<br />
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