BC 2014 06 16 Regular Meeting - Laserfiche WebLink

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June 16, 2014 (Regular Meeting) Page 2079 Commissioner Morris expressed his intent to vote against the motions for the General Obligation Bond Orders for Schools and the Community College citing the amounts of the bond proposals are insufficient to cover the requested projects. He stated additional funding for these projects has not yet been identified. Commissioner Oesterreich suggested appropriating additional funding from surplus. Chairman Poole advised motions for the bond orders are before the Board. UPON MOTION of Commissioner Oesterreich and seconded by Commissioner Measmer, the motion failed, with Commissioners Measmer and Oesterreich voting for and Chairman Poole, Vice Chairman Burrage and Commissioner Morris voting against. A discussion ensued. Steve Cordell, Bond Counsel, advised the motions could be separated to vote on the bond orders individually. Commissioner Oesterreich MOVED to approve the introduction of the general obligation bond order for the public schools. Commissioner Measmer seconded the motion. The MOTION carried with Vice Chairman Burrage and Commissioners Measmer and Oesterreich voting for and Chairman Poole and Commissioner Morris voting against. Commissioner Oesterreich MOVED to approve the introduction of the general obligation bond order for the community college. Commissioner Measmer seconded the motion. The MOTION carried with Commissioners Measmer, Morris and Oesterreich voting for and Chairman Poole and Vice Chairman Burrage voting against. Mr. Cordell stated, each motion having passed, it is now appropriate to proceed to the second resolution to authorize the publication of the bond orders and schedule the public hearing. In response to a question from the Board, he advised the school and community college may be included in the same motions. UPON MOTION of Commissioner Oesterreich, seconded by Commissioner Measmer and unanimously carried, the Board authorized the publication of the approved bond orders as introduced for the public schools and the community college. UPON MOTION of Commissioner Oesterreich, seconded by Commissioner Measmer and unanimously carried, the Board scheduled a public hearing for the July 21, 2014 regular meeting to deal with the General Obligation Bond orders for the public schools and community college. Mr. Cordell advised, as a procedural matter, now that the bond orders have been approved, a sworn statement of debt and a statement of estimated interest will be filed by the Finance Director with the Clerk to the Board. The Chairman introduced the following order authorizing bonds, which was read: ORDER AUTHORIZING $11,000,000 GENERAL OBLIGATION SCHOOL BONDS WHEREAS, the Board of Commissioners of Cabarrus County (the "Board ") has decided to pursue the issuance of general obligation school bonds in the maximum aggregate principal amount of $11,000,000 under the Local Government Bond Act (the "Act ") to finance, in part, the acquisition, construction, installation and equipping of a new public elementary school to replace the existing Royal Oaks Elementary School, including acquisition of necessary land and rights --of -way; and WHEREAS, the Board has filed an application with the Local Government Commission of North Carolina for approval of such bonds as required by the Act; BE IT ORDERED by the Board of Commissioners for the County of Cabarrus, North Carolina: 1. Pursuant to The Local Government Bond Act, as amended, the County of Cabarrus, North Carolina, is hereby authorized to issue general obligation bonds of Cabarrus County for the purpose of providing funds, together with