BC 2014 12 15 Regular Meeting - Laserfiche WebLink

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December 15, 2019 (Regular Meeting) Page 2226 The County's underwriters, Piper Jaffray and Co. has advised, given appropriate market conditions, to refund all or a portion of Certificates of Participation Series 2007, 2008A, 2008C and 2009 in order to realize long- term debt payment savings. Should market conditions not provide the required savings levels established by the Local Government Commission, the County will not refinance the debt. UPON MOTION of Commissioner Shue, seconded by Commissioner Honeycutt and unanimously carried, the Board approved the Resolution Relating to Refinancing of Prior Certificates of Participation in an Aggregate principal amount up to $211,615,000.00 and scheduled a public hearing for January 20, 2015 at 6:30 p.m. or as soon thereafter as persons may be heard. Resolution No. 2019 -27 RESOLUTION RELATING TO REFINANCING OF PRIOR INSTALLMENT FINANCING CONTRACT FINANCINGS OF VARIOUS PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $211,615,000; 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 refinancing in an aggregate principal amount of up to $211,615,000, which plan would involve the entry by the County into one or more installment financing contracts 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 refinance all or a portion of one or more installment financing contracts previously executed and delivered by the County, which prior installment financing contracts paid all or a portion of the costs of acquiring, constructing and equipping various public facilities and related improvements and costs (collectively the "Projects"), and under said one or more installment financing contracts the County would secure the repayment by the County of the moneys advanced pursuant to such one or more installment financing contracts by granting a security interest in and lien on all or some portion of the Projects and /or in all or some portion of the real property on which the Projects are located; WHEREAS, as part of said proposed plan of refinancing, the Corporation may execute and deliver one or more series of Limited Obligation Bonds and /or Certificates of Participation in said one or more installment financing contracts in an aggregate principal amount not exceeding $211,615,000 to finance the advancement of moneys to the County pursuant to said one or more installment financing contracts between the County and the Corporation; 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 installment financing contracts 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 refinancing of the one or more prior installment financing contracts and the Projects by one or more installment financing contracts is necessary and expedient for the County; (ii) the refinancing of the one or more prior installment financing contracts and the Projects by one or more installment