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February 18, 2013 (Regular Meeting) Page 1430
<br />levels established by the Local Government Commission, the County will not
<br />refinance the debt. She announced the availability of the county
<br />underwriters in attendance to answer any questions. She also responded to
<br />questions from the Board.
<br />UPON MOTION of Commissioner Burrage, seconded by Commissioner Measmer
<br />and unanimously carried, the 'Board approved the Resolution Relating to
<br />Refinancing of Prior General Obligation Bonds in an Aggregate Principal
<br />Amount up to $95,580,000.00 and scheduled the required Public Hearing for
<br />March 18, 2013.
<br />Resolution No. 2013 -02
<br />ORDER AUTHORIZING $95,580,000 REFUNDING BONDS
<br />BE IT ORDERED by the Board of Commissioners for the County of Cabarrus,
<br />North Carolina:
<br />1. That, pursuant to The Local Government Bond Act, as amended, the
<br />County of Cabarrus, North Carolina, is hereby authorized to contract a debt,
<br />in addition to any and all other debt which said County may now or hereafter
<br />have power or authority to contract, and in evidence thereof, to issue
<br />Refunding Bonds in an aggregate principal amount not exceeding $95,580,000,
<br />for the purpose of providing funds, together with any other available funds,
<br />for (i) refunding all or a portion of the following outstanding general
<br />obligation bonds of said County:',
<br />$38,400,000 School Bonds, Series 2005, dated March 1, 2005 and
<br />stated to mature on March 1, 2013 to March 1, 2025,
<br />inclusive;
<br />$41,500,000 Public Improvement Bonds, Series 2006, dated
<br />September 1, 2006 and stated to mature on March 1,
<br />2013 to March 1, 2027, inclusive;
<br />and (ii) paying expenses related thereto.
<br />2. That taxes shall be levied in an amount sufficient to pay the
<br />principal of and the interest on said Refunding Bonds.
<br />3. That a sworn statement of debt of said County shall be filed with
<br />the Clerk to the Board of Commissioners pursuant to N.C.G.S §159 -55 and be
<br />open to public inspection.
<br />4. That this order shall take effect upon its adoption.
<br />The Board of Commissioners thereupon designated the Finance Officer as
<br />the officer whose duty it shall be to make and file with the Clerk to the
<br />Board of Commissioners the sworn statement of debt of the County which is
<br />required by the Local Government Bond Act, as amended, to be filed after the
<br />bond order has been introduced and before the public hearing thereon.
<br />Thereupon, the Finance Officer filed with the Clerk to the Board of
<br />Commissioners, in the presence of the Board, the sworn statement of debt as
<br />so required.
<br />Thereupon, the order entitled "ORDER AUTHORIZING $95,580,000 REFUNDING
<br />BONDS" was passed on first reading.
<br />On motion duly made, seconded and unanimously carried, the Board
<br />ratified and confirmed the filing of an application on behalf of the County
<br />for approval of the issuance of said Refunding Bonds by the Local Government
<br />Commission and the appointment of Nexsen Pruet, LLC, DEC Associates, Inc. and
<br />Piper Jaffray & Co., as bond counsel, financial advisor and senior
<br />underwriter, respectively, with ',respect to said Refunding Bonds.
<br />On motion duly made, seconded and unanimously carried, the Board fixed
<br />6:30 p.m. (or as soon thereafter as the hearing can be held) on March 18,
<br />2013 in the Commissioner's Meeting Room in the Cabarrus County Governmental
<br />Center in Concord, North Carolina, as the hour, day and place for the public
<br />hearing upon the foregoing order and directed the Clerk to the Board of
<br />Commissioners to publish said 'order, together with the appended statement
<br />giving notice of said hearing as required by the Local Government Bond Act,
<br />as amended, once in The Independent Tribune not later than the sixth day
<br />before said date.
<br />STATE OF NORTH CAROLINA
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