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March 18, 2013 (Regular Meeting)
<br />Page 1458
<br />The Chairman introduced the following resolution, a summary of which
<br />had been provided to each Commissioner, a copy of which was available with
<br />the Clerk to the Board and which was read by title:
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF $62,390,000 GENERAL OBLIGATION
<br />REFUNDING BONDS, SERIES 2013, SUBJECT TO ADUSTMENT AS PROVIDED HERIEN
<br />BE IT RESOLVED by the Board of Commissioners (the "Board ") of the
<br />County of Cabarrus, North Carolina (the "County "):
<br />Section 1. The Board has determined and does hereby find, declare and
<br />represent:
<br />(a) That an order (the "2013 Order ") authorizing $95,580,000
<br />Refunding Bonds was adopted by the Board on March 18, 2013, which order has
<br />taken effect.
<br />(b) That none of the refunding bonds authorized to be issued by the
<br />2013 Order have been issued, that no notes have been issued in anticipation
<br />of the receipt of the proceeds of the sale of any refunding bonds and that it
<br />is necessary at this time to issue all or a portion of said refunding bonds
<br />and to use the proceeds thereof, together with any other funds necessary, to
<br />advance refund all or a portion of each maturity of the County's outstanding
<br />School Bonds, Series 2005, dated March 1, 2005 and Public Improvement Bonds,
<br />Series 2006, dated September 1, 2006 (collectively, the "Bonds To Be
<br />Refunded ") .
<br />(c) That the prospective Bonds To Be Refunded financed, together with
<br />any other funds necessary, various public school and other public facilities
<br />of the County.
<br />(d) That the shortest period of time in which the Bonds To Be Refunded
<br />can be finally paid without making it unduly burdensome on the taxpayers of
<br />the County, as determined by the Local Government Commission of North
<br />Carolina, is a period which expires not later than December 31, 2043.
<br />Section 2. Pursuant to the 2013 Order there shall be issued bonds of
<br />the County in an aggregate principal amount of $62,390,000, with such amount
<br />subject to adjustment as hereinafter set forth, designated "General
<br />Obligation Refunding Bonds, Series 2013" and dated their date of delivery, or
<br />such other date as may be designated by the County Manager or Finance
<br />Director (the "Series 2013 Bonds ") . The Chairman or Vice - Chairman of the
<br />Board, the County Manager or the Finance Director, respectively, each acting
<br />on behalf of the County, may increase or decrease the aggregate principal
<br />amount of the Series 2013 Bonds by any amount, so long as such amount shall
<br />not exceed $95,580,000, as determined to be in the best interest of the
<br />County, and may make any such increase or decrease either before or after the
<br />bids are opened. The Series 2013 Bonds shall be stated to mature (subject to
<br />adjustment as hereinafter set forth) annually, March 1 (or such other date
<br />designated in accordance with the immediately preceding sentence), $170,000
<br />2014, $2,100,000 2016, $3,970,000 2017, $5,015,000 2018, $6,380,000 2019,
<br />$6,430,000 2020, $6,460,000 2021, $6,495,000 2022, $6,535,000 2023,
<br />$6,565,000 2024, $6,165,000 2025, $3,280,000 2026 and $2,825,000 2027. The
<br />foregoing notwithstanding, the Chairman or Vice - Chairman of the Board, County
<br />Manager or Finance Director, respectively, each acting on behalf of the
<br />County, may increase or decrease the principal amount of the Series 2013
<br />Bonds maturing at each maturity, either before or after the opening of bids
<br />in the case of a competitive sale or prior to execution of a contract of
<br />purchase in the case of a private sale of the Series 2013 Bonds (including
<br />elimination or addition of one or more maturities), provided that the
<br />aggregate principal amount of the Bonds shall not exceed $95,580,000 and no
<br />Series 2013 Bond shall mature later than December 31, 2043. The Series 2013
<br />Bonds shall bear interest at a rate or rates to be determined by the Local
<br />Government Commission of North Carolina at the time the Series 2013 Bonds are
<br />sold, which interest to the respective maturities thereof shall be payable on
<br />September 1, 2013 (or such other date as is designated by the County Manager
<br />or the Finance Director in connection with the sale of the Series 2013 Bonds)
<br />and semiannually thereafter on March 1 and September 1 of each year (or other
<br />semiannual dates designated by the County Manager or the Finance Director in
<br />connection with the sale of the Series 2013 Bonds) until payment of such
<br />principal sum.
<br />Notwithstanding the foregoing provisions of this resolution, since
<br />interest rates on a proposed sale date are unpredictable, at any time before
<br />the Series 2013 Bonds are awarded, the County Manager or the Finance
<br />Director, respectively, acting on behalf of the County, may from time to time
<br />defer the sale of all or any portion of the Series 2013 Bonds (including
<br />postponement to a later date, to a subsequently announced date or
<br />indefinitely).
<br />Section 3. Each Bond shall bear interest from the interest payment
<br />date next preceding the date on which it is authenticated unless it is (a)
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