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March 7, 2011 (Work Session) Page 338
<br />Susan Fearrington, Assistant Finance Director, reported the contract
<br />for banking services with Fifth Third Bank expires June 30, 2011. Further,
<br />on February 1, 2011 a request for proposal (RFP) was sent to seventeen (17)
<br />local banks and posted to the County's website. She further reported the RFP
<br />responses are due back on March 11, 2011, at which time staff will review the
<br />bids and make a recommendation to the Board on March 21, 2011. Ms.
<br />Fearrington also responded to questions from the Board.
<br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Burrage
<br />and unanimously carried, the Board voted to place Banking Services Contract
<br />Award on the March 21, 2011 Agenda as a New Business item.
<br />Finance - Qualified School Construction Bonds (QSCB) - Additional Financing
<br />Options
<br />Pam Dubois, Deputy County Manager, reported on September 20, 2010, the
<br />Board approved the financing of the Cabarrus County and Kannapolis City
<br />Schools QSBC (Qualified School Construction Bonds) projects totaling
<br />approximately $14 million, with a 5 -year principal deferment and zero net
<br />interest payments for the term of the debt. Shortly thereafter, she said
<br />staff switched from a private placement to a public offering to obtain the 5-
<br />year deferred principal because all attempts to secure the funding based on
<br />the Board's criteria were unsuccessful. She pointed out the private
<br />placement closing costs were originally estimated not -to exceed $75,000.00;
<br />however, the closing costs for a public placement are now estimated at
<br />$183,680.00 - a difference of $108,680.00.
<br />After Ms. Dubois asked if the Board is willing to consider a small
<br />interest rate, she reviewed the following data and responded to questions
<br />from the Board:
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<br />Following discussion, Vice Chairman Poole MOVED to place the Qualified
<br />School Construction Bonds (QSCB) - Additional Financing Options on the March
<br />21, 2011 Agenda as a New Business item. After further discussion, Chairman
<br />White seconded the motion and the MOTION unanimously carried.
<br />Transportation - North Carolina Department of Transportation - Public
<br />Transportation Division (NCDOT) Section 5311 Grant for the Fiscal Year 2011-
<br />2012 - Public Hearing - 6:30 P.M.
<br />Bob Bushey, Transportation Route Coordinator,
<br />hearing be scheduled for March 21, 2011 to rece
<br />request to the North Carolina Department of
<br />Transportation Division (NCDOT -PTD) via the
<br />Administration (FTA) Section 5311 Grant for Fiscal
<br />$344,617.00.
<br />requested a public
<br />ive comments on a grant
<br />Transportation, Public
<br />Federal Transportation
<br />Year 2011 -2012, totaling
<br />UPON MOTION of Commissioner Carruth, seconded by Commissioner Burrage
<br />and unanimously carried, the Board voted to place the "NCDOT Public
<br />Transportation Division (NCDOT /PTD) Section 5311 Grant for the Fiscal Year
<br />2011 - 2012" on the March 21, 2011 Agenda as a New Business item and scheduled
<br />a public hearing for 6:30 p.m.
<br />IT / Jail - Approval of Video Visitation System Expansion Piggyback Purchase
<br />- $436,855.00
<br />Todd Shanley, Information Technology Manager, reported approval of the
<br />Video Visitation System Expansion piggyback purchase of Kent County's bid,
<br />(Grand Rapids, MI) for $436,855.00, will expand the current video visitation
<br />system from four (4) units in the Annex to 54 units in the Housing Unit and
<br />expand the four (4) public stations in the Administration building to 24
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