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March 21, 2011 (Regular Meeting) Page 360
<br />The MOTION carried with Chairman White, Vice Chairman Poole and
<br />Commissioner Measmer voting for and Commissioners Burrage and Carruth voting
<br />against.
<br />(G -8) Finance - Banking Services Contract Award
<br />Susan Fearrington, Assistant Finance Director, reported a request for
<br />proposal (RFP) for banking services was sent to 17 local banks on February 1,
<br />2011 and posted on the Cabarrus County website on March 2, 2011 with a due
<br />date of March 11 at 2 p.m. Further, the banks had fifteen (15) days to
<br />submit questions and responses were provided on February 24 She further
<br />reported three (3) RFP responses were received and that the Finance
<br />Department recommends Suntrust Bank be designated as the County's financial
<br />institution, utilizing the non- interest bearing Certificate of Deposit
<br />option, for the next five (5) fiscal years. Ms. Fearrington also responded
<br />to several questions from the Board.
<br />The bid tabulation is as follows:
<br />Bid Tabulation
<br />Annual Principal
<br />Bank Response
<br />Non - Interest Bearing
<br />Able to Meet Scope
<br />Bank Name
<br />Average Daily
<br />Or
<br />Certificate of
<br />of Services
<br />Total Annual
<br />Collected Balance
<br />T:ul Priniipal
<br />Deposit
<br />Specified in RFP
<br />BB &T
<br />$12,332,352.41
<br />lrllurres Kat '51rrtr u I It I £ 7tul
<br />N/A
<br />Yes
<br />Fifth
<br />PaYlnem
<br />Paym ms
<br />I I ycm
<br />2.0%.714
<br />Third Bank
<br />Non - responsive
<br />Non - responsive
<br />N/A
<br />Suntrust
<br />12t uv
<br />1.11213'5
<br />14 ;3"n 01296
<br />).877.6 7 1
<br />Bank
<br />$4,275,000.00
<br />} ^'l,ttr�
<br />$4,275,000.00
<br />Yes
<br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Carruth
<br />and unanimously carried, the Board approved the Banking Services Contract
<br />Award to Suntrust and authorized the County Manager, Board of Commissioner
<br />Chair, and Finance Staff to execute the contract and /or bank documents on
<br />behalf of Cabarrus County, subject to attorney review.
<br />(G -9) Finance - Qualified School Construction Bonds (QSCB) - Additional
<br />Financing 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, based upon
<br />discussion at the September work session concerning a 5 -year principal
<br />deferment and zero net interest payments for the term of the debt. Shortly
<br />thereafter, she said staff switched the bonds from a private placement to a
<br />public offering to obtain the 5 -year deferred principal payment because all
<br />attempts to secure the funding based on the Board's criteria were
<br />unsuccessful. She further reported the following spreadsheet outlines
<br />various financing options (debt terms and interest payments) available for
<br />the Board's consideration, should it wish to proceed with the financing.
<br />(C aWnur Cmumy. S o tk Carlow Summlan 17 2911
<br />iyt P.mii ^ad S�nkiny lSnd Y'44;IPSF3 'Sn:.c�l�Knllev b; Eu- tuol'P�iNic ikln 1:e Ile dryc,bjnrs ce, :fix WQSCl!a, xsMOIT_t nwnprocrIM: PSFY
<br />Ms. Dubois also stated the availability of the County's underwriter,
<br />Joe Niggel, to respond to questions.
<br />Chairman White advised that he toured most of the schools that will
<br />benefit from the QSCB funded projects and that these facilities are old and
<br />Annual Principal
<br />i Supplemental
<br />Total
<br />I
<br />Psynxnt
<br />Supplr:Wmal Annual Interest P?rnl
<br />Total Annual
<br />T:ul Priniipal
<br />SupT)Icnteuml lnterol
<br />Total.
<br />Teno oCl fit
<br />IY�1!P vv Itr: iihY :ul
<br />lrllurres Kat '51rrtr u I It I £ 7tul
<br />Payment
<br />Pa'ItIcnt
<br />PaYlnem
<br />Paym ms
<br />I I ycm
<br />2.0%.714
<br />r.-..13`a 19.U26
<br />2.11AT44
<br />Ia.533.r✓JU
<br />'_4a.'�31
<br />(4.,6.14.2S]
<br />12t uv
<br />1.11213'5
<br />14 ;3"n 01296
<br />).877.6 7 1
<br />Ia,e,35,tr.,nY
<br />} ^'l,ttr�
<br />€5,21a,3�h
<br />13tiems
<br />1.626.111
<br />043Te 6;,,'13]
<br />l.(+R�t,M2
<br />Iy6i5,¢311
<br />&18,ir7v
<br />14 +3310?'
<br />lAycan
<br />i 1
<br />053% '7.3615
<br />(541366
<br />1.1.535.rk
<br />LM5,91'
<br />15.'34`)17
<br />15 +ears
<br />1.334.•155
<br />4.53% 1 92.201
<br />1.4122353
<br />14.633.431)
<br />1383.1118
<br />15.01193YA
<br />Total
<br />I 01 I'ytal
<br />Taal
<br />Taal U'sFY_i
<br />supplement) Wk:1
<br />Projected Earning Projected Earnings
<br />Pmje:tN Earnlup
<br />PeTn :Ttrd tarnings
<br />TennorD:b1
<br />Puyarart
<br />Current tales t :Lmilt R olm *1
<br />:unen tRoes: -,2
<br />9 !` , b 101
<br />11 ±xan
<br />2MNI
<br />363:152 288.875
<br />+14333
<br />'_.173.298
<br />12)eun
<br />5 -9.545
<br />]9Q.55� 338,8'_3
<br />#46.880
<br />2_53%!14
<br />13 )can
<br />I
<br />j 81(_(197
<br />i
<br />?]fir8'. 345.817
<br />47(..9116
<br />a
<br />2,$el7, 7tll
<br />14 tcaa
<br />1.08591?
<br />2 #1} 1(, ' o ^A31
<br />'.n.1.1ar,
<br />:.334.94(,
<br />15 'Curl
<br />1.383.1105
<br />262.100 3`15.145
<br />51218,]91)
<br />3.622.1t'i1,
<br />iyt P.mii ^ad S�nkiny lSnd Y'44;IPSF3 'Sn:.c�l�Knllev b; Eu- tuol'P�iNic ikln 1:e Ile dryc,bjnrs ce, :fix WQSCl!a, xsMOIT_t nwnprocrIM: PSFY
<br />Ms. Dubois also stated the availability of the County's underwriter,
<br />Joe Niggel, to respond to questions.
<br />Chairman White advised that he toured most of the schools that will
<br />benefit from the QSCB funded projects and that these facilities are old and
<br />
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