|
September 7, 2010 (Work Session) Page 104
<br />the Execution and Delivery of Related Documents in Connection Therewith, and
<br />Providing for Certain Other Related Matters - Public Hearing - 6:30 P.M.
<br />Pam Dubois, Deputy County Manager, reported a public hearing and
<br />adoption of a resolution approving the installment financing contract for
<br />various school projects totaling $14,637,160.00 is needed for the Qualified
<br />School Construction Bonds (QSCB) issuance to move forward. She advised the
<br />principle is deferred for five (5) years with zero (0) interest on a 17 -year
<br />term. Based on market conditions, she speculated the County will likely end
<br />up with a 14 -year term on the debt.
<br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Carruth
<br />and unanimously carried, the Board voted to place Qualified School
<br />Construction Bonds (QSCB) - Resolution Approving Installment Contract
<br />Financing for Various Public School Projects in an Aggregate Principal Amount
<br />up to $14,637,160.00 and the Execution and Delivery by the Cabarrus County
<br />Development Corporation of Certificates of Participation and / or Limited
<br />Obligation Bonds Related Thereto, Authorizing the Execution and Delivery of
<br />Related Documents in Connection Therewith, and Providing for Certain Other
<br />Related Matters on the September 20, 2010 Agenda as a New
<br />Business item and scheduled a public hearing for 6:30 p.m.
<br />Finance - Update on 2001 COPS Refunding and Adoption of Resolution Approving
<br />Refinancing of Prior Installment Financing Contract Financing in an Aggregate
<br />Principle Amount up to $45,000,000.00
<br />Pam Dubois, Deputy County Manager, presented the following information
<br />regarding the refunding of approximately $18,920,000.00 of 2001 COPS
<br />(Certificates of Participation): On September 22, 2010, the County
<br />refinanced all of the callable 2001 Certificates of Participation debt; the
<br />savings over the remaining 11 years totals $2,366,350.00 or 10.47 percent;
<br />the overall yield is now 2.39 percent; rates have not been this low since May
<br />of 1967; and, the County will experience this savings over the next 10 years
<br />at an amount of approximately $234,550.00 to $239,350.00.
<br />Further, she advised a portion of the 2002/2003 COPS (Certificates of
<br />Participation) are also scheduled for refunding in October 2010, as long as
<br />the market conditions remain favorable. She anticipated the Local Government
<br />Commission (LGC) will approve the refunding request on October 5, and
<br />estimated the tentative sale date to be October 7. She asked for permission
<br />to mail the "official statement" on September 24 or 27, which is prior to the
<br />LGC's meeting date, and reported the County could lose approximately
<br />$2,000.00 if the LGC does not approve the request. No objections were noted
<br />by Board members.
<br />In response to a question from the Chairman, Ms. Dubois stated this
<br />refinancing will not increase the amount or the length of the debt.
<br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Mynatt and
<br />unanimously carried, the Board voted to place 2001 COPS Refunding and
<br />Adoption of Resolution Approving Refinancing of Prior Installment Financing
<br />Contract Financing in an Aggregate Principle Amount up to $45,000,000.00 on
<br />the September 20, 2010 Agenda as a Consent item.
<br />Chamber of Commerce - Request for Letter of Support for NC STEM Initiative
<br />John Cox, President and CEO Cabarrus Regional Partnership, requested a
<br />letter of support for the North Carolina STEM (science, technology,
<br />engineering and mathematics) Initiative, which if approved, will enable the
<br />community (Rowan/ Cabarrus) to apply for grants for site specific projects.
<br />He advised that a specific project has not been selected at this time and the
<br />endorsement does not include a commitment of funds or in -kind services. He
<br />also responded to questions from the Board.
<br />UPON MOTION of Commissioner Privette seconded by Vice Chairman Poole
<br />and unanimously carried, the Board vote to place Request for Letter of
<br />Support for NC STEM Initiative on the September 20, 2010 Agenda as a Consent
<br />item.
<br />EDC - Approval of Revised Economic Development Grant Agreement for LKN /ACN
<br />and Public Hearing - 6:30 P.M.
<br />Richard Koch, County Attorney, presented the following information
<br />related to approval of a revised Economic Development Grant Agreement for
<br />LKN /ACN: in 2008, the Board approved an economic development grant for 5
<br />years at 99 percent of the increase in assessed value; grants (County and
<br />
|