BC 2010 11 1 Work Session - Laserfiche WebLink

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November 1, 2010 (Work Session) Pa ge 191 investors. One part of the financing is developing a sellable package to the bond market of the financed debt. That package is, in part, created by ultimately issuing Recovery Zone Facility Bonds before the program expires at the end of the year. The only way these bonds can be issued is through a series of steps that are now underway. In order for this option to remain viable the county needs to commit to hold a public hearing on November 15th. The process and all that is being done is addressed under the Federal Tax Code and North Carolina General Statutes and administrative code. There are no county, state, or federal funds, debt, or pledges of the county associated with issuance of these bonds. In order to receive these bonds the county and state have to be involved in very specific ways in the process. By being involved, this special bond type gets a tax exemption similar to what a county would get if it were selling bonds. That is what makes the bonds attractive in the bond market. In the current lending market, bonds become necessary for loans of this size. At today's meeting, the Board of Commissioners are being asked to call for a public hearing to be held on November 15th so that the bond process can continue. If the hearing is not held, then the potential use of these bonds will no longer exist. This is but one of many steps that have to happen for this financing tool to be used with this deal. I respectfully request that the Board call for the public hearing on November 15th. Chairman White requested clarification that the County is not issuing any bonds or going into debt for any amount of money for the Facility Zone Recovery bonds. Mr. Newton responded in the affirmative. In response to questions from the Board, Mr. Newton advised the County is not issuing any bonds or going into debt for any amount of money for these bonds and there is nothing in the issuance of these bonds that would conflict with regulations or codes of the City of Concord or Cabarrus County. UPON MOTION of Vice Chairman Poole, seconded by Commissioner Carruth and unanimously carried, the Board voted to place Approval in Principle of Special Purpose Project for Carolina USA Partners, LLC and the Financing Thereof with Recovery Zone Facility Bonds in the Principal Amount of up to $100,000,000.00 on the November 15, 2010 Agenda as a New Business item and scheduled a public hearing for 6:30 p.m. APPAC - Resolution Pertaining to Future of Animal Shelter in Cabarrus County Commissioner Carruth presented information related to the following draft resolution and guidelines /standards: Draft A Resolution to Establish a Guaranteed Adoption Community WHEREAS, Cabarrus County is a leader in public service innovation and delivery; WHEREAS, Cabarrus County has repeatedly been recognized for its strong regard for the volunteer efforts of its citizens to address community wide issues; WHEREAS, the protection of animals is a legitimate and compelling public interest, as the needless killing adoptable animals using public funds is an unsustainable practice that must be brought to an end; WHEREAS, the current organizational model for addressing homeless and lost animals in the community has been found to be inadequate and not in keeping with the values and desires of the citizens of Cabarrus County; WHEREAS, several well - organized animal rescue organizations in Cabarrus County currently provide adoption programs, foster care, veterinary treatment, feral cat trap /neuter /release TNR programs, and invaluable education forums through the local school systems as well as summer camps; WHEREAS, every year dogs and cats that find themselves at Cabarrus County Animal Control are euthanized, due to lack of comprehensive and coordinated lifesaving programs at the county -owned animal shelter;