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April 20, 2009 (Regular Meeting)
<br />Page 1345
<br />certified buildings, by composting and reducing reliance on chemical
<br />fertilizers, by using renewable or recycled materials, and by increasing
<br />energy conservation; and
<br />WHEREAS, Cabarrus County will celebrate County Government Week with community
<br />festivals to share information about county services and build connections in
<br />the community;
<br />NOW, THEREFORE, BE IT RESOLVED THAT, the Cabarrus County Board of
<br />Commissioners, do hereby proclaim May 3-9, 2009 as National County Government
<br />Week and encourage all Cabarrus County officials, employees, schools and
<br />residents to participate in county government week activities.
<br />This the 20t" day of April, 2009.
<br />/s/ H. Jay White, Sr.
<br />H. Jay White, Sr., Chairman
<br />Cabarrus County Board of Commissioners
<br />Pam Dubois, Deputy County Manager, presented the following information
<br />regarding a resolution approving installment contract financing for various
<br />public school projects: the Board authorized an issuance of Certificates of
<br />Participation in January 2009 and held a public hearing in February 2009. She
<br />stated the projects to be funded are the Lower Rocky River Elementary School,
<br />A.T. Allen Elementary School, Hickory Ridge Middle School, an addition to
<br />Boger Elementary School, a northwest area middle school, and some renovations
<br />and an addition to A.L. Brown High School. She then announced the amount to
<br />be financed should not exceed $100,000,000.00, noting lower bids being
<br />received due to poor economic conditions.
<br />UPON MOTION of Commissioner Poole, seconded by Commissioner Privette
<br />and unanimously carried, the Board adopted the resolution approving
<br />Installment Contract Financing for Various Public School Projects in an
<br />Aggregate Principal Amount up to $100,000,000.00 and the Execution and
<br />delivery by the Cabarrus County Development Corporation of Certificates of
<br />Participation related thereto, and authorized the execution and delivery of
<br />related documents in connection therewith, and provided for certain other
<br />related matters.
<br />Resolution No. 2009-09
<br />RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS
<br />PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO
<br />$100,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS
<br />COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION
<br />RELATED THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF
<br />RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR
<br />CERTAIN OTHER RELATED MATTERS
<br />WHEREAS, the Board of Commissioners desires to approve a proposed plan
<br />of financing in an aggregate principal amount of up to $100,000,000, which
<br />plan would involve the entry by the County into an installment financing
<br />contract with the Cabarrus County Development Corporation (the "Corporation")
<br />pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds
<br />of which would be used to pay all or a portion of the costs of (a) acquiring
<br />real property, (b) constructing and equipping new public school facilities
<br />and expanding and renovating existing public school facilities, including but
<br />not limited to two new elementary schools, a new middle school, an addition
<br />to an existing elementary school and an addition to and renovation of an
<br />existing high school, (c) various real and personal property improvements
<br />related to the foregoing and (d) a portion of the interest to accrue under
<br />the installment financing contract during the construction periods of the
<br />foregoing (collectively the "2009 Project"), and under said installment
<br />financing contract the County would secure the repayment by the County of the
<br />moneys advanced pursuant to such contract by granting a security interest in
<br />and lien on all or a portion of the 2009 Project;
<br />WHEREAS, as part of said plan of financing, the Corporation will issue
<br />Certificates of Participation in an aggregate principal amount not exceeding
<br />$100,000,000 to finance the advancement of moneys to the County pursuant to
<br />the installment financing contract between the County and the Corporation;
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