Bc 2009 05 18 Regular Meeting - Laserfiche WebLink

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May 18, 2009 (Regular Meeting) Page 1377 those affected negatively by the recession; c) provide investments needed to increase economic efficiency by spurring technological advances; d) invest in transportation infrastructure that will provide long-term economic benefits; and e) stabilize State and local government budgets, in order to minimize reductions in essential services and counterproductive State and local tax increases; and WHEREAS, the ARRA provides $680 million of the $6.9 billion available under the Transit Capital Assistance Program, to nonurbanized areas based on 99 U.S.C. section 5311; and WHEREAS, the nonurbanized area funds are apportioned based upon the nonurbanized population of each state relative to the national urbanized area and land area in nonurbanized areas, of which the State of North Carolina has been apportioned $33 million, and, after required set-asides for intercity projects and state administration costs, North Carolina has announced the availability of approximately $29.7 million to fund eligible transit capital projects, as defined in 99 U.S.C. 5302(a)(1), in nonurbanized areas; and WHEREAS, Article 2B of Chapter 136 of the North Carolina General Statutes and the Governor of North Carolina have designated the North Carolina Department of Transportation (NCDOT) as the agency responsible for administering federal and state public transportation funds; and WHEREAS, the purpose of these ARRA transportation funds is to provide grant monies to local agencies for rural public transportation capital improvement projects consistent with the intent of the legislation and to support efforts to stimulate the economy; and WHEREAS, Cabarrus County hereby assures and certifies that it will comply with the federal and state Statutes, regulations, executive orders, Section 5333 (b) Warranty, and all special Federal and State reporting requirements (at least quarterly) which relate to the applications made to and grants received from the Federal Transit Administration, as well as the provisions of Section 1001 of Title 18, U. S. C. NOW, THEREFORE, be it resolved that the Chairman (H. Jay White, Sr.) of the Cabarrus County Board of Commissioners is hereby authorized to submit a grant application for federal funding, make the necessary assurances and certifications and be empowered to enter into an agreement with the NCDOT to provide rural public transportation capital. The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning a proposed plan of financing in an aggregate principal amount of up to $100,000,000, which plan would involve the entry by the County into (i) one or more long-term installment financing contract(s) with the Cabarrus County Development Corporation (the "Corporation") or one or more other third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of (a) acquiring real property, (b) constructing and equipping new public school facilities and expanding and renovating existing public school facilities, including but not limited to two new elementary schools, a new middle school, an addition to an existing elementary school and an addition to and renovation of an existing high school, (c) various real and personal property improvements related to the foregoing and (d) a portion of the interest to accrue under the installment financing contract(s) during the construction periods of the foregoing and thereafter through and including January 1, 2012 (collectively, the "Projects"), and under said one or more long-term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more long-term installment financing