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June 18, 2007 (Regulat Meeting) Page 480 WHEREAS, North Carolina's public water, sewer and storm water utilities will require investments totaling $16.63 billion to keep pace with necessary improvements and population growth over the next 25 years, including $6.85 billion in investments within the next five year; NOW THEREFORE BE IT RESOLVED that the Cabarrus County Board of Commissioners urges the North Carolina General Assembly to enact the "Clean Water Act of 2007", which provides for a $500 million bond issue to be expended over the next five years, and an annual appropriation of $50 million in recurring funding to address urgent needs. Adopted this 18`h day of June, 2007 /s/: Robert W. Carruth Robert W. Carruth, Chairman Board of Commissioners ATTEST: /s/: Kay Honeycutt Kay Honeycutt, Clerk (G-12) Cabarrus Eaonomio Development Corporation - Annual Contract Including Financial Support Chairman Carruth reported Cabarrus Economic Development, Inc. provides core economic development services in Cabarrus County and requests financial support in an amount not to exceed $938,000.00. Commissioner Privette stated his intent to vote against the contract. UPON MOTION of Commissioner White, seconded by Vice Chairman Juba with Chairman Carruth, Vice Chairman Juba and Commissioner White voting for and Commissioner Privette voting against, the Board approved the Economic Development Public Investor Agreement between Cabarrus County and the Cabarrus Economic Development, Inc. and authorized the County Manager to execute the Agreement, subject to revision by the County Attorney. (G-13) Selection of a Debt Instrument to Fund the New Hi4h School and Land Purchase in Kannapolis Pam Dubois, Deputy County Manager, identified closing costs of $992,000.00 as being a primary reason for a higher principle amount when comparing COPS (Certificates of Participation) versus GO (General Obligation) Bonds. Of the $992,000.00, she said $339,000.00 is for insurance that helps the County get a better interest rate and the remaining $103,000.00 goes to the underwriters. She further reported the passage of a GO Bond referendum would not delay school construction. After a short discussion on the advantages and disadvantages of elections and voter approval, Commissioner Privette made a MOTION to use General Obligation Bonds to fund the new High School and land purchase in Kannapolis. The MOTION died for lack of a second. There was a discussion on non-voter-approved debt UPON MOTION of Commissioner White, seconded by Vice Chairman Juba with Chairman Carruth, Vice Chairman Juba and Commissioner White voting for and Commissioner PrivetY.evoting against, the Board selected COPS (Certificates of Participation) as the debt instrument to fund the new High School and land purchase in Kannapolis. In reference to the inclusion of costs for land, architect, engineering and site preparation for Phase I school projects totaling approximately $7 million, Ms. Dubois said the Board could decide at a later date. Commissioner White pointed out the County may be successful in getting some of the projects included in the TIF (Tax Increment Financing) projects, and suggested the item be tabled until the August meeting. UPON MOTION of Commissioner White, seconded by Commissioner Privette, and unanimously carried, the Board tabled its consideration of the inclusion of costs for land, architect, engineering and site preparation for Phase I school projects totaling approximately $7 million until the August meeting.