|
October I5, 2007 (Regular Meeting)
<br />Architect - AL Brown Wing Addition/Renovation Vocation
<br />36997311-9801 $0.00 $1,378,125.00
<br />Land ATA Replacement
<br />36497311-9607 50.00 $1,361,594.00
<br />Architect - ATA Replacement (includes Engineer)
<br />36497329-9607 $0.00 $2,957,277.00
<br />Architect - Southwest Middle School (includes Engineer)
<br />36997329-9899 $0.00 $1,600,000.00
<br />Site Development - Southwest Middle School
<br />36997330-9607 $0.00 $1,359,253.00
<br />Architect - Lower Rocky River Elem (includes Engineer)
<br />36997331-9801 $0.00 $2,500,000.00
<br />Land - Northwest Elem (Odell Area)
<br />36497331-9607 $0.00 $1,068,312.00
<br />Architect - Northwest Elem (Odell Area)(includes Engineer)
<br />36497332-9607 $0.00 $1,300,000.00
<br />Architect - Mt. Pleasant Middle Sch Addition/Renovations
<br />36960000-6910 $0.00 $3,735,000.00
<br />Lottery Proceeds - Contrib from Capital Project Fund
<br />36960000-6915 $0.00 $1,000,000.00
<br />Contribution from APFO Fund (Special Revenue Fund)
<br />36960000-6918 $53,115,966.00 $12,312,654.00
<br />Proceeds from COPS
<br />Page 588
<br />$1,378,125.00
<br />51,361,599.00
<br />$2,957,277.00
<br />$1,800,000.00
<br />51,359,253.00
<br />$2,500,000.00
<br />$1,068,312.00
<br />$1,300,000.00
<br />$3,735,000.00
<br />$1,000,000.00
<br />$65,928,620.00
<br />Resolution No. 2007-27
<br />RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING FOR LAW ENFORCEMENT
<br />FACILITY PROJECTS AND PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT
<br />UP TO $195,000,000; THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY
<br />DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO AND
<br />CALLING REQUIRED PUBLIC HEARING
<br />WHEREAS, the Board of Commissioners desires to undertake a proposed
<br />plan of financing in an aggregate principal amount of up to $195,000,000,
<br />which plan would involve the entry by the County into one or more installment
<br />financing contracts with the Cabarrus County Development Corporation (the
<br />"Corporation") pursuant to North Carolina General Statutes 160A-20, as
<br />amended, the proceeds of which would be used to pay all or a portion of the
<br />costs of (i) acquiring real property, (ii) constructing, renovating and
<br />equipping law enforcement facilities, including, without limitation, a long-
<br />term housing unit, (iii) constructing and equipping new public school
<br />facilities, including, without limitation, a new high school and (iv) various
<br />real and personal property improvements related to the foregoing
<br />(collectively the "Projects"), and under said one or more installment
<br />financing contracts the County would secure the repayment by the County of
<br />the moneys advanced pursuant to such one or more installment financing
<br />contracts by granting a security interest in and lien on all or a portion of
<br />the Projects;
<br />WHEREAS, as part of said proposed plan of financing, the Corporation
<br />will execute and deliver one or more series of Certificates of Participation
<br />in said one or more installment financing contracts in an aggregate principal
<br />amount not exceeding $195,000,000 to finance the advancement of moneys to the
<br />County pursuant to said one or more installment financing contracts between
<br />the County and the Corporation; and
<br />WHEREAS, North Carolina General Statutes 160A-20, as amended, requires
<br />that the Board of Commissioners must hold a public hearing concerning theone
<br />or more installment financing contracts and the transactions contemplated
<br />thereby and associated therewith, with notice of said public hearing to be
<br />published once at least 10 days before the date of the public hearing;
<br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as
<br />follows:
<br />Section 1. The Board of Commissioners hereby finds and confirms that
<br />(i) the Projects and the financing thereof by one or more installment
<br />financing contracts is necessary and expedient for the County; (ii) financing
<br />of the Projects by one or more installment financing contracts, under the
<br />circumstances, is preferable to a bond issue by the County; (iii) the sums to
<br />fall due under said one or more installment financing contracts are adequate
<br />and not excessive for their proposed. purpose; (iv) the County's debt
<br />management procedures and policies are good and its debt will continue to be
<br />managed in strict compliance with law; (v) the increase in taxes, if any,
<br />necessary to meet the sums to fall due under said one or more installment
<br />financing contracts will not be excessive; and (vi) the County is not in
<br />default regarding any of its debt service obligations.
<br />
|