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October 15, 2007 (Regular Meeting) Page 589
<br />Section 2. As required by Section 160A-20 of the North Carolina
<br />General Statutes, as amended, a public hearing shall be held by the Board of
<br />Commissioners on November 19, 2007 at 6:30 p.m., or as soon thereafter as
<br />practicable, in the Commissioner's Meeting Room in the Cabarrus County
<br />Governmental Center in Concord, North Carolina, concerning the proposed
<br />execution of said one or more installment financing contracts and related
<br />documents, the proposed financing of the Projects and any other transactions
<br />associated therewith. The Clerk to the Board of Commissioners is directed to
<br />cause a notice of such public hearing, substantially in the form attached
<br />hereto as Exhibit A, to be published once in a qualified newspaper of general
<br />circulation within the County not less than 10 days prior to said public
<br />hearing.
<br />Section 3. The appropriate officers of the County are hereby authorized
<br />and directed to do any and all things necessary, appropriate or convenient to
<br />effectuate the foregoing and the proposed plan of financing, including
<br />without limitation filing one or more applications with the North Carolina
<br />Local Government Commission seeking approval of the plan of financing or any
<br />component thereof, the publication of any required notices related thereto,
<br />consideration and negotiation of proposals from one or more underwriters
<br />regarding said one or more installment financing contracts included in the
<br />proposed plan of financing, and consideration and negotiation of the terms of
<br />the proposed plan of financing or any component thereof and the relevant
<br />legal documentation.
<br />Section 4. This Resolution shall become effective immediately upon its
<br />adoption.
<br />Thereupon, upon motion of Commissioner Vice Chairman Juba, seconded by
<br />Commissioner White, the foregoing resolution entitled "RESOLUTION RELATING TO
<br />INSTALLMENT CONTRACT FINANCING FOR LAW ENFORCEMENT FACILITY PROJECTS AND
<br />PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $145,000,000;
<br />THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF
<br />CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING REQUIRED PUBLIC
<br />HEARING" was adopted and passed by the following vote:
<br />AYES: Chairman Carruth, Vice Chairman Juba and Commissioners Mynatt
<br />and White
<br />NOES: Commissioner Privette
<br />(G-13) Finance Department (General Obligation School Bond Fund) - Budget
<br />Amendment (Cabarrus County 3choola $1,711,000.00)
<br />On behalf of the Cabarrus Board of Education (BOE), Pam Dubois, Deputy
<br />County Manager, presented a budget amendment for reallocation and use of
<br />contingency funds for the following school construction projects: Hickory
<br />Ridge High, Carl A. Furr Elementary, W.R. Odell Elementary and C. E. Boger
<br />Elementary schools. She reported the BOE approved the budget amendment, but
<br />approval from the Board of Commissioners is also required.
<br />UPON MOTION of Vice Chairman Juba, seconded by Commissioner Mynatt and
<br />unanimously carried, the Board adopted the following budget amendment:
<br />BUDGET REVISION/AMENDMENT REQUEST
<br />DEPARTMENT OF FINANCE/GO SCHOOL BOND
<br />AMOUNT: $1,711,000.00
<br />TYPE OF ADJUSTMENT: Internal Transfer Within Function
<br />PURPOSE OF REQUEST: This budget amendment is being presented on behalf of
<br />the Cabarrus County board of Education. On Monday October 6, 2007, the
<br />Cabarrus County Board of Education approved budget amendments for the
<br />following schools: Hickory Ridge High, Carl A. Furr Elementary, W.R. Odell
<br />Elementary, and C.E. Boger Elementary schools. The budget adjustments are
<br />needed to reflect actual activity within the projects, to distribute sales
<br />tax credits received-during the construction period and to request use of the
<br />contingency funds for a portion of the furniture and fixture needs at Hickory
<br />Ridge High.
<br />Present
<br />Account No. AEProved Budget Increase
<br />36397323-9860 $1,600,000.00 $1,300,000.00
<br />Furniture & Equipment - Hickory Ridge High
<br />36397323-9820 $32,406,731.00
<br />Construction - Hickory Ridge High
<br />36397323-9801. $3,296,000.00
<br />Land - Hickory Ridge High
<br />36397323-9607 $1,918,727.00 $16,000.00
<br />Decrease Revised Budget
<br />$2,900,000.00
<br />$979,995.00 $31,927,236.00
<br />$97,816.00 $3,248,189.00
<br />$1,934,727.00
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