|
<br />August 21, 2006 (Regular Meeting)
<br />
<br />Page 45
<br />
<br />Trust
<br />
<br />UPON MOTION of Commissioner Carpenter, seconded by Commissioner Freeman
<br />and unanimously carried, the Board adopted the following Resolution:
<br />
<br />Resolution No. 2006-23
<br />
<br />EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF
<br />THE COUNTY OF CABARRUS, NORTH CAROLINA
<br />
<br />The Board of Commissioners for the County of Cabarrus, North Carolina,
<br />met in regular session in the Commissioners' Meeting Room in the Cabarrus
<br />County Governmental Center in Concord, North Carolina, the regular place of
<br />meeting, at 6:30 p.m., on August 21, 2006, with Robert W. Carruth, Chairman,
<br />presiding. The following Commissioners were:
<br />
<br />PRESENT: Vice Chairman Joni D. Juba and Commissioners Carolyn B.
<br />Carpenter and Robert M. Freeman
<br />ABSENT: Commissioner Coy C. Privette
<br />ALSO PRESENT: John D. Day, County Manager; Richard M. Koch, County
<br />Attorney; Pamela S. Dubois, Deputy County Manager; and Frankie F. Bonds,
<br />Clerk to the Board
<br />
<br />*
<br />
<br />*
<br />
<br />*
<br />
<br />*
<br />
<br />*
<br />
<br />*
<br />
<br />*
<br />
<br />*
<br />
<br />*
<br />
<br />*
<br />
<br />RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR JAIL
<br />ANNEX PROJECT IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $15,000,000
<br />AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS
<br />IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED
<br />MATTERS
<br />
<br />WHEREAS, the Board of Commissioners desires to approve a proposed plan
<br />of financing in an aggregate principal amount of up to $15,000,000, which
<br />plan would involve the entry by the County into an installment financing
<br />contract with First Charter Bank (the "Bank") pursuant to North Carolina
<br />General Statutes 160A-20, as amended, the proceeds of which would be used to
<br />pay all or a portion of the costs of design, construction and equipping of a
<br />new jail annex and related improvements (the "Project"), and under said
<br />installment financing contract the County would secure the repayment by the
<br />County of the moneys advanced pursuant to such contract by granting a
<br />security interest in and lien on all or a portion of the Project;
<br />
<br />WHEREAS, there have been submitted to this meeting draft forms of the
<br />following documents (the "Financing Documents") with respect to the financing
<br />for the Project:
<br />
<br />(1) an Installment Financing Contract, proposed to be dated as of
<br />September 1, 2006 (the "Contract"), between the County and the Bank as
<br />counterparty, pursuant to which the Bank will advance moneys to the County
<br />for the costs of the Project and the County agrees to make periodic
<br />installment payments (the "Installment Payments") to repay the moneys so
<br />advanced, with interest;
<br />
<br />(2) a Deed of Trust and Security Agreement (the "Deed of Trust"),
<br />proposed to be dated as of September 1, 2006, among the County as Grantor,
<br />the Bank as Beneficiary and the trustee named therein, by which the County
<br />would secure its obligations to the Bank under the Contract; and
<br />
<br />(3) an Escrow Agreement, proposed to be dated as of September 1, 2006
<br />(the "Escrow Agreement"), between the County and the Bank, as escrow agent,
<br />dealing with the custody and investment of the moneys advanced by the Bank to
<br />the County pending the expenditure thereof;
<br />
<br />WHEREAS, the obligations of the County to make Installment Payments and
<br />other payments pursuant to the Contract shall constitute limited obligations
<br />of the County payable solely from currently budgeted appropriations of the
<br />County and shall not constitute a pledge of the faith and credit of the
<br />County within the meaning of any constitutional debt limitation;
<br />
<br />WHEREAS, no deficiency judgment may be rendered against the County in
<br />any action for breach of a contractual obligation under the Contract, and the
<br />taxing power of the County is not and may not be pledged in any way directly
<br />or indirectly or contingently to secure any moneys due under the Contract;
<br />and
<br />
|