|
November 20, 2006 (Regular Meeting) Page 166
<br />Pam Dubois, Deputy County Manager, reported one of the requirements for
<br />financing the jail construction project is to hold a public hearing. She
<br />also reported a public hearing was previously held when the cost of the jail
<br />was not to exceed $75 million. Since the cost has increased, she said
<br />another public hearing is needed in accordance with N.C. General Statute
<br />160A-20. Finally, she stated the availability of Steve Cordell, the County's
<br />Bond Counsel, and Joe Niggel, the County's Financial Advisory, to answer
<br />questions.
<br />Steve Cordell, County Bond Counsel, reported the Public Hearing Notice
<br />was published on November 10, 2006, and that no further action is required.
<br />EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF
<br />THE COUNTY OF CABARRUS, NORTH CAROLINA
<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 November 20, 2006, with Robert W. Carruth,
<br />Chairman, presiding. The following Commissioners were:
<br />PRESENT: Commissioners Joni D. Juba, Carolyn B. Carpenter, Robert M.
<br />Freeman and Coy C. Privette
<br />ABSENT: None.
<br />ALSO PRESENT: John D. Day, County Manager; Richard M. Koch, County
<br />Attorney; Pamela S. Dubois, Deputy County Manager/Finance Director; Mike
<br />Downs, Deputy County Manager; and Kay Honeycutt, Clerk to the Board
<br />
<br />-The Chairman announced that this was the date, place and hour fixed by
<br />the Board of Commissioners for a public hearing concerning a proposed revised
<br />plan of financing, which plan would involve the entry by the County into (i)
<br />a long-term installment financing contract in an aggregate principal amount
<br />of up to $101,000,000 with the Cabarrus County Development Corporation
<br />pursuant to North Carolina General Statutes Section 160A-20, as amended, the
<br />proceeds of which would be used to pay all or a portion of the costs of
<br />acquiring real property, constructing, renovating and equipping law
<br />enforcement facilities, various real and personal property improvements
<br />related to the foregoing and a portion of the interest to accrue under the
<br />installment financing contract during the construction period (collectively
<br />the "Project"), and under said long-term installment financing contract the
<br />County would secure the repayment by it of moneys advanced pursuant to such
<br />long-term installment financing contract by granting a security interest in
<br />and lien on all or a portion of the Project and (ii) one or more short-term
<br />installment financing contract(s), in an aggregate amount not to exceed
<br />$90,000,000, with one or more third parties pursuant to North Carolina
<br />General Statutes 160A-20, as amended, the proceeds of which one or more
<br />short-term installment financing contract(s) would be used to provide interim
<br />financing for the Project pending execution and delivery of the long-term
<br />financing contract and the related Certificates of Participation, and under
<br />said one or more short-term installment financing contract(s) the County
<br />would secure the repayment by the County of the moneys advanced pursuant to
<br />such short-term installment financing contract(s) by granting a security
<br />interest in and lien on all or a portion of the Project, which revised plan
<br />of financing and Project were described in the notice of public hearing
<br />published in The Independent Tribune on November 10, 2006 (the "Notice").
<br />The Board of Commissioners first ratified and approved the designation
<br />of the meeting as a public hearing on the proposed revised plan of financing,
<br />the call of the public hearing and publication of the Notice.
<br />It was then announced that the Board of Commissioners would immediately
<br />hear anyone who might wish to be heard on such matter.
<br />No one appeared, either in person or by attorney, to be heard on such
<br />matter or the advisability of the revised plan of financing except: Donna
<br />Ludwig of 212 Union Street N., Concord; Brad Barnett of 338 Eastover Drive
<br />SE, Concord; Tracy Ballard of 187 Virginia Street SE, Concord; Paul
<br />Churchyard of 161 Union Street N, Concord; Ellen Sewell of 299 Union Street
<br />S., Concord; David Cohen of 192 Union Street N., Concord; Heath Ritchie of
<br />
|