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<br />January 24, 2005 (Regular Meeting)
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<br />Page
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<br />66
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<br />DEPARTMENT OF OTHER CONTRIBUTIONS
<br />AMOUNT: $20,000.00
<br />TYPE OF ADJUSTMENT: Internal Transfer Within Function
<br />PURPOSE OF REQUEST: To transfer budgeted funds from the Economic Development
<br />Corporation to The Charlotte Regional Sports Commission, a 501 (c) (3) for aid
<br />in funding many events which are planned to maximize the positive impact of
<br />the All-star Challenge and to ensure that it never, ever leaves Lowe's Motor
<br />Speedway and Cabarrus County.
<br />
<br />Present
<br />Account No. Approved Budget Increase
<br />00191980-9724 $438,835.00
<br />Economic Development Corporation
<br />00191980-9746 $20,000.00
<br />Charlotte Regional Sports Commission
<br />
<br />Decrease
<br />$20,000.00
<br />
<br />Revised Budget
<br />$418,835.00
<br />
<br />$20,000.00
<br />
<br />(G-4) Resolution Providing for the :Issuance of $50,000,000 School Bonds,
<br />Series 2005
<br />
<br />Commissioner Privette introduced the following resolution, a summary of
<br />which had been provided to each Commissioner, a copy of which was available
<br />with the Clerk to the Board and which was read by title:
<br />
<br />Resolution No. 2005-02
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF
<br />$50,000,000 SCHOOL BONDS, SERIES 2005
<br />
<br />BE IT RESOLVED by the Board of Commissioners (the "Board") for the
<br />County of Cabarrus, North Carolina (the ~County"):
<br />
<br />Section 1.
<br />represent:
<br />(a) That an order authorizing not exceeding $94,900,000 School Bonds
<br />was adopted by the Board on August 25, 2004, which order was approved by the
<br />vote of a majority of the qualified voters of said County who voted thereon
<br />at a special referendum duly called and held on November 2, 2004.
<br />(b) That none of said bonds have been issued, that no notes have
<br />issued in anticipation of the receipt of the proceeds of the sale of
<br />bonds and that it is necessary to issue at this time $50,000,000 of
<br />bonds in accordance with the provisions of Section 2 of this resolution.
<br />(c) That the maximum period of usefulness of the capital project (s)
<br />to be financed with the proceeds of said School Bonds, Series 2005 to be
<br />issued is estimated as a period of 40 years from March 1, 2005, the date of
<br />said School Bonds, Series 2005 as hereinafter provided, and that such period
<br />expires on March 1, 2045.
<br />
<br />The Board has determined and does hereby find, declare and
<br />
<br />been
<br />said
<br />said
<br />
<br />Section 2. Pursuant to said orders, there shall be issued bonds of the
<br />County in the aggregate principal amount of $50,000,000 designated "school
<br />Bonds, Series 2005" and dated March 1, 2005 (the "Bonds"). The Bonds shall
<br />be stated to mature (subject to the right of prior redemption as hereinafter
<br />set forth) annually, March 1, $1,600,000 2006 to 2011 , inclusive, $2,000,000
<br />2012, $2,300,000 2013 to 2017, inclusive, $3,400,000 2018 to 2024, inclusive,
<br />and $3,100,000 2025, and shall bear interest at a rate or rates to be
<br />determined by the Local Government Commission of North Carolina at the time
<br />the Bonds are sold, which interest to the respective maturities thereof shall
<br />be payable on September 1, 2005 (or such other date as is designated by the
<br />County Manager or Finance Officer in connection with the sale of the Bonds)
<br />and semiannually thereafter on March 1 and September 1 of each year (~r other
<br />semiannual dates designated by the County Manager or Finance Officer in
<br />connection with the sale of the Bonds) until payment of such principal sum.
<br />
<br />Section 3. Each Bond shall bear interest from the interest payment
<br />date next preceding the date on which it is authenticated unless it is (a)
<br />authenticated upon an interest payment date in which event it shall bear
<br />interest from such interest payment date or (b) authenticated prior to the
<br />first interest payment date in which event it shall bear interest from its
<br />date; provided, however, that if at the time of authentication interest is in
<br />default, such Bond shall bear interest from the date to which interest has
<br />been paid.
<br />The principal of and the interest and any redemption premium on the
<br />Bonds shall be payable in any coin or currency of the United States of
<br />America which is legal tender for the payment of public and private debts on
<br />the respective dates of payment thereof.
<br />
<br />Section 4. The Bonds initially will be issued by means of a book-entry
<br />system with no physical distribution of Bond certificates to be made except
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