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<br />March 21, 2005 (Regular Meeting)
<br />
<br />Page
<br />
<br />122
<br />
<br />The Parks and Recreation Commission recommended Cabarrus County allow
<br />the Miracle League of Concord to construct an accessible custom-designed
<br />baseball field and a six-lane asphalt track at Frank Liske Park. Miracle
<br />League of Concord will be responsible for all construction expenses
<br />($535,000.00). Further, the Commission recommended Cabarrus County prepare a
<br />priority agreement and provide general maintenance and cleanup of the new
<br />facilities.
<br />
<br />UPON MOTION of Commissioner Privette, seconded by vice Chairman Carruth
<br />and unanimously carried, the Board approved the concept of locating and
<br />constructing the Miracle League facilities at Frank Liske Park and authorized
<br />staff to prepare a priority agreement with the Miracle League of Concord.
<br />
<br />(F-18) Resolution Appointing the Underwriting Team of UBS Financial
<br />Services, Inc. and Ferris, Baker Watts, Inc.
<br />
<br />UPON MOTION of Commissioner Privette, seconded by vice Chairman Carruth
<br />and unanimously carried, the Board adopted the following Resolution.
<br />
<br />Resolution No. 2005-08
<br />
<br />A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH
<br />CAROLINA, APPOINTING UBS FINANCIAL SERVICES INC. AS THE BOOK-RUNNING SENIOR
<br />MANAGER AND FERRIS, BAKER WATTS INC. AS CO-SENIOR MANAGER FOR ALL NEGOTIATED
<br />GOVERNMENTAL BONDS OR INSTALLMENT FINANCING CONTRACTS TO WHICH THE COUNTY IS
<br />A PARTY FOR A THREE-YEAR PERIOD COMMENCING JANUARY 1, 2005 AND ENDING
<br />DECEMBER 31, 2007, WITH TWO ONE-YEAR OPTIONS; AND PROVIDING FOR CERTAIN OTHER
<br />RELATED MATERIALS.
<br />
<br />PREAMBLES
<br />
<br />WHEREAS, the County of Cabarrus, North Carolina (the \\County") I is a
<br />duly and regularly created, organized and validly existing political
<br />subdivision of the State of North Carolina, existing as such under and by
<br />virtue of the Constitution, statutes and laws of the State of North Carolina
<br />(the \\State"); and
<br />
<br />WHEREAS, the Board of Commissioners of the County (the "Board") has and
<br />shall exercise the responsibility of developing and directing the fiscal
<br />policy of the County's government under Section 153A-101 of the General
<br />Statutes of North Carolina, as amended; and
<br />
<br />WHEREAS, an
<br />construction or
<br />projects"); and
<br />
<br />important component of the County's fiscal policy is the
<br />acquisition of capital assets (generally, "Capital
<br />
<br />WHEREAS, the County recognizes that in order for it to provide for the
<br />timely funding for Capital Projects, it has been and will be necessary for
<br />the County to borrow money, either through the Local Government Finance Act,
<br />Chapter 159 of the General Statutes of North Carolina, as amended, or by
<br />means of installment financing contracts entered into pursuant to Section
<br />l60A-20 of the General Statutes of North Carolina, as amended (collectively,
<br />such financings are referred to as the uDebt Instruments"); and
<br />
<br />WHEREAS,
<br />Instruments to
<br />and
<br />
<br />the County plans to use the proceeds of governmental Debt
<br />finance its planned capital projects for the next five years;
<br />
<br />WHEREAS, the County has determined that in order for the County to have
<br />a consistent and stable approach to the municipal bond markets, it is in its
<br />best interest to retain financial institutions which have experience both in
<br />the national and state municipal bond markets to serve as its underwriters
<br />and financial advisors in connection with, respectively, negotiated and
<br />competitively sold Debt Instruments; and
<br />
<br />WHEREAS, representatives of UBS Financial Services, Inc. (UUBS") and
<br />Ferris, Baker Watts, Inc. (uFerris" and, together with UBS, the uUnderwriting
<br />Team") have proposed to the County that the Underwriting Team serve as the
<br />underwriter for all of the County's negotiated governmental Debt Instruments
<br />and as the financial advisor for all of the County's competitively sold
<br />governmental Debt Instruments for a three-year period ending December 31,
<br />2007, with mutual option by all parties to continue such relationship for two
<br />additional one-year periods, each ending December 31; and
<br />
<br />WHEREAS, based on
<br />years with UBS and its
<br />
<br />its existing and
<br />Charlotte office,
<br />
<br />continuing relationship of
<br />and its past relationship
<br />
<br />many
<br />with
<br />
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