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February 16, 2004 Page 368 WHEREAS, prior to approval of the proposed contract, the Board of Commissioners of Cabarrus County must make and enter findings of fact regarding the installment contract and present the same to the North Carolina Local Government Commission as a prerequisite enabling the North Carolina Local Government Commission to make its findings of fact, as set forth in North Carolina General Statutes Section 159-151(b); NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Cabarrus County, North Carolina, meeting in regular session the 16th day of February, 2004, make the following findings of fact: 1. The proposed contract is necessary or expedient because of critical needs of RCCC as an educational resource to the immediate economic welfare of the community. 2. The proposed contract is preferable to a bond issue for the same purpose because of the favorable interest rates offered through installment contract financing and the very low fixed cost compared to a bond issue. The cost of the proposed undertaking will range from $4 million to not exceed $9.9 million. 3. The cost of financing under the proposed contract is believed to be less than the cost of issuing general obligation bonds. 4. The sums to fall due under the contract are adequate and not excessive for the proposed purpose. 5. The County of Cabarrus' debt management procedures and policies are adequate because the County is well below its legal debt margin and there have been no defaults on debt service payments. 6. The increase in taxes necessary to meet the sums to fall due under the proposed contract will range from $.0043 to $.0106 per $100 valuation and is not deemed to be excessive. 7. The County of Cabarrus is not in default in any of its debt service obligations. 8. The attorney for the County of Cabarrus has rendered an opinion that the proposed Project is authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and laws of North Carolina. NOW, THEREFORE, BE IT FURTHER RESOLVED that the Finance Director is hereby authorized to act on behalf of the County of Cabarrus in filing an application with the North Carolina Local Government Commission for approval of the Project and the proposed financing contract and other actions not inconsistent with this resolution. This resolution is effective upon its adoption this 16th day of February, 2004. ATTEST: /s/ Frankie F. Bonds Frankie F. Bonds, Clerk to the Board /s/ Robert M. Freeman Robert M. Freeman, Chairman Board of Commissioners (G) NEW BUSINESS (G-l) HOME Program Public Hearing - 6:30 Kelly Sifford, Community Development Manager, presented information regarding the HOME Program that Cabarrus County has participated in for several years with the Cabarrus/Iredell/Rowan HOME Consortium. She stated it was learned this week that grant funds of $170,357.00 are to be received. These funds will be used for single family home rehabilitation and will focus on the elderly as has been done in the past. At 7:54 p.m., Chairman Freeman opened the public hearing on the HOME Program in Cabarrus County. The Public Hearing Notice was published in THE CHARLOTTE OBSERVER (Cabarrus Neighbors) on February 5 and February 8, 2004. There was no one present to address the Board, and Chairman Freeman closed the public hearing. No action was required at this time. (~-2) Zoning Text Amendment C2004-01(T) - Veterinarian/Animal Hospital/ Commercial Kennel - Public Hearing - 6:30 Rodger Lentz, Planning Manager, presented the proposed Zoning Text Amendment C2004-01(T) that was developed in response to community sentiment regarding commercial kennel facilities and their potential negative impact on surrounding property owners. The proposed standards were developed in conjunction with citizens, the Sheriff's Department, and the Planning and Zoning Commission. The text amendment will change Veterinarian/Animal Hospital/ Commercial Kennel from a permitted use based on standards to a conditional use in a number of districts.