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July 26, 2004 Page 558 Pamela S. Dubois, Finance Director for Cabarrus County, reviewed for the Board various projects proposed to be financed with general obligation bond issues in an aggregate principal amount not exceeding $98,000,000: One or more bond issue(s) in a principal amount not exceeding $94,900,000 in the aggregate would be used to erect additional school buildings and other school plant facilities and to replace, remodel, enlarge and reconstruct existing school buildings and other school plant facilities and acquire necessary land, rights-of-way, furnishings and equipment therefor, including computers. Ms. Dubois noted that the Board had received resolutions requesting the bonds from the Cabarrus County Board of Education and the Kannapolis City Schools' Board of Education. 2 0 One or more bond issue(s) in a principal amount not exceeding $3,100,000 in the aggregate would be used to erect an additional educational building and related improvements for Rowan-Cabarrus Community College and to acquire furnishings and equipment therefor, including computers. Ms. Dubois noted that the Board had received resolutions requesting the bonds from the Rowan-Cabarrus Community College Board of Trustees. The Board reviewed information relating to the need for each project and why the amount of bonds proposed was adequate and not excessive for each proposed purpose. The Board further reviewed information regarding compliance of the County's debt management policies and its budgetary and fiscal management policies with applicable law and indicating that the estimated increase in property tax required for the estimated increase in debt service requirements for the bond issue(s) was not excessive. Ms. Dubois also noted the need for the Board to designate a representative to act on its behalf with the Local Government Commission in connection with an application to be submitted by the County for approval of the bond issues and to authorize the publication of a notice of intent to file the application. Thereupon, Commissioner Carpenter introduced the following resolution, a copy of which had been distributed to each Commissioner and the title of which was read: Resolution No. 2004-26 RESOLUTION APPROVING THE FILING OF AN APPLICATION WITH THE LOCAL GOVERNMENT COMMISSION, AUTHORIZING PUBLICATION OF A NOTICE OF INTENT TO FILE SAID APPLICATION AND FINDING THE NEED FOR PROJECTS TO BE FINANCED BY THE ISSUANCE BY THE COUNTY OF CABARRUS, NORTH CAROLINA OF GENERAL OBLIGATION BONDS CONSISTING OF $94,900,000 SCHOOL BONDS AND $3,100,000 COMMUNITY COLLEGE BONDS. WHEREAS, the Board of Commissioners for the County of Cabarrus has reviewed in detail the proposed projects requested to be financed with general obligation bonds of the County, the need for such projects, facts showing that the amount of bonds proposed is adequate but not excessive for such proposed purposes, matters relating to the debt management policies and budgetary and fiscal management policies of the County and the estimated increase in property tax to pay the increased debt service requirements resultin9 from the bonds; BE IT RESOLVED, by the Board of Commissioners of Cabarrus County, North Carolina, as follows: The erecting of additional school buildings and other school plant facilities and the replacing, remodeling, enlarging and reconstructing of existing school buildings and other school plant facilities and the acquisition of necessary land, rights-of-way, furnishings and equipment therefor, including computers, to be financed by general obligation bonds of Cabarrus County in an aggregate principal amount not to exceed $94,900,000 is determined to be necessary and expedient. 2 o The erecting of an additional educational building and related improvements for Rowan-Cabarrus Community College and the acquisition of furnishings and equipment therefor, including computers, to be financed by general obligation bonds of Cabarrus County in an aggregate principal amount not to exceed $3,100,000 is determined to be necessary and expedient. The aggregate amount of each of the proposed bond issue(s) is found to be adequate and not excessive for its proposed purposes.