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June 16, 2003 Page 169
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<br />WHEREAS,
<br />
<br />North Carolina General Statute 136-44.8 provides that the Board
<br />of County Commissioners, after the presentation and discussion of
<br />the annual Secondary Road Program, may concur with the program as
<br />proposed.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Cabarrus County Board of Commissioners
<br /> that said Board does concur with the 2003-2004 Secondary Road Program
<br /> as presented by the North Carolina Department of Transportation and
<br /> does recommend that the Board of Transportation adopt the proposed
<br /> program for Cabarrus County.
<br />
<br />Adopted this 16th day of June, 2003.
<br />
<br />ATTEST:
<br />/s/ Frankie F. Bonds
<br />
<br />Frankie F. Bonds
<br />Clerk to the Board
<br />
<br />/s/ Robert M. Freeman
<br />
<br />Robert M. Freeman, Chairman
<br />Board of Commissioners
<br />
<br />(F-5) Order Authorizing $69,610,000 Refunding Bonds and Setting a Publi~
<br />Hearing
<br />
<br /> Ms. Pam Dubois, Finance Director, reported the County may take
<br />advantage of current low interest rates by refinancing outstanding General
<br />Obligation bonds. She estimated savings of approximately $1 million on debt
<br />service over the remaining term of the debt.
<br />
<br /> Commissioner Privette introduced the
<br />refundin9 bonds which was read:
<br />
<br />following order authorizing
<br />
<br />ORDER AUTHORIZING
<br />$69,610,000 REFUNDING BONDS
<br />
<br /> BE IT ORDERED by the Board of Commissioners for the County of Cabarrus,
<br />North Carolina:
<br />
<br /> 1. That, pursuant to The Local Government Bond Act, as amended, the
<br />County of Cabarrus, North Carolina, is hereby authorized to contract a debt,
<br />in addition to any and all other debt which said County may now or hereafter
<br />have power or authority to contract, and in evidence thereof, to issue
<br />Refunding Bonds in an aggregate principal amount not exceeding $69,610,000,
<br />for the purpose of providing funds, together with any other available funds,
<br />for (i) refunding all or a portion of the following outstanding general
<br />obligation bonds of said County:
<br />
<br />$3,250,000
<br />
<br />Water Bonds, Series 1992, dated April 1, 1992 and
<br />stated to mature on April 1, 2004 to April 1, 2012,
<br />inclusive,
<br />
<br />$14,095,000
<br />
<br />Refunding Bonds, Series 1993, dated November 1, 1993
<br />and stated to mature on March 1, 2004 to March 1,
<br />2010, inclusive, and
<br />
<br />$38,800,000
<br />
<br />School Bonds, Series 1997, dated February 1, 1997 and
<br />stated to mature on February 1, 2004 to February 1,
<br />2018, inclusive,
<br />
<br />and (ii) paying expenses related thereto.
<br />
<br /> 2. That taxes shall be levied in an amount sufficient to pay the
<br />principal of and the interest on said Refunding Bonds.
<br />
<br /> 3. That a sworn statement of the debt of said County has been filed
<br />with the Clerk to the Board of Commissioners and is open to public
<br />inspection.
<br />
<br />4. That this order shall take effect upon its adoption.
<br />
<br /> The Board of Commissioners thereupon designated the Finance Officer as
<br />the officer whose duty it shall be to make and file with the Clerk to the
<br />Board of Commissioners the sworn statement of debt of the County which is
<br />required by The Local Government Bond Act, as amended, to be filed after the
<br />bond order has been introduced and before the public hearing thereon.
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