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July 21, 2003 Page 192
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<br />We need to lay the groundwork now for the Cabarrus County of
<br />tomorrow. Now we're talking about the county's first full service
<br />hotel coming here to locate next to a convention center, but I
<br />see the day when there are 5 or 10 more. I see the day, and it's
<br />not far off, when new hotels and restaurants are built next to
<br />the Arena and Events Center. I see the day when Charlotte is
<br />overshadowed by Cabarrus County as a destination for conventions
<br />and tourists. We must think big and plan now.
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<br />We must create an authority with oversight of the Cabarrus Arena
<br />and Events Center, the proposed Concord Convention Center and the
<br />Cabarrus Convention and Visitors Bureau. Vesting responsibility
<br />for oversight of these three operations in one organization
<br />ensures maximum cooperation and effectiveness. It concentrates
<br />efforts to attract tourists, visitors and entertainment in a
<br />single agency with that as its only mission. It avoids the
<br />occasional squabbling between governments. It removes politics
<br />from a business that functions better without it.
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<br />In short, it is the reasonable thing to do, it is the right thing
<br />to do. Those who say it won't work don't want it to work. New
<br />ideas and change are sometimes hard to accept and we understand
<br />that. But we are confident that reason and a shared vision of
<br />prosperity will prevail.
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<br />(F-2) Refunding of General Obligation Bonds Issued in 1992, 1993 and 1997
<br />
<br /> Ms. Susan Fearrington, Assistant Finance Director, reviewed the
<br />proposed refinancing of 1992, 1993 and 1997 general obligation bonds totaling
<br />$69,610,000.00. She stated this would allow the County to take advantage of
<br />lower interest rates with anticipated savings of approximately $1.1 million.
<br />
<br /> Mr. Steve Cordell, Bond Attorney with Helms Mulliss & Wicker, LLP,
<br />reviewed the process for refunding the 1992, 1993 and 1997 general obligation
<br />bonds and for issuing up to $21,725,000.00 general obligation refunding bonds
<br />(1992 and 1993) at this time. He explained that the County would issue debt
<br />to refund the 1997 general obligation bonds at a later date.
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<br /> The "Notice of the Public Hearing and Order Authorizing $69,610,000
<br />Refunding Bonds" was published iq THE INDEPENDENT TRIBUNE on July 2, 2003.
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<br />[F-2 (a)] Public Hearing on the Refunding of Bonds - 6:30 p.m.
<br />IF-2 (b)] Bond Order for Refunding 1992, 1993 and 1997 General Obligation
<br />Bonds
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<br /> The Chairman announced that this was the date and hour fixed by the
<br />Board for the public hearing on the order entitled "ORDER AUTHORIZING
<br />$69,610,000 REFUNDING BONDS" and that the Board would immediately hear anyone
<br />who might wish to be heard on the question of the validity of said order or
<br />the advisability of issuing any of said bonds.
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<br /> The Chairman stated that the proceeds of the Refunding Bonds in the
<br />aggregate principal amount not exceeding $69,610,000 would be used for the
<br />purpose of providing funds, together with other available funds, to refund
<br />all or a portion of the County's outstanding Water Bonds, Series 1992,
<br />Refunding Bonds, Series 1993 and School Bonds, Series 1997, each as described
<br />in the published notice of the public hearing, and paying expenses related
<br />thereto.
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<br /> No one appeared, either in person or by attorney, to be heard on the
<br />question of the validity of said order or the advisability of issuing any of
<br />said bonds and the Clerk to the Board announced that no written statement
<br />relating to said questions had been received.
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<br />It was then announced that the public hearing was closed.
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<br /> Chairman Freeman then stated that the Board having held the required
<br />public hearing thereon, it was now time for the Board to consider adoption of
<br />the order introduced on first reading on June 16, 2003 entitled: "ORDER
<br />AUTHORIZING $69,610,000 REFUNDING BONDS."
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<br /> Thereupon, upon motion of Commissioner Privette, seconded by
<br />Commissioner Carpenter, the order entitled: "ORDER AUTHORIZING $69,610,000
<br />REFUNDING BONDS" was read a second time by title and placed upon its final
<br />passage. The vote upon the final adoption of said order was:
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