BC 2002 04 15 - Laserfiche WebLink

Home Browse Search

April 15, 2002 Page 329 program. The Notice of the Public Hearing was published in THE INDEPENDENT TRIBUNE on April 5 and April 7, 2002. There was no one present to address the Board, and Chairman Freeman closed the public hearing. No action was required by the Board. Resolution 'Relatin~ to Installment Contract Financing for Public Improvement Projects ($30 Million) Mr. Blair Bennett, Deputy County Manager for Administration, gave a brief overview of the proposed installment contract financing in an amount up to $30 million for the following projects: (1) Five auxiliary gymnasiums $2.5 million; (2) School Administrative Building - $4 million~ and (3) Expo project - $20 million. He explained ~arious methods of financing, including General Obligation Bonds, lease/financing for amounts under $10 million and Certificates of Participation for amounts over $10 million. UPON MOTION of Commissioner Fennel, seconded by Commissioner Privette and unanimously carried, the Board adopted the following Resolution. Resolution No. 2002-14 RESOLUTION RELATING TO INSTALLMENT CONTRACT FIND~NCING FOR PUBLIC IMPROVEMENT PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $30,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO WHEREAS, the Board of Commissioners desires to undertake a proposed plan of financing in an aggregate principal amount of up to $30,000,000, which plan would involve the entry by the County into an installment financing contract with the Cabarrus County Development Corporation (the "Corporation") pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of acquiring real property, constructing and equipping new public facilities, including a school administrative building, several additional gym facilities and an expo center and improvements related to the..foregoing (collectively the ~Project"), and under said installment financing contract the County would secure the repayment by the County of the moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the Project; WHEREAS, as part of said proposed plan of financing, the Corporation will execute and deliver one or more series of Certificates of Participation in the installment financing contract in an aggregate principal amount not exceeding $30,000,000 to finance the advancement of moneys to the County pursuant to the installment financing contract between the County and the Corporation; NOW~ THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The Board of Commissioners hereby finds and confirms that (i) the Project and the financing thereof by the Contract is necessary and expedient for the County; (ii) financing of the Project by the Contract, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the Contract are adequate and not excessive for its proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under the Contract will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 2. The appropriate officers of the County are hereby authorized and directed to do any and all things necessary, appropriate or convenient to effectuate the proposed plan of financing, including without limitation filing an application with the North Carolina Local Government Commission seeking approval of the plan of financing, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more underwriters regarding the proposed plan of financing and the consideration and negotiation of the terms of the proposed plan of financing the relevant legal documentation.