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<br />amended, the proceeds of which would be used to pay all or a portion of the
<br />costs of acquiring real property, constructing new public school facilities
<br />and acquiring equipment related thereto (collectively the "Project"), and
<br />under said installment financing contract the County would secure the
<br />repayment by the County of the moneys advanced pursuant to such contract by
<br />granting a security interest in and lien on all or a portion of the Project;
<br /> WHEREAS, as part of said proposed plan of financing, the Corporation
<br />will issue Installment Payment Revenue Bonds in an aggregate principal amount
<br />not exceeding $40,000,000 to finance the advancement of moneys to the County
<br />pursuant to the installment financing contract between the County and the
<br />Corporation;
<br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as
<br />follows:
<br /> Section 1. The Board of Commissioners hereby finds and confirms that
<br />(i) the Project and the financing thereof by the Contract is necessary and
<br />expedient for the County; (ii) financing of the Project by the Contract,
<br />under the circumstances, is preferable to a bond issue by the County; (iii)
<br />the sums to fall due under the Contract are adequate and not excessive for
<br />its proposed purpose; (iv) the County's debt management procedures and
<br />policies are good and its debt will continue to be managed in strict
<br />compliance with law; (v) the increase in taxes, if any, necessary to meet the
<br />sums to fall due under the Contract will not be excessive; and (vi) the
<br />County is not in default regarding any of its debt service obligations.
<br /> Section 2. The appropriate officers of the County are hereby authorized
<br />and directed to do any and all things necessary, appropriate or convenient to
<br />effectuate the proposed plan of financing, including without limitation
<br />filing an application with the North Carolina Local Government Commission
<br />seeking approval of the plan of financing, the publication of any required
<br />notices related thereto, consideration and negotiation of proposals from one
<br />or more underwriters regarding the proposed plan of financing and the
<br />consideration and negotiation of the terms of the proposed plan of financing
<br />the relevant legal documentation.
<br /> Section 3. This Resolution shall become effective immediately upon its
<br />adoption.
<br /> Thereupon, upon motion of Commissioner Privette, seconded by
<br />Commissioner Barnhart, the foregoing resolution entitled "RESOLUTION RELATING
<br />TO INSTALLMENT CONTRACT FINANCING FOR SCHOOL PROJECTS IN AN AGGREGATE
<br />PRINCIPAL AMOUNT UP TO $40,000,000 AND THE ISSUANCE BY THE CABARRUS COUNTY
<br />DEVELOPMENT CORPORATION OF INSTALLMENT PAYMENT REVENUE BONDS RELATED THERETO"
<br />was adopted and passed by the following vote:
<br /> AYES: Commissioners Privette, Barnhart, Carpenter and Casper and
<br />Chairman Fennel
<br /> NOES: None
<br />
<br />Presentation of the Proposed Fiscal Year 2000-2001 Cabarrus County Budqet and
<br />Approval of Schedule for Budqet Work Sessions - Mr. Frank Clifton, County
<br />Manaqer
<br />
<br /> Mr. Clifton presented the proposed Fiscal Year 2001 Cabarrus County
<br />Budget. The proposed county general fund budget for FY 2001 totaled
<br />$114,912,863.00. The county property tax rate to support the proposed budget
<br />was 56 cents, a reduction of 3 cents from FY 2000. Mr. Clifton stated the
<br />proposed budget met the Board's established objective of lowering the
<br />property tax rate and its financial commitment to education as a priority.
<br />However, he cautioned about consideration of a further reduction in the tax
<br />rate.
<br />
<br /> The Board by consensus agreed to the following budget review work
<br />sessions: May 16, May 23, May 25, May 30, June 1 and June 12. Also, if
<br />needed, work sessions will be held on June 20, June 22, June 26, June 27 and
<br />June 29. Further, the Board by consensus set the public hearing for the
<br />proposed budget during the regular meeting on June 19=n at 6:30 p.m. (or as
<br />soon thereafter as persons may be heard).
<br />
<br />Livable Community Blueprint - Approval of Memorandum of Understandinq, Budqet
<br />Amendment and Contract with LS3P Associates - Mr. John Day, Deputy County
<br />
<br />Manaqer for Operations
<br />
<br />Mr. John Day, Deputy County Manager for Operations, reviewed the
<br />proposed development of a Livable Community Blueprint, or a parks and
<br />recreation master plan and a bicycle and pedestrian transportation plan. The
<br />County will serve as lead agency with each of the municipalities, the
<br />Cabarrus-South Rowan Metropolitan Planning Organization, and the Cabarrus
<br />Health Alliance to participate in the funding. Staff members have selected
<br />LS3P Associates, Ltd. to prepare the plan at a cost of $76,500.00. Cabarrus
<br />County's share will be $15,500.00.
<br />
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