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18 <br /> <br />Resolution N/A <br /> <br />RESOLUTION APPROVING THE FILING OF AN APPLICATION WITH THE LOCAL <br />GOVERNMENT COMMISSION, AUTHORIZING PUBLICATION OF A NOTICE OF INTENT <br />TO FILE SAID APPLICATION AND FINDING THE NEED FOR PROJECTS TO BE <br />FINANCED BY THE ISSUANCE BY THE COUNTY OF GABARRUS, NORTH CAROLINA <br />OF GENERAL OBLIGATION BONDS CONSISTING OF $49,000,000 SCHOOL BONDS. <br /> <br /> WHEREAS, the Board of Commissioners for the County of Cabarrus <br />has reviewed in detail the proposed projects requested to be <br />financed with general obligation bonds of the County, the need for <br />such projects, facts showing that the amount of bonds proposed is <br />adequate but not excessive for such proposed purpose, matters <br />relating to the debt management policies and budgetary and fiscal <br />management policies of the County and the estimated increase in <br />property tax to pay the increased debt service requirements <br />resulting from the bonds; <br /> <br /> BE IT RESOLVED, by the Board of Commissioners of Cabarrus <br />County, North Carolina, as follows: <br />1. The erecting of additional school buildings and other school <br /> plant facilities and the remodeling, enlarging and <br /> reconstructing of existing school buildings and other school <br /> plant facilities and the acquisition of necessary land, <br /> rights-of-way, furnishings and equipment therefor, to be <br /> financed by general obligation bonds of Cabarrus County in an <br /> aggregate principal amount not to exceed $49,000,000 is <br /> determined to be necessary and expedient. <br />2. The aggregate amount of the proposed bond issue(s) is found to <br /> be adequate and not excessive for its proposed purpose. <br />3. The debt management policies of Cabarrus County are found to <br /> have been carried out in strict compliance with the applicable <br /> law. <br />4. The budgetary and fiscal management policies of Gabarrus <br /> County are found to have been carried out in compliance with <br /> applicable law. <br />5. The estimated increase in property tax to pay the increased <br /> debt service requirements resulting from the bonds of <br /> approximately $0.08 per $100.00 of assessed value of property <br /> subject to taxation is hereby found to be not excessive. <br />6. The filing of an application with the Local Government <br /> Commission for approval of the proposed bonds is hereby <br /> approved and confirmed and the Finance Director is designated <br /> to serve as the representative of the County in connection <br /> with the application for approval of the bonds with the Local <br /> Government Commission and is authorized to cause a Notice of <br /> Intent to file the application to be published. <br />7. This resolution shall take effect immediately. <br /> <br /> Commissioner Mills moved the passage of the foregoing resolution and <br />Commissioner Niblock seconded the motion, and the resolution was passed by the <br />following vote: <br /> <br />AYES: <br />NAYS: <br /> <br />Chairman Barnhart and Commissioners Fennel, Casper, <br />Mills and Niblock <br />None <br /> <br />Request to Appropriate Funds to Purchase Library Materials. for the Mt. Pleasant <br />Library <br /> <br /> Mr. Tom Dillard requested $83,209.00 in County funds to purchase library <br />materials for the new Mt. Pleasant Library. He reported that the City of Concord <br />had agreed to transfer a one-time Special Public Library Grant of $16,791.00 to <br />Cabarrus County to be applied to the Mt. Pleasant Library Project. These funds <br />totaling $100,000.00 will be used to purchase the "opening day" collection for <br />the Library. <br /> <br /> Mr. Ralph Austin thanked the Board for its support of $100,000.00 to <br />purchase books for the Mt. Pleasant Library. He reported that donations and <br /> <br /> <br />