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424 <br /> <br /> 2. The proposed contract is preferable to a bond issue.for <br /> the same purpose because of the favorable interest rates <br /> offered through installment contract financtng~and the <br /> very low fixed cost compared to a bond issue. The cost <br /> of the proposed undertaking is approximately $10.8 <br /> million and with proposed contract financing of $9.9 <br /> million exceeds the amount that can be. prudently raised <br /> from currently available appropriations and <br /> unappropriated fund balances. <br /> 3. The cost of financing under the proposed contract is <br /> believed to be less than the cost of issuing general <br /> obligation bonds. <br /> 4. The sums to fall due under the contract are adequate and <br /> not excessive for the proposed purpose. This school will <br /> house 1,000 students with 107,000 square feet of <br /> classroom space. <br /> 5. The County of Cabarrus' debt management Procedures and <br /> policies are adequate because the County is well below <br /> its legal debt margin, and there have been no defaults <br /> on debt service payments. <br /> 6. The increase in taxes necessary to meet the sums to fall <br /> due under the proposed contract will be .0225 cents per <br /> $100 valuation and is not deemed to be excessiye. <br /> 7. The County of Cabarrus is not in default in any of its <br /> debt service obligations. <br /> 8. The attorney for the County of Cabarrus has rendered an <br /> opinion that the proposed Project is authorized by law <br /> and is a purpose for which public fund~ay be expended <br /> pursuant to the Constitution and laws 0f~North Carolina. <br /> NOW, THEREFORE, BE IT FURTHER RESOLVED tha~ .the, Finance <br /> Director is hereby author'ized to act on behalf of the County 'of <br /> Cabarrus in filing an application with the North Carolina Local <br /> Government Commission for approval of the Project ~nd the proposed <br /> financing contract and other actions not inconsistent with this <br /> resolution. <br /> This resolution is effective upon its adoption this 15th day <br /> of May, 1995. <br /> <br />Road Name Change - Unnamed Road to Grady Harris Sr, Road - Public Hearing - 7;00 <br />P,M, <br /> <br /> At 7:45 P.M., Chairman Barnhart stated that this~was the day and time for <br />a public hearing to consider the naming of an Unnamed Road as Grady Harrt~ Sr. <br />Road. He asked if anyone were present who wished to speak either f6r or against <br />this proposed road name. There was no one present to address the Board, and <br />Chairman Barnhart closed the public hearing. <br /> <br /> UPON MOTION of Commissioner Casper, seconded by Chairman Barnhart and <br />unanimously carried, the Board approved the following road name change: Unnamed <br />Road to Grady Harris Sr. Road. <br /> <br />Revised Subdivision Ordinance - Public Hearing - 7:00 P,M, <br /> <br /> Mr. Jonathan Marshall, Senior Planner, reviewed the revised Subdivision <br />Regulations and highlighted some of the proposed changes~ Changes included~items <br />relating to subdivision interconnecttons and accesses, private roadrequirements, <br />recreation areas, the use of similar curb, gutter, and sidewalk standards ~as <br />those of Concord and Kannapolis, and final plat approval by the Planning and <br />Zoning Director if the subdivision has been constructed as shown On the <br />preliminary map. <br /> <br /> At 7:55 P.M., Chairman Barnhart opened the publtcheartng for the revised <br />Subdivision Regulations and asked if anyone were present who wished to address <br />the Board regarding the revised Regulations. ~ <br /> <br /> Mr. David B. Austin, Developer, questioned several items regarding the <br />proposed Ordinance, including the effective date, private road requirements, and <br />tnterconnections between subdivisions. He expressed concern about the ~ <br /> <br /> <br />