BC 1995 10 16 - Laserfiche WebLink

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562 whom it would be given. An employee that receives a Department Manager's Performance Recognition Award could also receive a County Manager's Award of Excellence. Funding: Funding has been included in the FY 95-96 budget. Total funding is limited for the Department Manager's awards to $9,000 per year, which will be administered by area and senior level managers. Total funding for the County Manager's awards will be limited to $2,500 per year. Financing for theRockyRiver Elementary School Project - Resolution Authorizing the Filing of aR Application for Approval of a Financing Agreement Authorized by N, C, General Statutes 160A-20 UPON MOTION of Commissioner Fennel, seconded by Commissioner Mills and unanimously carried, the Board adopted the following Resolution. RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY NORTH CAROLINA GENERAL STATUTE 160A-20 WHEREAS, the Board of Commissioners of Cabarrus County, North Carolina desires to construct a new school, known as Rocky River Elementary School, (the "Project") to better serve the citizens of Cabarrus County; and WHEREAS, the Board of Commissioners of Cabarrus County desires to finance the Project by the use of an installment contract authorized under North Carolina General Statutes Section 160A-20; and WHEREAS, prior to approval of the proposed contract, the Board of Commissioners of Cabarrus County must make and enter findings of fact regarding the installment contract and present the same to the North Carolina Local Government Commission as a prerequisite enabling the North Carolina Local Government Commission to make its findings of fact, as set forth in North Carolina General Statutes Section 159-151(b); NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of Cabarrus County, North Carolina, meeting in regular session the 16th day of October, 1995, make the following findings of fact: o o The proposed contract is necessary or expedient because of critical needs of classroom space due to existing and projected student population increase in Cabarrus County. The proposed contract is preferable to a bond issue for the same purpose because of the favorable interest rates offered through installment contract financing and the very low fixed cost compared to a bond issue. The cost of the proposed undertaking is approximately $9.9 million and the proposed contract financing of $9.9 million exceeds the amount that can be prudently raised from currently available appropriations and unappropriated fund balances. The cost of financing under the proposed contract is believed to be less than the cost of issuing general obligation bonds. The sums to fall due under the contract are adequate and not excessive for the proposed purpose. This school will house 1,000 students with 111,000 square feet of classroom space. The County of Cabarrus' debt management procedures and policies are adequate because the County is well below its legal debt margin, and there have been no defaults on debt service payments. The increase in taxes necessary to meet the sums to fall due under the proposed contract will be .0245 cents per $100 valuation and is not deemed to be excessive.