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220
<br />
<br />4.73% $269,927.20
<br />1-5 Yr. Fixed
<br />4.93% (Floor)
<br />6-10 Yr. Variable
<br />
<br />$2,500
<br />
<br />$ 0.00
<br />
<br />$1,000 $1,273,427.20
<br />
<br />4.73% $296,547.51
<br />1-5 Yr. Fixed
<br />6.53% (Cap)
<br />6-10 Yr. Variable
<br />
<br />$2,500
<br />
<br />$ 0.00
<br />
<br />$1,000 $1,300,047.51
<br />
<br />Southern
<br /> National
<br />
<br />5.16%
<br />7 Yr. Fixed
<br />
<br />$204,156.80
<br />
<br />$1,200
<br />
<br />$ 0.00
<br />
<br />$1,000 $1,206,356.80
<br />
<br />5.29% $300,580.60
<br />7 Yr. Fixed
<br />5.29% (Floor)
<br />8-10 Yr. Variable
<br />
<br />$1,200
<br />
<br />$ 0.00
<br />
<br />$1,000 $1,302,780.60
<br />
<br />5.29% $579,303.10
<br />7 Yr. Fixed
<br />10.56% (Cap)
<br />8-10 Yr. Variable
<br />
<br />$1,200
<br />
<br />$ 0.00
<br />
<br />$1,000 $1,581,503.10
<br />
<br />First Union 5.35% $212,073.89
<br /> 7 Yr. Fixed
<br />
<br />$ 500 $1,212,573.89
<br />
<br />5.35% $295,486.80
<br />7 Yr. Fixed
<br />4.00% (Floor)
<br />8-10 yr. Variable
<br />
<br />$ 500 $1,295,986.80
<br />
<br />12.00% $348,702.83
<br /> (Cap)
<br />8-10 Variable
<br />
<br />$ 500 $1,349,202.83
<br />
<br /> Mr. Bennett recommended the award of the financing proposal to Wachovia
<br />Bank and Trust at 4.72 percent for a fixed 7-year term at a total cost of
<br />$1,183,000.08. He reported that Ms. Beth McGraw, Finance Director for the
<br />Kannapolis City Schools, concurred with this recommendation.
<br />
<br /> Chairman Carpenter opened the public hearing concerning the financing
<br />proposals for the purpose of providing funding for the heating and air
<br />conditioning of A. L. Brown High School and other capital project improvements.
<br />She asked if anyone were present who wished to address the Board regarding this
<br />matter. There was no one present to speak regarding the financing proposals, and
<br />Chairman Carpenter closed the public hearing.
<br />
<br /> UPON MOTION of Commissioner Barnhart, seconded by Commissioner Casper with
<br />Commissioners Barnhart, Casper and Payne and Chairman Carpenter voting for, the
<br />Board awarded the proposal for the financing of the $1 million for the heating
<br />and air conditioning of A. L. Brown High School and other capital project
<br />improvements to Wachovia Bank and Trust at the rate of 4.72 percent fixed for 7
<br />years at a total cost of $1,183,000.08, contingent upon the approval by the Local
<br />Government Commission.
<br />
<br /> UPON MOTION of Commissioner Barnhart, seconded by Chairman Carpenter with
<br />Commissioners Barnhart, Casper and Payne and Chairman Carpenter voting for, the
<br />Board adopted the following resolution.
<br />
<br />RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION
<br />FOR APPROVAL OF A FINANCING AGREEMENT AUTHORIZED BY
<br />NORTH CAROLINA GENERAL STATUTE 160A-20
<br />
<br /> WHEREAS, the Board of Commissioners of Cabarrus County desires to provide
<br />capital improvements and equipment for Kannapolis City School renovations
<br />necessary to better serve the citizens of Cabarrus County; and
<br />
<br />
<br />
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