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411
<br />
<br />UNFINISHED BUSINESS
<br />
<br />Recycling Service Proposal by Browning-Ferris Industries (BFI)
<br />
<br /> Ms. Linda Ashendorf of Browning Ferris Industries (BFI) reviewed the
<br />proposal by BFI to begin recycling service in Cabarrus County on November 1, 1993
<br />for a three-year period at a cost of $2.06 per home per month. She also discussed
<br />an earlier proposal for a five-year contract at a cost of 97 cents per home per
<br />month until July 1, 1994, at which time the cost would increase to $2.31 per home
<br />per month for the remainder of the contract.
<br />
<br /> The Board again discussed the existing recycling contract with Container
<br />Corporation of Carolina and the service problems which have occurred.
<br />
<br /> UPON MOTION of Commissioner Fennel, seconded by Commissioner Barnhart and
<br />unanimously carried, the Board moved to go into executive session for
<br />consultation with counsel.
<br />
<br /> UPON MOTION of Commissioner Barnhart, seconded by Chairman Carpenter and
<br />unanimously carried, the executive session was adjourned.
<br />
<br /> Chairman Carpenter stated the Board had discussed the recycling contract
<br />with the County Attorney during the executive session. She reported no action.
<br />
<br /> UPON MOTION of Commissioner Payne, seconded by Commissioner Barnhart and
<br />unanimously carried, the Board tabled the issue of the recycling contract until
<br />the next meeting.
<br />
<br />Resolution Providing for the Issuance of $27,530,000 Refunding Bonds, Series 1993
<br />
<br /> Commissioner Fennel introduced the following resolution, a copy of which
<br />had been provided to each Commissioner and which was read by its title:
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF
<br />$27,530,000 REFUNDING BONDS, SERIES 1993
<br />
<br /> BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus:
<br /> Section 1. The Board of Commissioners has determined and does hereby find
<br />and declare:
<br /> (a) That an order authorizing the issuance of Refunding Bonds in
<br />an aggregate principal amount not exceeding $40,000,000 was adopted by the Board
<br />of Commissioners for the County of Cabarrus, North Carolina on September 7, 1993,
<br />which order has taken effect.
<br /> (b) That none of said bonds has been issued, that no notes have
<br />been issued in anticipation of the receipt of the proceeds of the sale of said
<br />bonds and that it is necessary to issue at this time $27,530,000 of said bonds
<br />in accordance with the provisions of Section 2 of this resolution and subject to
<br />adjustment as set forth therein.
<br /> (c) That the shortest period of time in which the debt of said
<br />County to be refunded by the issuance of said bonds can be finally paid without
<br />making it unduly burdensome on the taxpayers of said County, as determined by the
<br />Local Government Commission of North Carolina, is a period which expires on March
<br />1, 2010.
<br /> Section 2. Pursuant to said order, there shall be issued bonds of the
<br />County of Cabarrus, North Carolina (the "Issuer") in the aggregate principal
<br />amount of $27,530,000 (subject to adjustment as hereinafter set forth),
<br />designated "Refunding Bonds, Series 1993" and dated November 1, 1993 (the
<br />"Bonds"). The Bonds shall be stated to mature (subject to adjustment as
<br />hereinafter set forth) annually, March 1, $625,000 1994, $665,000 1995, $690,000
<br />1996 and 1997, $695,000 1998, $700,000 1999, $2,275,000 2000, $2,455,000 2001,
<br />$2,325,000 2002, $2,290,000 2003, $2,255,000 2004, $2,215,000 2005, $2,175,000
<br />2006, $2,135,000 2007, $2,090,000 2008, $2,050,000 2009 and $1,200,000 2010, and
<br />shall bear interest at a rate or rates to be determined by the Local Government
<br />Commission of North Carolina at the time the Bonds are sold, which interest to
<br />the respective maturities thereof shall be payable on March 1, 1994 and
<br />semiannually thereafter on March 1 and September 1 of each year until payment of
<br />such principal sum. Notwithstanding the foregoing, the Issuer reserves the right
<br />to increase or decrease the aggregate principal amount of the Bonds by an amount
<br />not to exceed $1,470,000 following the opening of bids for the purchase of the
<br />
<br />
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