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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br />THE COUNTY OF CABARRUS, NORTH CAROLINA <br />The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular <br />session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in <br />Concord, North Carolina, the regular place of meeting, at 6:30 p.m, on February 19, 2018, with <br />Stephen M. Morris, Chairman, presiding. The following Commissioners were: <br />PRESENT: Chairman Stephen M. Morris; Vice Chairman Diane R. Honeycutt and <br />Commissioners Blake Kiger, Elizabeth F. Poole and Lynn W. Shue. <br />ABSENT: [None.] <br />ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Senior <br />Deputy County Manager; Susan B. Fearrington, Finance Director; Richard M. Koch, Esq., <br />County Attorney; and Terri Lea Hugie, Clerk to the Board. <br />Chairman Stephen M. Morris introduced the following resolution, and its title was read: <br />RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE <br />EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO UNITED STATES <br />DEPARTMENT OF TREASURY REGULATIONS <br />BE IT RESOLVED by the Board of Commissioners of Cabarets County: <br />1. The Board hereby finds, determines and declares as follows: <br />(a) Treasury Regulations Section 1.150-2 (the "Regulations"), promulgated <br />by the United States Department of Treasury on June 18, 1993, prescribes certain specific <br />procedures applicable to certain obligations issued by the County after June 30, 1993, including, <br />without limitation, a requirement that the County timely declare its official intent to reimburse <br />certain expenditures with the proceeds of debt to be issued thereafter by the County. <br />(b) The County has advanced and/or will advance its own funds to pay certain <br />capital costs (the "Original Expenditures") associated with financing, in whole or in part, the <br />acquisition, construction, installation and equipping of a new public elementary school, including <br />the acquisition of necessary land and rights-of-way (the "School Project"). <br />(c) The funds heretofore advanced or to be advanced by the County to pay the <br />Original Expenditures are or will be available only on a temporary basis, and do not consist of <br />funds that were otherwise earmarked or intended to be used by the County to permanently <br />finance the Original Expenditures. <br />(d) As of the date hereof, the County reasonably expects that it will reimburse <br />itself for such Original Expenditures with the proceeds of debt to be incurred by the County, and <br />the maximum principal amount of debt to be incurred with respect to the School Project is <br />expected to be $25,000,000. <br />Attachment number 1 \n <br />F-6 Page 96 <br />