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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />AGENDA CATEGORY: <br />Consent Agenda <br />FEBRUARY 19, 2018 <br />6:30 P.M. <br />SUBJECT: <br />Finance - Cabarrus County Schools - Collateral Substitution Resolution <br />BRIEF SUMMARY: <br />On March 1, 2011, the Cabarrus County Development Corporation issued <br />$14.6 million in Qualified School Construction Bonds (QSCB) installment <br />financing for various projects for Cabarrus County Schools and <br />Kannapolis City Schools. To secure the projects, Mt. Pleasant Middle <br />School (MPMS) 8325 NC Hwy 49 N was pledged as collateral under a <br />Deed of Trust. Mt. Pleasant Middle School is no longer being used as <br />public school facility by the Cabarrus County Board of Education. To be <br />able to sell the MPMS site to a private purchaser, a substitution <br />of collateral is required by the Deed of Trust. Through review of eligible <br />properties, Winecoff Elementary School was determined to be the best <br />option for the collateral substitution. A Special Warranty Deed is included <br />for your review. <br />REQUESTED ACTION: <br />Motion to adopt the Cabarrus County Schools Resolution approving <br />substitution/modification of the collateral securing the Cabarrus County <br />Development Corporation Taxable Limited Obligation Qualified School <br />Construction Bonds (QSCB), Series 2011A and the Special Warranty <br />Deed transferring title of Winecoff Elementary School from the Cabarrus <br />County Board of Education to Cabarrus County, subject to attorney review <br />and approval by the Cabarrus County Board of Education. <br />EXPECTED LENGTH OF PRESENTATION: <br />F-11 Page 130 <br />