AG 2018 04 16 - Laserfiche WebLink

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The Chairman introduced the following resolution, a summary of which had been provided to each Commissioner, a copy of which was available with the Clerk to the Board and which was read by title: RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $55,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION AND/OR LIMITED OBLIGATION BONDS RELATED THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Board of Commissioners desires to approve a proposed plan of financing in an aggregate principal amount of up to $55,000,000, which plan would involve the entry by the County into one or more long-term installment financing contract(s) with the Cabarrus County Development Corporation (the "Corporation") or one or more other third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of (a) acquiring, constructing and equipping new public school facilities and expanding, rehabilitating, renovating and equipping existing public school facilities, including but not limited to, one new elementary school and numerous mobile units, (b) constructing and equipping new community college facilities and expanding, rehabilitating, renovating and equipping existing community college facilities for Rowan- Cabarrus Community College ("RCCC"), including but not limited to, the Advanced Technology Center, (c) the acquisition of numerous parcels of real property for either the County or RCCC, including all improvements located thereon, if any, (d) the acquisition of any necessary rights-of- way and easements related to each of the foregoing and (e) various real and personal property improvements related to each of the foregoing (collectively, the "Projects"), and under said one or more long-term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more long-term installment financing contract(s) by granting a security interest in and lien on all or some portion of the Projects or all or some portion of the real property upon which the Projects are located; WHEREAS, as part of said plan of financing, the Corporation may also determine to execute and deliver one or more series of Certificates of Participation and/or Limited Obligation Attachment number 1 \n F-2 Page 37