BC 2018 02 19 Regular Meeting - Laserfiche WebLink

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February 19, 2018 (Regular Meeting) Page 3449 the County (construction and outfitting of the ATC) will receive the sales tax reimbursements from the state. UPON MOTION of Commissioner Kiger, seconded by Commissioner Shue and unanimously carried, the Board approved the receipt of the property title transfer subject to review by the Cabarrus County attorney and the Trustees of Rowan-Cabarrus Community College attorney. (F-8) Finance - Rowan-Cabarrus Community College Agency Agreement Advanced Technology Center The attached Rowan-Cabarrus Community College (RCCC) Agency Agreement, among other items, allows the County to appoint the RCCC Board of Trustees as its agent in connection with the construction and equipping of a new Advanced Technology Center. The RCCC Board of Trustees shall cause the new Advanced Technology Center project to be completed in accordance with the respective construction documents and any applicable requirements of governmental authorities and law. The County and Board of Trustees agree that all amounts received as refunds of state sales tax, with respect to expenditures made in connection with the project will be deposited as funds available for the acquisition and construction of the project or used to pay debt .service on the installment financing issued to fund this project. UPON MOTION of Commissioner Kiger, seconded by Commissioner Shue and unanimously carried, the Board approved the Rowan-Cabarrus Community Colleges Agency Agreement for the new Advanced Technology Center Project, subject to review and revision by the County Attorney. (F-9) Finance - Rowan-Cabarrus Community College - Advanced Technology Center Reimbursement Resolution It is requested that the County advance its own funds to pay certain original expenditures associated with the new Rowan-Cabarrus Community College Advanced Technology Center project. Approval of the attached resolution will allow the County to pay the original expenditures then reimburse itself for the expenditures with the proceeds of the debt to be incurred by the County for the 2018 Limited Obligation Bonds. A budget amendment and Limited Obligation Bonds 2018 Project Ordinance is also included to record the estimated construction project expenditure and debt proceeds to cover the construction expenditure. The establishment of a budget is required for a construction contract to be pre -audited. UPON MOTION of Commissioner Kiger, seconded by Commissioner Shue and unanimously carried, the Board adopted the Advanced Technology Center Reimbursement Resolution and authorized the Chairman to sign the reimbursement agreement for the new Rowan-Cabarrus Community College Advanced Technology Center and approved the related budget amendment and project ordinance. Resolution No. 2018-02 RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO UNITED STATES DEPARTMENT OF TREASURY REGULATIONS BE IT RESOLVED by the Board of Commissioners of Cabarrus County: 1. The Board hereby finds, determines and declares as follows: (a) Treasury Regulations Section 1.150-2 (the "Regulations"), promulgated by the United States Department of Treasury on June 18, 1993, prescribes certain specific procedures applicable to certain obligations issued by the County after June 30, 1993, including, without limitation, a requirement that the County timely declare its official intent to reimburse certain expenditures with the proceeds of debt to be issued thereafter by the County. (b) The County has advanced and/or will advance its own funds to pay certain capital costs (the "Original Expenditures") associated with financing, in whole or in part, the acquisition, construction, installation and equipping of a new Advanced Technology Center for Rowan-Cabarrus Community College ("RCCC"), which will be. located adjacent to RCCC's existing North Carolina Research Campus facility in Kannapolis, NC, including the acquisition of necessary land and rights-of-way (the "ATC Project"). (c) The funds heretofore advanced or to be advanced by the County to pay the Original Expenditures are or will be available only on a temporary