BC 2018 03 19 Regular Meeting - Laserfiche WebLink

Home Browse Search

March 19, 2018 (Regular Meeting) Page 3989 /s/ Stephen M. Morris Stephen M. Morris, Chairman Cabarrus County Board of Commissioners ATTEST: /s/ Terri Lea Hugie Terri Lea Regis, Clerk to the Board (G-2) Finance - Resolution Relating to the Installment Financing Contract - Financings for Various School Projects - Public Hearing 6:30 p.m. Susan Fearrington, Finance Director, requested the Board of Commissioners approve the resolution provided, which would enable Cabarrus County to enter into one or more short and/or long-term installment financing contracts with the Cabarrus County Development Corporation or one or more third parties, for an amount not to exceed $55,000,000 to finance all or a portion of the cost of acquitting, constructing and equipping public school facilities, community college facilities, land acquisition and various related real and personal property improvements. She stated a public hearing and reading of the resolution are required. The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning 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 (i) 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 16OA-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 and/or (ii) into one or more short-term installment financing contract(s) with one or more third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to provide interim financing for all or some portion of the Projects pending execution and delivery of said one or more long-term financing contract(s) and the related Limited Obligation Bonds and/or Certificates of Participation, if any, and under said one or more short-term installment financing contracts) the County would secure the repayment by the County of the moneys advanced pursuant to such short-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, which plan of financing and Projects were described in the notice of public hearing published in The Independent Tribune on March 9, 2018 (the "Notice"). The Board of Commissioners first ratified and approved the designation of the meeting as a public hearing on the proposed plan of financing, the call of the public hearing and publication of the Notice. It was then announced that the Board of Commissioners would immediately hear anyone who might wish to be heard on such matter. No one appeared, either in person or by attorney, to be heard on such matter or the advisability of the plan of financing and the Clerk to the Board of Commissioners announced that no written statement relating to said matters had been received by the Clerk or the Finance Director. It was then announced that the public hearing was closed 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 No. 2018-06