BC 2018 04 16 Regular Meeting - Laserfiche WebLink

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April I6, 2018 (Regular Meeting) Page 3515 portion of the Capital Project associated with the project is closed. Adopted this 16�^ day of April, 2018. CABARRUS COUNTY BOARD OF COMMISSIONERS BY: /s/ Stephen M. Morris Stephen M. Morris, Chairman ATTEST: /s/ Terri Lea Hugie Clerk to the Board (F-2) Finance Resolution Approving the Installment Contract Financing £or Various Public Projects up to $55,000,000 The Board of County Commissioners has preliminarily approved the issuance of Limited Obligation Bonds (LOBS) for the funding of various public projects on March 19, 2018 and also held a public hearing on that day. The next required step in the financing is the final approval by adoption of the attached Resolution approving the installment contract financing in an amount not -to -exceed $55,000,000. The LOBS are scheduled for issuance in May 2018, subject to approval by the Local Government Commission. UPON MOTION of Commissioner Kiger, seconded by Commissioner Shue and unanimously carried, the Board adopted the Resolution Approving Installment Contract Financing for Various Public Projects in an Aggregate Principal Amount up to $55,000,000 and Execution and Delivery by the Cabarrus County Development Corporation of Limited Obligation Honda Related thereto, Authorizing the Execution and Delivery of Related Documents in Connection therewith, and Providing for Certain Other Related Matters. Resolution No. 2018-08 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 (a) 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 Bonds in said one or more long-term installment financing contract(s) in an aggregate principal amount not exceeding $55,000,000 to finance the advancement of moneys to the County pursuant to said one or more long-term installment financing contract(s) between the County and the Corporation or one or more third parties;