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August 5, 2024 (Work Session)
<br />Pa ge
<br />Board. As part of the discussion, were financing options, i.e. dividing out
<br />the financing for groups of projects, and possible government bonds.
<br />UPON MOTION of Commissioner Furr, seconded by Vice Chairman Shue, the
<br />Board approved to Suspend the Rules of Procedure by the following vote: Ayes:
<br />Chairman Morris, Vice Chairman Shue and Commissioners Furr and Wortman and
<br />Nays: Commissioner Measmer.
<br />UPON MOTION of Vice Chairman Shue, seconded by Commissioner Wortman and
<br />unanimously carried, the Board approved the resolution for the installment
<br />financing contract for 2024B Draw Program.
<br />Resolution No. 2024-29
<br />RESOLUTION APPROVING SHORT-TERM AND/OR LONG-TERM INSTALLMENT CONTRACT
<br />FINANCINGS OF VARIOUS PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP
<br />TO $270,000,000; AUTHORIZING INTERIM INSTALLMENT CONTRACT FINANCINGS FOR
<br />SUCH PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $270,000,000;
<br />AUTHORIZING THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT
<br />CORPORATION OF ONE OR MORE SERIES OF LIMITED OBLIGATION BONDS AND/OR
<br />CERTIFICATES OF PARTICIPATION RELATED THERETO, AND PROVIDING FOR CERTAIN
<br />OTHER RELATED MATTERS
<br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan
<br />of financing in an aggregate principal amount of up to $270,000,000, which plan
<br />would involve the entry by the County into one or more short-term and/or long-
<br />term installment financing contract(s) with the Cabarrus County Development
<br />Corporation (the "Corporation") or one or more other third parties pursuant to
<br />North Carolina General Statutes §160A-20, as amended, the proceeds of which
<br />would be used to pay all or a portion of the costs of (i) the acquisition,
<br />construction, installation and equipping of one or more new buildings to be
<br />used as new public safety training facilities for the County, (ii) various site
<br />improvements related thereto, (iii) the acquisition, construction, installation
<br />and equipping of a new public elementary school, (iv) the acquisition,
<br />construction, installation and equipping of a new replacement public elementary
<br />school, (v) the acquisition, construction, installation and equipping of a new
<br />behavioral health facility and related facilities, (vi) the acquisition,
<br />construction, renovation, installation and equipping of the human services
<br />facility and related facilities, (vii) the acquisition, construction,
<br />installation and equipping of a new public library and senior center, (viii)
<br />the acquisition, construction, installation and equipping of a new addition at
<br />Fred L. Wilson Elementary School, (ix) the acquisition, construction,
<br />relocation, installation and equipping of the Mary Frances Wall Public School,
<br />(x) the acquisition, construction, relocation, installation and equipping of
<br />the Opportunity Public School, (xi) the acquisition, construction, installation
<br />and equipping of HVAC replacements at Rowan-Cabarrus Community College South
<br />Campus, (xii) the acquisition, construction, installation and equipping of roof
<br />replacements at various public school sites, (xiii) the acquisition,
<br />construction, installation and equipping of HVAC replacements at various public
<br />school sites, (xiv) the acquisition of any necessary rights -of -way and easements
<br />related to each of the foregoing (i) through (xiii) and (xv) various real and
<br />personal property improvements related to each of the foregoing (i) through
<br />(xiv) (collectively, the "2024B Projects"), and under said one or more short-
<br />term and/or long-term installment financing contract(s) the County would secure
<br />the repayment by the County of the moneys advanced pursuant to such one or more
<br />short-term and/or long-term installment financing contract(s) by granting a
<br />security interest in and lien on all or some portion of the 2024B Projects
<br />and/or all or some portion of the real property upon which the 2024B Projects
<br />are located;
<br />WHEREAS, as part of said proposed plan of financing, the Corporation may
<br />also execute and deliver one or more series of Limited Obligation Bonds and/or
<br />Certificates of Participation in said one or more short-term and/or long-term
<br />installment financing contract(s) in an aggregate principal amount not exceeding
<br />$270,000,000 to finance the advancement of moneys to the County pursuant to
<br />said one or more short-term and/or long-term installment financing contract(s)
<br />between the County and the Corporation or one or more other third parties;
<br />WHEREAS, as part of the proposed plan of financing for the 2024B Projects,
<br />the Board of Commissioners further desires to authorize interim financing, which
<br />may utilize either a fixed rate loan structure or a draw -down loan structure,
<br />for all or some portion of the 2024B Projects in an aggregate principal amount
<br />of up to $270,000,000, which would involve the entry by the County into one or
<br />more short-term installment financing contract(s) with one or more third parties
<br />pursuant to North Carolina General Statutes §160A-20, as amended, the proceeds
<br />of which would be used to provide interim financing for all or some portion of
<br />the 2024B Projects pending execution and delivery of said one or more long-term
<br />financing contract(s) and the related Limited Obligation Bonds and/or
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