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August 19, 2024 (Regular Meeting) <br />Page <br />Resolution No. 2024-30 <br />SUPPLEMENTAL RESOLUTION DECLARING OFFICIAL INTENT TO <br />REIMBURSE EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO <br />UNITED STATES DEPARTMENT OF TREASURY REGULATIONS <br />BE IT RESOLVED by the Board of Commissioners of Cabarrus County: <br />Section 1. The Board hereby finds, determines and declares as follows: <br />(a) On February 5, 2024, the Board adopted a prior resolution declaring <br />official intent to reimburse expenditures with proceeds of debt (the "Prior <br />Resolution") for the Public Safety Training Facility Project, as described in <br />the Prior Resolution, a copy of which is attached hereto as Exhibit A. <br />(b) At the time of adoption of the Prior Resolution, the Board reasonably <br />expected that the maximum principal amount of debt to be incurred with respect <br />to the Public Safety Training Facility Project would be $35,000,000. <br />(c) As of the date of this supplemental resolution, the Board now <br />reasonably expects that the maximum principal amount of debt to be incurred <br />with respect to the Public Safety Training Facility Project instead will be <br />$70,000,000, and desires to amend the maximum principal amount of debt stated <br />in the Prior Resolution to reflect the same. <br />(d) The maximum principal amount of debt to be incurred for the Public <br />Safety Training Facility Project that was set forth in the Prior Resolution is <br />hereby amended to be $70,000,000. <br />(e) Except as supplemented hereby, the Prior Resolution adopted on <br />February 5, 2024, shall remain in full force and effect. <br />Section 2. This resolution shall take effect immediately. <br />Approved this the 19th day of August, 2024. <br />Attest: <br />/s/ Lauren Linker <br />Lauren Linker, Clerk to the Board <br />/s/ Stephen M. Morris <br />Stephen M. Morris, Chairman <br />Cabarrus County Board of Commissioners <br />EXHIBIT A <br />RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE <br />EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO UNITED STATES <br />DEPARTMENT OF TREASURY REGULATIONS <br />BE IT RESOLVED by the Board of Commissioners of Cabarrus County: <br />1. The Board hereby finds, determines and declares as follows: <br />(a) Treasury Regulations Section 1.150-2 (the "Regulations"), <br />promulgated by the United States Department of Treasury on June 18, 1993, <br />prescribes certain specific procedures applicable to certain obligations issued <br />by the County after June 30, 1993, including, without limitation, a requirement <br />that the County timely declare its official intent to reimburse certain <br />expenditures with the proceeds of debt to be issued thereafter by the County. <br />(b) The County has advanced and/or will advance its own funds to <br />pay certain capital costs (the "Original Expenditures") associated with <br />financing, in whole or in part, (i) the design, acquisition, construction, <br />installation and equipping of a new public safety training facility, including <br />the acquisition of necessary land, easements and rights -of -way, (ii) site <br />development, (iii) any and all related utilities relocation and (iv) various <br />real and/or personal property improvements related to any of the foregoing <br />(collectively, the "Public Safety Training Facility Project"). <br />(c) The funds heretofore advanced or to be advanced by the County <br />to pay the Original Expenditures are or will be available only on a temporary <br />basis, and do not consist of funds that were otherwise earmarked or intended to <br />be used by the County to permanently finance the Original Expenditures. <br />Page 57 <br />