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August 19, 2024 (Regular Meeting) Page <br />(d) As of the date hereof, the County reasonably expects that it <br />will reimburse itself for such Original Expenditures with the proceeds of debt <br />to be incurred by the County, and the maximum principal amount of debt to be <br />incurred with respect to the Public Safety Training Facility Project is expected <br />to be $35,000,000. <br />(e) All Original Expenditures to be reimbursed by the County were <br />paid no more than 60 days prior to or will be paid on or after the date of, <br />this declaration of official intent. The County understands that such <br />reimbursement must occur not later than 18 months after the later of (i) the <br />date the Original Expenditure was paid; or (ii) the date the Public Safety <br />Training Facility Project was placed in service or abandoned, but in no event <br />more than 3 years after the Original Expenditure was paid. <br />2. This resolution shall take effect immediately. <br />Resolution No. 2024-31 <br />RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH <br />PROCEEDS OF DEBT PURSUANT TO UNITED STATES DEPARTMENT OF TREASURY <br />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 replacement public elementary school, <br />including the acquisition of necessary land, easements and rights -of -way, (ii) <br />site development, (iii) any and all related utilities relocation and (iv) <br />various real and/or personal property improvements related to any of the <br />foregoing (collectively, the "Replacement Elementary School Project"). <br />I <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 />(d) As of the date hereof, the County reasonably expects that it <br />will reimburse itself for such Original Expenditures with the proceeds of debt <br />to be incurred by the County, and the maximum principal amount of debt to be <br />incurred with respect to the Replacement Elementary School Project is expected <br />to be $51,000,000. <br />(e) All Original Expenditures to be reimbursed by the County were <br />paid no more than 60 days prior to or will be paid on or after the date of, <br />this declaration of official intent. The County understands that such <br />reimbursement must occur not later than 18 months after the later of (i) the <br />date the Original Expenditure was paid; or (ii) the date the Replacement <br />Elementary School Project was placed in service or abandoned, but in no event <br />more than 3 years after the Original Expenditure was paid. <br />2. This resolution shall take effect immediately. <br />I, Lauren Linker, Clerk to the Board of Commissioners for the County of <br />Cabarrus, North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy <br />of so much of the proceedings of said Board of Commissioners at a regular <br />meeting held on August 20, 2024, as relates in any way to the passage of the <br />resolutions hereinabove referenced, and that said proceedings are recorded in <br />Minute Book No. [41] of the minutes of said Board of Commissioners, beginning <br />at page and ending at page <br />I DO HEREBY FURTHER CERTIFY that the schedule of regular meetings of said <br />Board of Commissioners has been on file in my office pursuant to North Carolina <br />General Statutes §143-318.12 as of a date not less than seven (7) days before <br />said meeting. <br />Page 58 <br />