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August 19, 2024 (Regular Meeting) <br />Page <br />Resolution No. 2024-33 <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 behavior health urgent care 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 "Behavior Health 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 />(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 Behavior Health Facility Project is expected to be <br />$20,000,000. <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 Behavior Health <br />Facility Project was placed in service or abandoned, but in no event more than <br />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 />WITNESS my hand and the corporate seal of said County, this 19th day of <br />August 2024. <br />[SEAL] <br />/s/ Lauren Linker <br />Clerk to the Board of Commissioners <br />for the County of Cabarrus, North Carolina <br />Resolution No. 2024-34 <br />RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH <br />PROCEEDS OF DEBT PURSUANT TO UNITED STATES DEPARTMENT OF TREASURY <br />REGULATIONS <br />Page 60 <br />