1118_commissioners_agenda_full_2024

Home Browse Search

August 19, 2024 (Regular Meeting) Page BE IT RESOLVED by the Board of Commissioners of Cabarrus County: 1. The Board hereby finds, determines and declares as follows: (a) Treasury Regulations Section 1.150-2 (the "Regulations"), promulgated by the United States Department of Treasury on June 18, 1993, prescribes certain specific procedures applicable to certain obligations issued by the County after June 30, 1993, including, without limitation, a requirement that the County timely declare its official intent to reimburse certain expenditures with the proceeds of debt to be issued thereafter by the County. (b) The County has advanced and/or will advance its own funds to pay certain capital costs (the "Original Expenditures") associated with financing, in whole or in part, (i) the design, renovations, construction, installation, and equipping at Rowan Cabarrus Community College's South Campus Building, including the acquisition of necessary land, easements and rights - of -way, (ii) site development, (iii) any and all related utilities relocation and (iv) various real and/or personal property improvements related to any of the foregoing (collectively, the "RCCC South Campus Renovations Project"). (c) The funds heretofore advanced or to be advanced by the County to pay the Original Expenditures are or will be available only on a temporary basis, and do not consist of funds that were otherwise earmarked or intended to be used by the County to permanently finance the Original Expenditures. (d) As of the date hereof, the County reasonably expects that it will reimburse itself for such Original Expenditures with the proceeds of debt to be incurred by the County, and the maximum principal amount of debt to be incurred with respect to the RCCC South Campus Renovations Project is expected to be $7,000,000. (e) All Original Expenditures to be reimbursed by the County were paid no more than 60 days prior to or will be paid on or after the date of, this declaration of official intent. The County understands that such reimbursement must occur not later than 18 months after the later of (i) the date the Original Expenditure was paid; or (ii) the date the RCCC South Campus Renovations Project was placed in service or abandoned, but in no event more than 3 years after the Original Expenditure was paid. 2. This resolution shall take effect immediately. I, Lauren Linker, Clerk to the Board of Commissioners for the County of Cabarrus, North Carolina, DO HEREBY CERTIFY that the foregoing is a true copy of so much of the proceedings of said Board of Commissioners at a regular meeting held on August 20, 2024, as relates in any way to the passage of the resolutions hereinabove referenced, and that said proceedings are recorded in Minute Book No. [41] of the minutes of said Board of Commissioners, beginning at page and ending at page I DO HEREBY FURTHER CERTIFY that the schedule of regular meetings of said Board of Commissioners has been on file in my office pursuant to North Carolina General Statutes §143-318.12 as of a date not less than seven (7) days before said meeting. WITNESS my hand and the corporate seal of said County, this 19th day of August 2024. [SEAL] /s/ Lauren Linker Clerk to the Board of Commissioners for the County of Cabarrus, North Carolina Resolution No. 2024-35 RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO UNITED STATES DEPARTMENT OF TREASURY REGULATIONS BE IT RESOLVED by the Board of Commissioners of Cabarrus County: 1. The Board hereby finds, determines and declares as follows: (a) Treasury Regulations Section 1.150-2 (the "Regulations"), promulgated by the United States Department of Treasury on June 18, 1993, prescribes certain specific procedures applicable to certain obligations issued Page 61