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Commissioners set public hearing for May 20

Cabarrus County Board of Commissioners

The Cabarrus County Board of Commissioners set  a public hearing concerning the execution and delivery of short-term financing contracts.

The hearing will take place in the Board of Commissioners' Meeting Room, located on the second floor of the Cabarrus County Governmental Center, 65 Church Street SE, Concord.

Public hearing announcements for the Cabarrus County Board of Commissioners. 

The official public notice of the May 7 hearing read: 

CABARRUS COUNTY
BOARD OF COMMISSIONERS
NOTICE OF PUBLIC HEARING
MAY 20, 2019– 6:30 P.M.
EXECUTION AND DELIVERY OF SHORT-TERM FINANCING CONTRACTS

NOTICE IS HEREBY GIVEN that the Board of County Commissioners (the “Board”) of the County of Cabarrus, North Carolina (the “County”), will conduct a public hearing on May 20, 2019 concerning the execution and delivery of (a) one or more short-term installment financing contract(s) with one or more third parties and/or (b) one or more long-term installment financing contract(s) with one or more third parties (collectively, the “Contracts”) to finance all or a portion of the costs of (i) the acquisition of numerous parcels of real property in the County, including any and all improvements located thereon, if any, to be used as the proposed sites of (A) a new public middle school facility, (B) a new public senior high school facility and (C) a new library/senior center facility; (ii) the acquisition of any necessary rights-of-way and easements related to each of the foregoing and (iii) various real and personal property improvements related to each of the foregoing (collectively, the “2019 Projects”).

The plan of financing for the 2019 Projects involves (i) the entry by the County into one or more short-term installment financing contract(s) with one or more third parties who will provide the County with up to $11,000,000 pursuant to the terms of the short-term installment financing contract(s), which amounts will be used to provide interim financing for the 2019 Projects pending execution and delivery of one or more long-term financing contract(s) and/or (ii) the entry by the County into one or more long-term installment financing contract(s) with one or more third parties who will provide the County with up to $11,000,000 pursuant to the terms of said one or more long-term installment financing contract(s), which amounts will be applied to provide long-term financing for the 2019 Projects.  The County’s obligations to any third party supplying short-term or long-term financing are authorized by North Carolina General Statutes §160A-20 and will be secured by a lien upon or security interest in all or some portion of the 2019 Projects and/or in all or some portion of the real property on which the 2019 Projects will be located.

The obligations of the County under the Contracts will not be deemed to be a pledge of the faith and credit of the County within the meaning of any constitutional debt limitation and the Contracts will not directly or indirectly or contingently obligate the County to make any payments beyond those appropriated in the sole discretion of the County for any fiscal year in which the Contracts are in effect.  No deficiency judgment may be rendered against the County in any action for breach of the Contracts and the taxing power of the County is not and may not be pledged directly or indirectly or contingently to secure any moneys due under the Contracts.

PLEASE TAKE NOTICE THAT THE BOARD WILL HOLD A PUBLIC HEARING CONCERNING THE PLAN OF FINANCING AT 6:30 P.M., OR AS SOON THEREAFTER AS THE HEARING CAN BE HELD, ON MONDAY, MAY 20, 2019, IN THE COMMISSIONERS’ MEETING ROOM IN THE CABARRUS COUNTY GOVERNMENTAL CENTER, CONCORD, NORTH CAROLINA, AT WHICH ANY PERSON MAY BE HEARD CONCERNING THE PLAN OF FINANCING.  ANY PERSON WISHING TO COMMENT IN WRITING ON THE PLAN OF FINANCING MAY DO SO BY DELIVERING SUCH COMMENTS TO THE UNDERSIGNED AT 65 CHURCH STREET SE, CONCORD, NORTH CAROLINA, 28026, WITHIN 5 DAYS FROM THE DATE OF PUBLICATION OF THIS NOTICE.

If reasonable accommodations are needed, please contact the ADA Coordinator at 704-920-2100 at least 48 hours prior to the public hearing.

Lauren Linker, Clerk to the Board

Posted May 7, 2019

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