Agenda Package - 5-7-2012 Reg. Meeting

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609 Upon a vote, the results were as follows: Aye: Hayes, Oldham, Parks, Paschal, Reives, Shook, and Womack Nay: None The Chairman ruled the motion had been adopted unanimously. Pursuant to N.C. General Statute 153A -42.1, Chairman Shook opened tlhe� floor for Public Comments. The following signed up to speak and were allowed 3 minutes for comrnents: 1. Mr. Donald Andrews, (Mayor, Town of Broadway), 126 Wesske Drive, Broadway (discussed what the sales tax distribution change would do � to the budget), 2. Mr. Ron Hewett, 608 Valley Road, Sanford (asked that sales tax distribution change be delayed for one year to allow more discussion Y 3. Ms. Rebecca Wyhof, 2006 Lee Avenue, Sanford (against change to sales tax distribution), and 4. Ms. Martha Underwood, 3309 Westcott Circle, Sanf? rd ®(for the sales tax distribution change) v � At this time, the Board conducted a public hearing that had\been "advertised in reference to refinancing of the 2004 Certificates of Participation (COPs) for const' of the Central Carolina Community College Training Center and Southern Lee High School. Mr. Ted Cole from Davenport & Co. stated the public hearing was in reference`toSectio�n 160A -20 of the General Statutes of North Carolina, which called for the purpose of refinancing , all'or - -w portion of the County's installment financing obligations relating to the Certificates of Participation Series 2004, dated January 7, 2004. The proceeds of the certificates were used to pay'�the costs of acquiring, constructing and equipping a new public high school and a new emergency services training center for CCCC. The County would be obligated to make installment payments under the Agreement in an aggregate principal amount not to exceed $24,000,000, together -wit interest. If the County enters into the Agreement, it will secure its obligations by executing a d delivering a deed of trust granting a lien on all of the facilities financed by the Series 2004 Certificates, together with any improvements or fixtures located or to be located thereon. Section 160A- 20NCf`th6-Gen rral Statutes of North Carolina requires that the County hold a public hearing prior to entering into the Agreement. After the public hearing the Board will also be asked to approve a resolution to�proceed with the project and a resolution with PNC Bank. Dpened the public hearing that had been advertised for this date and time. )oke in favor of or in opposition to the refinancing request. ;losed the public hearing. ayes moved to approve a Resolution Making Certain Findings and the Refinancing of Certain Outstanding Installment Financing Obligations of the County Pursuant to an Installment Financing Contract and Requesting the Local Government Commission to Approve the Financing Agreement, a copy of which is attached to these minutes and by this reference made a part hereof. Upon a vote, the results were as follows: Aye: Hayes, Oldham, Parks, Paschal, Reives, Shook, and Womack Nay: None 2