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AG 2017 04 18
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AG 2017 04 18
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Last modified
4/21/2017 2:40:43 PM
Creation date
11/27/2017 10:28:06 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/18/2017
Board
Board of Commissioners
Meeting Type
Regular
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improvements located thereon, (iii) the construction and equipping of a new multi-story parking <br /> garage and related facilities on real property owned by the County, (iv) the acquisition of any <br /> necessary rights-of-way and easements related to each of the foregoing and (v) various real and <br /> personal property improvements related to each of the foregoing(collectively,the"Projects"), and <br /> under said one or more long-term installment financing contract(s) the County would secure the <br /> repayment by the County of the moneys advanced pursuant to such one or more long-term <br /> installment financing contract(s) by granting a security interest in and lien on all or some portion <br /> of the Projects or all or some portion of the real property upon which the Projects are located; <br /> WHEREAS, as part of said proposed plan of financing, the Corporation may also execute <br /> and deliver one or more series of Limited Obligation Bonds and/or Certificates of Participation in <br /> said one or more long-term installment financing contract(s) in an aggregate principal amount not <br /> exceeding$128,105,000 to finance the advancement of moneys to the County pursuant to said one <br /> or more long-term installment financing contract(s) between the County and the Corporation or <br /> one or more other third parties; <br /> WHEREAS, as part of the proposed plan of financing for the Projects, the Board of <br /> Commissioners further desires to authorize interim financing for all or some portion of the Projects <br /> in an aggregate principal amount of up to $128,105,000, which would involve the entry by the <br /> County into one or more short-term installment financing contract(s)with one or more third parties <br /> pursuant to North Carolina General Statutes §160A-20, as amended, the proceeds of which would <br /> be used to provide interim financing for all or some portion of the Projects pending execution and <br /> delivery of said one or more long-term financing contract(s) and the related Limited Obligation <br /> Bonds and/or Certificates of Participation, if any, and under said one or more short-term <br /> installment financing contract(s) the County would secure the repayment by the County of the <br /> moneys advanced pursuant to such short-term installment financing contract(s) by granting a <br /> security interest in and lien on all or some portion of the Projects or all or some portion of the real <br /> property upon which the Projects are located; and <br /> WHEREAS, North Carolina General Statutes §160A-20, as amended, requires that the <br /> Board of Commissioners must hold a public hearing concerning the one or more short-term <br /> installment financing contract(s), the one or more long-term installment financing contract(s) and <br /> 2 <br /> F-5 Page 103 <br />
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