AG 2016 01 19 - Laserfiche WebLink

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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH CAROLINA The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on January 19, 2016, with Stephen M. Morris, Chairman, presiding. The following Commissioners were: PRESENT: Chairman Stephen M. Morris, Vice Chairman Diane R. Honeycutt and Commissioners Grace M. Mynatt, Elizabeth F. Poole, and Lynn W. Shue. ABSENT: [None.] ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Deputy County Manager; Richard M. Koch, Esq., County Attorney and Megan I.E. Smit, Clerk to the Board. The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning a proposed plan of financing in an aggregate principal amount of up to $112,000,000, which plan would involve the entry by the County into (i) one or more long -term installment financing contract(s) with the Cabarrus County Development Corporation (the "Corporation ") or one or more other third parties pursuant to North Carolina General Statutes 160A -20, as amended, the proceeds of which would be used to pay all or a portion of the costs of (a) constructing and equipping new public school facilities and expanding, rehabilitating, renovating and equipping existing public school facilities, including but not limited to one new elementary school and two new middle schools and (b) various real and personal property improvements related to the foregoing (collectively, the "Projects "), and under said one or more long -term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more long -term installment financing contract(s) by granting a security interest in and lien on all or some portion of the Projects or all or some portion of the real property upon which the Projects are located and /or (ii) into one or more short-term installment financing contract(s) with one or more third parties pursuant to North Carolina General Statutes 160A -20, as amended, the proceeds of which would be used to provide interim financing for all or some portion of the Projects pending execution and delivery of said one or more long -term financing contract(s) and the related Limited Obligation Bonds and /or Certificates of Participation, if any, and under said one or more short- term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such short-term installment financing contract(s) by granting a security Attachment number 1 \n G -1 Page 72