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NOTICE O PUBLIC HEARING WITH RESP TO THE
<br />FINANCIN OF ED UCATIONAL FAC ILITIE S WITH THE
<br />PROCEEDS OF TAX - EXEMP BONDS TO BE ISSUED
<br />BY THE PU BLIC FINANCE A UTHORITY
<br />NOTICE IS HEREBY GIVEN that on Monday, February 15, 2016, at 6:30
<br />p.m. or as soon thereafter as may be heard, a public hearing, as required
<br />by Section 147(f) of the Internal Revenue Code of 1986, as amended (the
<br />"Code "), will be held by the Cabarrus County Board of Commissioners in
<br />the Commissioners Meeting Room of the Cabarrus County Government
<br />Center located at 65 Church Street SE, Concord, North Carolina 28026,
<br />with respect to a proposed plan of finance and the proposed issuance by
<br />the Public Finance Authority, a commission organized under and pursuant
<br />to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wiscon-
<br />sin Statutes (the "Authority "), of its revenue bonds in one or more
<br />issuances and /or one or more series (the 'Bonds "), in an aggregate
<br />amount not to exceed $125,000,000.
<br />The Bonds are expected to be issued pursuant to Section 66.0304 of the
<br />Wisconsin Statutes, as amended, by the Authority and the proceeds from
<br />the sale of the Bonds will be loaned by the Authority to The North Caroli-
<br />na Charter Educational Foundation, Inc. (the "Corporation "), a North Caro-
<br />lina nonprofit corporation and an exempt organization under Section
<br />501(c)(3) of the Code, Red Apple at Cabarrus, LLC, Red Apple at Cabarrus
<br />Upper, LLC and Red Apple at Kannapolis, LLC, each a Florida limited liabili-
<br />ty company (collectively with the Corporation, the 'Borrowers "), and
<br />used by the Borrowers to, among other things, (1) finance the acquisition,
<br />construction, equipping, and /or any other capital expenditures and relat-
<br />ed expenses, as applicable, of (a) charter school educational facilities at
<br />355 Poplar Crossing Drive NW, Concord, North Carolina 28027, within
<br />Cabarrus County and referred to as Cabarrus Charter Academy (the
<br />"Cabarrus Charter Project'), (b) charter school educational facilities at
<br />7550 Ruben Linker Road W. Concord, North Carolina 28027, within
<br />Cabarrus County and referred to as Cabarrus Charter Academy (the
<br />"Cabarrus Upper School Project") and (c) charter school educational facili-
<br />ties at 1911 Concord Lake Road, Kannapolis, North Carolina 28083, within
<br />Cabarrus County and referred to as Kannapolis Charter Academy (the
<br />"Kannapolis Project" and together with the Cabarrus Charter Project and
<br />the Cabarrus Upper School Project, the "Projects "), (2) fund capitalized in-
<br />terest in connection therewith, (3) fund any debt service reserve funds
<br />and (4) pay certain expenses in connection with the issuance of the Bonds
<br />by the Authority. The amount of proceeds from the sale of the Bonds
<br />used to finance the Projects will not exceed $62,500,000. Additional pro-
<br />ceeds from the sale of the Bonds will be loaned by the Authority to the
<br />Corporation and additional borrowers to finance charter school education-
<br />al facilities located or to be located in Iredell County, North Carolina.
<br />The Cabarrus Charter Project will be owned initially by Red Apple at
<br />Cabarrus, LLC and leased to and operated by the Corporation and Charter
<br />Schools USA at Cabarrus, LLC, or an affiliate thereof. The Cabarrus Upper
<br />School Project will be owned initially by Red Apple at Cabarrus Upper,
<br />LLC and leased to and operated by the Corporation and Charter Schools
<br />USA at Cabarrus High School, LLC, or an affiliate thereof. The Kannapolis
<br />Project will be owned initially by Red Apple at Kannapolis, LLC and leased
<br />to and operated by the Corporation and Charter Schools USA at Kannapo-
<br />lis, LLC, or an affiliate thereof.
<br />The Bonds will be limited obligations of the Authority payable solely from
<br />the loan repayments to be made by the Borrowers to the Authority, cer-
<br />tain funds and accounts established by an indenture of trust for the
<br />Bonds, and any security and /or credit enhancement provided, or ob-
<br />tained, by the Borrowers for such purpose. The principal of, premium, if
<br />any, and interest on the Bonds will not constitute an indebtedness or liabil-
<br />ity of the County of Cabarrus, the State of North Carolina, or any political
<br />subdivision of the State of North Carolina, or a charge against their gener-
<br />al credit or any taxing powers.
<br />At the time and place set for the public hearing, interested persons will be
<br />given the opportunity to express their views, both orally and in writing, on
<br />the proposed issue of Bonds, and the location and nature of the proposed
<br />projects to be financed. Written comments also may be submitted to Ri-
<br />G -3' Page 113
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