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NOTICE OF PUBLIC HEARING WITH RESPECT TO THE FINANCING OF
<br />EDUCATIONAL FACILITIES WITH THE PROCEEDS OF TAX- EXEMPT BONDS TO
<br />BE ISSUED BY THE PUBLIC FINANCE AUTHORITY
<br />NOTICE IS HEREBY GIVEN that on Monday, February 15, 2016, at 6:30 p.m. or as soon
<br />thereafter as may be heard, a public hearing, as required by Section 147(f) of the Internal Revenue
<br />Code of 1986, as amended (the " Code "), will be held by the Cabarrus County Board of
<br />Commissioners in the Commissioners Meeting Room of the Cabarrus County Government Center
<br />located at 65 Church Street SE, Concord, North Carolina 28026, with respect to a proposed plan
<br />of finance and the proposed issuance by the Public Finance Authority, a commission organized
<br />under and pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin
<br />Statutes (the "Authori "), of its revenue bonds in one or more issuances and /or one or more series
<br />(the " Bonds "), in an aggregate amount not to exceed $125,000,000.
<br />The Bonds are expected to be issued pursuant to Section 66.0304 of the Wisconsin Statutes,
<br />as amended, by the Authority and the proceeds from the sale of the Bonds will be loaned by the
<br />Authority to The North Carolina Charter Educational Foundation, Inc. (the " Corporation "), a North
<br />Carolina nonprofit corporation and an exempt organization under Section 501(c)(3) of the Code,
<br />Red Apple at Cabarrus, LLC, Red Apple at Cabarrus Upper, LLC and Red Apple at Kannapolis,
<br />LLC, each a Florida limited liability company (collectively with the Corporation, the
<br />" Borrowers "), and used by the Borrowers to, among other things, (1) finance the acquisition,
<br />construction, equipping, and /or any other capital expenditures and related expenses, as applicable,
<br />of (a) charter school educational facilities at 355 Poplar Crossing Drive NW, Concord, North
<br />Carolina 28027, within Cabarrus County and referred to as Cabarrus Charter Academy (the
<br />" Cabarrus Charter Project "), (b) charter school educational facilities at 7550 Ruben Linker Road
<br />W. Concord, North Carolina 28027, within Cabarrus County and referred to as Cabarrus Charter
<br />Academy (the " Cabarrus Upper School Project and (c) charter school educational facilities at
<br />1911 Concord Lake Road, Kannapolis, North Carolina 28083, within Cabarrus County and
<br />referred to as Kannapolis Charter Academy (the " Kannapolis Project and together with the
<br />Cabarrus Charter Project and the Cabarrus Upper School Project, the " Projects "), (2) fund
<br />capitalized interest in connection therewith, (3) fund any debt service reserve funds and (4) pay
<br />certain expenses in connection with the issuance of the Bonds by the Authority. The amount of
<br />proceeds from the sale of the Bonds used to finance the Projects will not exceed $62,500,000.
<br />Additional proceeds from the sale of the Bonds will be loaned by the Authority to the Corporation
<br />and additional borrowers to finance charter school educational facilities located or to be located in
<br />Iredell County, North Carolina.
<br />The Cabarrus Charter Project will initially be owned by Red Apple at Cabarrus, LLC and
<br />leased to and operated by the Corporation and Charter Schools USA at Cabarrus, LLC, or an
<br />affiliate thereof. The Cabarrus Upper School Project will initially be owned by Red Apple at
<br />Cabarrus Upper, LLC and leased to and operated by the Corporation and Charter Schools USA at
<br />Cabarrus High School, LLC, or an affiliate thereof. The Kannapolis Project will initially be owned
<br />by Red Apple at Kannapolis, LLC and leased to and operated by the Corporation and Charter
<br />Schools USA at Kannapolis, LLC, or an affiliate thereof.
<br />81003700 23840.00011
<br />Attachment number 4 \n
<br />G -3 Page 116
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