AG 2016 02 15 - Laserfiche WebLink

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WHEREAS, the amount of proceeds from the sale of the Bonds used to finance the Projects will not exceed $62,500,000 and additional proceeds from the sale of the Bonds will also be loaned by the Authority to the Corporation and additional borrowers to finance charter school educational facilities located or to be located in Iredell County, North Carolina; WHEREAS, pursuant to Section 66.0304(11)(a) of the Wisconsin Statutes, prior to their issuance, bonds issued by the Authority must be approved by the governing body or highest ranking executive or administrator of the political subdivision within whose boundaries a project is located, which with respect to the Projects is Cabarrus County, North Carolina; WHEREAS, the Borrowers have requested that the Board approve the financing of the Projects, and the issuance of the Bonds, in an amount not to exceed $125,000,000, in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Amended and Restated Joint Exercise of Powers Agreement Relating to the Public Finance Authority, dated as of September 28, 2010 (the " Joint Exercise Agreement "), and Section 66.0304(11)(a) of the Wisconsin Statutes; WHEREAS, on February _, 2016, a notice of public hearing was published in the Independent Tribune, setting forth a general, functional description of the type and use of the facilities to be financed, the maximum principal amount of the Bonds, the initial owner, operator or manager of the facilities and the location of the facilities, among other things; WHEREAS, the names, address and testimony of the persons who were present and who offered comments on the proposed issuance of the Bonds or who responded in writing to the notice of public hearing are as follows: [None] WHEREAS, the Chairman of the Board inquired elsewhere in and around the meeting room to determine whether there were any other persons who wished to speak at the public hearing and the Chairman of the Board determined that no other persons who wished to speak at the public hearing were found; and WHEREAS, the purpose of the above - described public hearing and this resolution is to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the " Code "), in order to qualify the interest on the Bonds for exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to the applicable provisions of the Code; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY OF CABARRUS, NORTH CAROLINA: Section 1. For the sole purpose of qualifying the interest on the tax - exempt portion of the Bonds for exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to the applicable provisions of the Code, the Board hereby approves the issuance of the Bonds by the Authority for the purpose of providing funds to finance multiple charter school facilities including the Projects, provided that in no event shall Cabarrus County, the State of North Carolina or any political subdivision thereof be liable for such Bonds nor shall the Bonds constitute a debt of Cabarrus County, the State of North Carolina or any political subdivision thereof. It is the purpose and intent of the Board that this resolution constitute 2 8102374v4 23840.00011 Attachment number 5 \n G -3 Page 119