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Vertex Non Profit Organization, Inc. <br />P.O. Box 456 <br />Price, UT 84501 <br />(801) 722 -9041 <br />Fax (801) 489 -8493 <br />VIA ELECTRONIC MAIL <br />Board of County Commissioners <br />County of Cabarrus, North Carolina <br />65 Church Street, SE <br />Concord, North Carolina 28026 <br />Re: Request for public hearing at Board of Commissioner's February 17, 2014, <br />meeting to approve tax - exempt bond financing for Vertex Non - Profit <br />Organization <br />Ladies and Gentlemen: <br />On behalf of Vertex Non - Profit Organization ( " Vertex "), I am writing to request <br />that the Board of Commissioners of Cabarrus County (the "Board ") host a public hearing <br />at their February 17, 2014, meeting and approve, in accordance with Section 147(f) of the <br />Internal Revenue Code of 1986, as amended (the " Code "), Vertex's financing and <br />refinancing of certain projects with the proposed issuance of tax - exempt bonds (the <br />" Bonds "). <br />As you know, Section 147(f) of the Code requires all private activity bonds, such <br />as the Bonds, to be approved by (1) the governmental unit issuing the bonds or on behalf <br />of which such bonds are being issued (in this case, Public Finance Authority, a unit of <br />government and a body corporate and politic of the State of Wisconsin) and (2) each <br />governmental unit having jurisdiction over the area in which the facilities being financed <br />or refinanced with the bonds are located (which includes, Cabarrus County). <br />Accordingly, Vertex is requesting the Board to hold a public hearing and approve <br />the proposed bond issue in order to comply with the hearing and approval requirements <br />of Section 147(f) of the Code. Such approval by the Board does not in any way make <br />Cabarrus County responsible or liable for the Bonds, which is a fact that will be set forth <br />clearly in the resolution of the Board approving such financing. Hosting the public <br />hearing and approving the issuance of the Bonds would merely be a ministerial act to <br />help Vertex comply with the provisions of the Code in order to use the proceeds of tax - <br />exempt bonds. A preliminary draft of the Board's approval resolution is attached to this <br />letter. <br />Robinson, Bradshaw & Hinson, P.A., as our legal counsel in North Carolina, will <br />cause the required notice of public hearing to be published in the Independent Tribune as <br />"a newspaper of general circulation available to residents of Cabarrus County at least 14 <br />Attachment number 1 <br />G -1 Page 111 <br />