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♦10 <br />ORTH UAROLINA <br />Charter Educational Foundation, Inc. <br />April 21, 2014 <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 Commissioners' May 19, 2014, meeting to <br />approve tax - exempt bond financing for The North Carolina Charter Educational <br />Foundation, Inc. <br />Ladies and Gentlemen: <br />On behalf of The North Carolina Charter Educational Foundation, Inc. (the <br />" Corporation "), I am writing to request that the Board of Commissioners for the County of <br />Cabarrus (the " Board ") host a public hearing at its May 19, 2014 meeting and approve, in <br />accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the " Code "), <br />the Corporation's financing of certain projects with the proposed issuance of tax- exempt bonds <br />in one or more series or issuances (the " Bonds "). <br />As you know, Section 147(f) of the Code requires all private activity bonds, such as the <br />Bonds, to be approved by (1) the governmental unit issuing the bonds or on behalf of which such <br />bonds are being issued (in this case, the Public Finance Authority, a unit of government and a <br />body corporate and politic of the State of Wisconsin) and (2) each governmental unit having <br />jurisdiction over the area in which the facilities being financed with the bonds are located (which <br />includes Cabarrus County). <br />Accordingly, the Corporation is requesting the Board to hold a public hearing and <br />approve 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 Cabarrus <br />County responsible or liable for the Bonds, which is a fact that will be set forth clearly in the <br />resolution of the Board approving such financing. Hosting the public hearing and approving the <br />issuance of the Bonds would merely be a ministerial act to help the Corporation comply with the <br />provisions of the Code in order to use the proceeds of tax- exempt bonds. A preliminary draft of <br />the Board's approval resolution is attached to this letter. <br />4571839v4 23840.00011 <br />Attachment number 1 <br />G -1 Page 175 <br />