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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, May 19, 2014, 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
<br />Revenue Code of 1986, as amended (the " will be held by the Cabarrus County Board of
<br />Commissioners in the Commissioners Meeting Room of the Cabarrus County Government
<br />Center located at 65 Church Street SE, Concord, North Carolina 28026, with respect to a
<br />proposed plan of finance and the proposed issuance by the Public Finance Authority, a
<br />commission organized under and pursuant to the provisions of Sections 66.0301, 66.0303 and
<br />66.0304 of the Wisconsin Statutes (the " Authority '), of its revenue bonds in one or more
<br />issuances and /or one or more series (the " Bonds "), in an aggregate amount not to exceed
<br />$20,000,000.
<br />The Bonds are expected to be issued pursuant to Section 66.0304 of the Wisconsin
<br />Statutes, as amended, by the Authority and the proceeds from the sale of the Bonds will be
<br />loaned by the Authority to The North Carolina Charter Educational Foundation, Inc. (the
<br />" Corporation "), a North Carolina nonprofit corporation and an exempt organization under
<br />Section 501(c)(3) of the Code and Red Apple at Cabarrus, LLC or an affiliate thereof ( " Red
<br />Apple Cabarrus and together with the Corporation, the " Borrowers "), a Florida limited liability
<br />company, and used by the Borrowers to (1) finance the acquisition, equipping, and /or any other
<br />capital expenditures and related expenses, as applicable, of charter school educational facilities at
<br />355 Poplar Crossing Drive NW, Concord, North Carolina 28027, within Cabarrus County,
<br />referred to as Cabarrus Charter Academy (the " Project '), (2) fund capitalized interest in
<br />connection therewith, (3) fund any debt service reserve funds and (4) pay certain expenses in
<br />connection with the issuance of the Bonds by the Authority.
<br />The Project will initially be owned by Red Apple Cabarrus, or an affiliate thereof, and
<br />leased to and operated by the Corporation and Charter Schools USA at Cabarrus, LLC, or an
<br />affiliate thereof.
<br />The Bonds will be limited obligations of the Authority payable solely from the loan
<br />repayments to be made by the Borrowers to the Authority, certain funds and accounts established
<br />by the Indenture of Trust for the Bonds, and any security and /or credit enhancement provided, or
<br />obtained, by the Borrowers for such purpose. The principal of, premium, if any, and interest on
<br />the Bonds will not constitute an indebtedness or liability of the County of Cabarrus, the State of
<br />North Carolina, or any political subdivision of the State of North Carolina, or a charge against
<br />their general credit or any taxing powers.
<br />At the time and place set for the public hearing, interested persons will be given the
<br />opportunity to express their views, both orally and in writing, on the proposed issue of Bonds,
<br />and the location and nature of the proposed project to be financed. Written comments also may
<br />be submitted to Richard M. Koch, Esq., Law Offices of Richard M. Koch, PA, 3220 -201
<br />Prosperity Church Road, Charlotte, North Carolina 28269 for receipt prior to the time and date of
<br />such hearing.
<br />4500885x2 23840.00011
<br />Attachment number 2
<br />G -1 Page 177
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