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AG 2010 08 16
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AG 2010 08 16
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Last modified
11/15/2011 8:11:31 AM
Creation date
11/27/2017 11:23:04 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/16/2010
Board
Board of Commissioners
Meeting Type
Regular
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contract(s) by granting a security interest in and lien on all or a portion of the Projects or all or <br />some portion of the real property upon which the Projects are located; <br />WHEREAS, as part of said proposed plan of financing, the Corporation may also execute <br />and deliver one or more series of Certificates of Participation in said one or more long -term <br />installment financing contract(s) in an aggregate principal amount not exceeding $14,637,160 to <br />finance the advancement of moneys to the County pursuant to said one or more long -term <br />installment financing contract(s) between the County and the Corporation; <br />WHEREAS, as part of the proposed plan of financing for the Projects, the Board of <br />Commissioners further desires to authorize interim financing for all or some portion of the <br />Projects in an aggregate principal amount of up to $14,637,160, which would involve the entry <br />by the County into one or more short -term installment financing contract(s) with one or more <br />third parties pursuant to North Carolina General Statutes 160A -20, as amended, the proceeds of <br />which would be used to provide interim financing for all or some portion of the Projects pending <br />execution and delivery of said one or more long -term financing contract(s) and the related <br />Certificates of Participation, if any, and under said one or more short -term installment financing <br />contract(s) the County would secure the repayment by the County of the moneys advanced <br />pursuant to such short-term installment financing contract(s) by granting a security interest in <br />and lien on all or a portion of the Projects or all or some portion of the real property upon which <br />the Projects are located; and <br />WHEREAS, North Carolina General Statutes 160A -20, as amended, requires that the <br />Board of Commissioners must hold a public hearing concerning the one or more short -term <br />installment financing contract(s), the one or more long -term installment financing contract(s) and <br />the transactions contemplated thereby and associated therewith, with notice of said public <br />hearing to be published once at least 10 days before the date of the public hearing; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: <br />Section 1. The Board of Commissioners hereby finds and confirms that (i) the Projects <br />and the financing thereof by one or more short -term contract(s) and one or more long -term <br />contract(s) is necessary and expedient for the County; (ii) financing of the Projects by one or <br />more short-term contract(s) and one or more long -term contract(s), under the circumstances, is <br />preferable to a bond issue by the County; (iii) the sums to fall due under one or more short -term <br />2 Attachment number 2 <br />G_2 Page 207 <br />
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