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contract(s) and one or more long -term contract(s) are adequate and not excessive for their proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under one or more short -term contract(s) and one or more long -term contract(s) will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 2. As required by Section 160A -20 of the North Carolina General Statutes, as amended, a public hearing shall be held by the Board of Commissioners on September 20, 2010 at 6:30 p.m., or as soon thereafter as practicable, in the Commissioner's Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, concerning the proposed execution of one or more short -term installment financing contract(s) and related documents, the execution of one or more long -term installment financing contract(s) and related documents, the proposed financing of the Projects and any other transactions associated therewith. The Clerk to the Board of Commissioners is directed to cause a notice of such public hearing, substantially in the form attached hereto as Exhibit A, to be published once in a qualified newspaper of general circulation within the County not less than 10 days prior to said public hearing. Section 3. The appropriate officers of the County are hereby authorized and directed to do any and all things necessary, appropriate or convenient to effectuate the foregoing and the proposed plan of financing, including without limitation filing one or more applications with the North Carolina Local Government Commission seeking approval of the plan of financing or any component thereof, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more third parties regarding the one or more short -term installment financing contract(s) included in the proposed plan of financing, consideration and negotiation of proposals from one or more underwriters or one or more other third parties regarding the one or more long -term installment financing contract(s) included in the proposed plan of financing, and consideration and negotiation of the terms of the proposed plan of financing or any component thereof and the relevant legal documentation. Section 4. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner seconded by Commissioner the foregoing resolution entitled "RESOLUTION 3 G -2 Attachment number 2 Page 208