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<br /> <br /> <br />1 <br /> <br /> <br /> <br /> <br />G <br /> <br /> <br />0 <br /> <br /> <br /> <br /> <br /> <br />0 <br /> <br />financing contracts by granting a security interest in and lien on all or some portion of the <br />Projects and in all or some portion of the real property on which the Projects are located; <br />WHEREAS, as part of said proposed plan of refinancing, the Corporation will execute <br />and deliver one or more series of Certificates of Participation in said one or more installment <br />financing contracts in an aggregate principal amount not exceeding $60,000,000 to finance the <br />advancement of moneys to the County pursuant to said one or more installment financing <br />contracts between the County and the Corporation; 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 installment <br />financing contracts and the transactions contemplated thereby and associated therewith, with <br />notice of said public hearing to be published once at least 10 days before the date of the public <br />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 <br />refinancing of the Projects by one or more installment financing contracts is necessary and <br />expedient for the County; (ii) refinancing of the Projects by one or more installment financing <br />contracts, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to <br />fall due under said one or more installment financing contracts are adequate and not excessive <br />for their proposed purpose; (iv) the County's debt management procedures and policies are good <br />and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, <br />if any, necessary to meet the sums to fall due under said one or more installment financing <br />contracts will not be excessive; and (vi) the County is not in default regarding any of its debt <br />service obligations. <br />Section 2. As required by Section 160A-20 of the North Carolina General Statutes, as <br />amended, a public hearing shall be held by the Board of Commissioners on February 16, 2009 at <br />6:30 p.m., or as soon thereafter as practicable, in the Commissioner's Meeting Room in the <br />Cabarrus County Governmental Center in Concord, North Carolina, concerning the proposed <br />execution of said one or more installment financing contracts and related documents, the <br />proposed refinancing of the Projects and any other transactions associated therewith. The Clerk <br />2 Item# 14 <br />Attachment number 1 <br />G- 3 Page 190 of 253 <br />