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<br /> <br /> <br />G <br /> <br /> <br />C! <br /> <br /> <br />1 <br /> <br /> <br />0 <br /> <br /> <br /> <br /> <br /> <br /> <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 />contract(s) and one or more long-term contract(s) are adequate and not excessive for their <br />proposed purpose; (iv) the County's debt management procedures and policies are good and its <br />debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, <br />necessary to meet the sums to fall due under one or more short-term contract(s) and one or more <br />long-term contract(s) will not be excessive; and (vi) the County is not in default regarding any of <br />its debt 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 one or more short-term installment financing contract(s) and related documents, the <br />execution of one or more long-term installment financing contract(s) and related documents, the <br />proposed financing of the Projects and any other transactions associated therewith. The Clerk to <br />the Board of Commissioners is directed to cause a notice of such public hearing, substantially in <br />the form attached hereto as Exhibit A, to be published once in a qualified newspaper of general <br />circulation within the County not less than 10 days prior to said public hearing. <br />Section 3. The appropriate officers of the County are hereby authorized and directed to <br />do any and all things necessary, appropriate or convenient to effectuate the foregoing and the <br />proposed plan of financing, including without limitation filing one or more applications with the <br />North Carolina Local Government Commission seeking approval of the plan of financing or any <br />component thereof, the publication of any required notices related thereto, consideration and <br />negotiation of proposals from one or more third parties regarding the one or more short-term <br />installment financing contract(s) included in the proposed plan of financing, consideration and <br />negotiation of proposals from one or more underwriters or one or more other third parties <br />regarding the one or more long-term installment financing contract(s) included in the proposed <br />3 Item# 15 <br />Attachment number 1 <br />G - 4 Page 198 of 253 <br />