AG 2009 05 18 - Laserfiche WebLink

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r EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH CAROLINA The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on May 18, 2009, with , Chairman, presiding. The following Commissioners were: PRESENT: ABSENT: ALSO PRESENT: * * * * * * * * * * The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning a proposed plan of financing in an aggregate principal amount of up to $100,000,000, which plan would involve the entry by the County into (i) one or more long-term installment financing contract(s) with the Cabarrus County Development Corporation (the "Corporation") or one or more other third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of (a) acquiring real property, (b) constructing and equipping new public school facilities and expanding and renovating existing public school facilities, including but not limited to two new elementary schools, a new middle school, an addition to an existing elementary school and an addition to and renovation of an existing high school, (c) various real and personal property improvements related to the foregoing and (d) a portion of the interest to accrue under the installment financing contract(s) during the construction periods of the foregoing and thereafter through and including January 1, 2012 (collectively, the "Projects"), and under said one or more long-term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more long-term installment financing contract(s) by granting a security interest in and lien on all or a portion of the Projects or all or some portion of the real property upon which the Projects are located and (ii) into one or more short-term installment financing contract(s) with one or more third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to provide interim financing for all G-2 Attachment number 3 Page 140 of 199 l I' C C i~ i]