AG 2007 05 21 - Laserfiche WebLink

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WHEREAS, North Carolina General Statutes 160A-20, as amended, requires that the Boazd of Commissioners must hold a public hearing concerning the one or more installment financing contract(s) and the transactions contemplated thereby and associated therewith, with notice of said public hearing to be published once at least 10 days before the date of the public hearing NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The Boazd of Commissioners hereby finds and confirms that (i) the Project and the financing thereof by one or more installment financing contract(s) is necessary. and expedient for the County; (ii) financing of the Project by one or more installment financing contract(s), under the circumstances,'is preferable to a bond issue by the County; (iii) the sums to fall due under the one or more installment financing contract(s) are adequate and not excessive for their proposed purpose; (iv) the County's debt management procedures and policies aze 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 the one or more installment financing 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 Boazd of Commissioners on June 18, 2007 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 installment financing contract(s) and related documents, the proposed financing of the Project 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 2 ~-~