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County of the moneys advanced pursuant to such one or more installment financing contracts by granting a security interest in and lien on all or a portion of the Projects; WHEREAS, as part of said proposed plan of financing, the Corporation will execute and deliver one or more series of Certificates of Participation in said one or more installment financing contracts in an aggregate principal amount not exceeding $145,000,000 to finance the advancement of moneys to the County pursuant to said one or more installment financing contracts between the County and the Corporation; and WHEREAS, North Carolina General Statutes 160A-20, as amended, requires that the Board of Commissioners must hold a public hearing concerning the one or more installment financing contracts 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 Board of Commissioners hereby finds and confirms that (i) the Projects and the financing thereof by one or more installment financing contracts is necessazy and expedient for the County; (ii) financing of the Projects by one or more installment financing contracts, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under said one or more installment financing contracts 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 said one or more installment financing contracts 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 November 19, 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 said one or more installment financing contracts 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 ~ -g 2