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<br />would secure the repayment by the Co.unty o.f the mo.neys advanced pursuant to. such lo.ng-term <br />installment financing co.ntract by granting a security interest in and lien o.n all o.r a po.rtio.n o.f the <br />Project; <br /> <br />WHEREAS, as part o.f said propo.sed plan o.f financing, the Co.rpo.ratio.n will execute and <br />deliver o.ne o.r more series\ o.f Certificates o.f Participatio.n in the lo.ng-term installment financing <br />co.ntract in an aggregate principal amo.unt no.t exceeding $90,000,000 to. finance the advancement <br />o.f mo.neys to. the Co.unty pursuant to. the Io.ng-term installment financing co.ntract between the <br />Co.unty and the Co.rpo.ration; <br /> <br />WHEREAS, as part o.f the propo.sed plan o.f financing fo.r the Project, the Bo.ard o.f <br />Co.mmissio.ners further desires to. autho.rize and o.btain interim financing for the Project in an <br />aggregate principal arno.unt o.f up to. $25,000,000, which would involve ~he entry by the Co.unty <br />into o.ne o.r mo.re sho.rt-term installment financing co.ntract(s) with o.ne o.r mo.re third parties <br />pursuant to. No.rth Caro.lina General Statutes 160A-20, as amended, the proceeds o.fwhich wo.uld <br />be used to. provide interim financing for the Project pending executio.n and delivery o.f the lo.ng- <br />term financing co.ntract and the related Certificates o.f Participation, and under said o.ne o.r mo.re <br />sho.rt-term installment financing co.ntract(s) the County wo.uld secure the repayment by the <br />Co.unty o.fthe mo.neys adv.anced pursuant to. sucb sho.rt-term installment financing co.ntract(s) by <br />granting a security interestjn and lien o.n all o.r a po.rtio.n o.fthe Project; and <br /> <br />WHEREAS, No.rth Caro.lina General Statutes 160A-20, as amended, requires that the <br />Bo.ard o.f Co.mmissio.ners must ho.ld a public hearing co.nceming the sho.rt-term installment <br />financing co.ntract(s), the lo.ng-term installment financing co.ntract and the transactio.ns <br />co.ntemplated thereby and ~sso.ciated therewith, with no.tice o.f said public hearing to. be published <br />o.nce at least 10 days befo.re the date o.fthe public hearing; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Board o.fCo.mmissio.ners, as fo.llo.ws: <br /> <br />Sectio.n 1. The BClard o.f Co.mmissio.ners hereby finds and co.nfirms that (i) the Project <br />and the financing thereo.fby the sho.rt-term co.ntract(s) and the lo.ng-term contract is necessary <br />and expedient for the Co.~ty; (ii) financing o.f the Project by the sho.rt-term co.ntract(s) and the <br />lo.ng-term co.ntract, under the circumstances, is preferable to. a bond issue by the Co.unty; (iii) the <br />sums to. fall due under thecsho.rt-term co.ntract(s) and the lo.ng-term contract are adequate and not <br />excessive fo.r their propqsed purpo.se; (iv) the Co.unty's debt management procedures and <br /> <br />2 <br />GfJ <br />