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<br />WHEREAS, as part of said proposed plan of financing, the Cabarrus County <br />Development Corporation (the "Corporation") may execute and deliver one or more series of <br />Certificates of Participation in said one or more installment financing contract(s) in an aggregate <br />principal amount not exceeding $25,000,000 to finance the advancement of moneys to the <br />County pursuant to one or more installment financing contract(s) that may be entered into <br />between the County and the Corporation; and <br /> <br />WHEREAS, North Carolina General Statutes 160A-20, as amended, requires that the <br />Board of Commissioners must hold a public hearing concerning said one or more installment <br />financing contract(s) and the transactions contemplated thereby and associated therewith, with <br />notice of said public hearing to be published once at least 10 days before the date of the public <br />hearing; <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: <br /> <br />Section 1. The Board of Commissioners hereby finds and confirms that (i) the Project <br />and the financing thereof by one or more installment financing contract( s) is necessary and <br />expedient for the County; (ii) financing of the Project by one or more installment financing <br />contract(s), under the circumstances, is preferable to a bond issue by the County; (iii) the sums to <br />fall due under said one or more installment financing contract(s) are adequate and not excessive <br />for their proposed purpose; (iv) the County's debt management procedures and policies are good <br />and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, <br />if any, necessary to meet the sums to fall due under said one or more installment financing <br />contract(s) will not be excessive; and (vi) the County is not in default regarding any of its debt <br />service obligations. <br /> <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 June 19,2006 at 6:30 <br />p.m., or as soon thereafter as practicable, in the Commissioner's Meeting Room in the Cabarrus <br />County Governmental Center in Concord, North Carolina, concerning the proposed execution of <br />said one or more installment financing contract( s) and related documents, the proposed financing <br />of the Project and any other transactions associated therewith. The Clerk to the Board of <br />Commissioners is directed to cause a notice of such public hearing, substantially in the form <br /> <br />2 <br />E-l <br />