AG 2006 06 19 - Laserfiche WebLink

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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 June 19, 2006, 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, which plan would involve the entry by the County into (i) a long-term installment financing contract in an aggregate principal amount of up to $75,000,000 with the Cabarrus County Development Corporation pursuant to North Carolina General Statutes Section 160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of acquiring real property, constructing, renovating and equipping law enforcement facilities, various real and personal property improvements related to the foregoing and a portion of the interest to accrue under the installment financing contract during the construction period (collectively the "Project"), and under said long-term installment financing contract the County would secure the repayment by it of moneys advanced pursuant to such long-term installment financing contract by granting a security interest in and lien on all or a portion of the Project and (ii) one or more short-term installment financing contract(s), in an aggregate amount not to exceed $25,000,000, with one or more third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which one or more short-term installment financing contract(s) would be used to provide interim financing for the Project pending execution and delivery of the long-term financing contract and the related Certificates of Participation, and under said one or more short-term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such short-term installment financing contract(s) by granting a security interest in and lien on all or a portion of the (1-4