AG 2003 04 21 - Laserfiche WebLink

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portion of the interest to accrue under the installment financing contract during the construction period (collectively the "Project"), and under said installment financing contract the County would secure the repayment 13y the County of the moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the Project; WHEREAS, as part of said proposed plan of financing, the Corporation will execute and deliver one or more series of~2ertificates of Participation in the installment financing contract in an aggregate principal amount not exceeding $45,000,000 to finance the advancement of moneys to the County pursuant to the installment financing contract between the County and the Corporation; and WHEREAS, North Cin'olina General Statutes 160A-20, as amended, requires that the Board of Commissioners must hold a public hearing concerning the contract and the transactions contemplated thereby and ass6ciated 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 Boarc[ of Commissioners hereby finds and confirms that (i) the Project and the financing thereof by the Contract is necessary and expedient for the County; (ii) financing of the Project by th~_ Contract, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the Contract are adequate and not excessive for its proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be mana[ed in strict compliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under the Contract will not be excessive; and (vi) the County is not in default regarcling any of its debt service obligations. Section 2. As require~l by Section 160A-20 of the North Carolina General Statutes, as amended, a public hearing shall be held by the Board of Commissioners on May 19, 2003 at 6:30 p.m., or as soon thereafter as l~racticable, in the Commissioner's Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, concerning the proposed execution of an installment financing contract and related documents, the proposed financing of the Project and any other transactions associated therewith. The Clerk to the Board of Commissioners is 2