AG 2003 06 16 - Laserfiche WebLink

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May 19, 2005 DRAFT Page 123 There was ~0 one present to address the Board, and Chairman Freeman closed the publi¢ihearing. (F-2) Installmen~ ~ontract Financing for Up to $45 Million for Public Schoo~ ~acilities Ms. Susan 'earrington, Assistant Finance Director, presented a brief overview of the County's plans to enter into an installment financing contract to prov de up to $45 million for the construction of three new schools, expansi¢ of two existing elementary school facilities and other school improvemen'is. Mr. Steven ~ordell, Bond Counsel, reviewed the installment contract financing procesl and described the various documents associated with the process. IF-2 (a)] Public gearing - $730 The Chairma~ announced that this was the date, place and hour fixed by the Board of Co~: ssioners for a public hearing concerning a proposed plan of financing in an ~gregate principal amount of up to $45,000,000, which plan would involve th~ entry by the Conn=y into an installment financing contract with the Cabarru County Development Corporation pursuant to North Carolina General Statutes ~ction 160A-20, as amended, with the proceeds thereof to be used to pay all or a portion of the costs of acquiring real property, constructing and ~guipping new public school facilities, including two new elementary school and one new middle school, expansion of two existing elementary school Facilities, various real and personal property improvements related to the fo 'egoing and a portion of the interest to accrue under the installment finan~ ~ng contract during the construction period (collectively the "2003 Project" , which 2003 Project was described in the notice of public hearing published ~n The Independent Tribune on May 8, 2003 (the 'Notice"), and under said ii ~tallment financxng contract the County would secure repayment by it 0 moneys advanced pursuant to such contract by granting a security interest n and lien on all or a portion of the 200~ Project. - The Board o~ Commissioners first ratified and approved the designation of the meeting as a public hearing on the proposed Dlan of financing, the call of =he publxc}hearing and publxcation of the Notice. It was then ~nounced that the Board of Commissioners would immediately hear anyone who might wish to be heard on such matter. No one appe%ed, either in person or by attorney, to be heard on such matter or the ad~sability of the plan of financing and the Clerk to the Board of Commissi~ers announced that no written statement relating said matters had been rlceived by the Clerk or the Finance Director. to It was then ~[nnounced that =he public hearing was closed. (b) Resolution A~rovin~ Inetall,.~t Contract F!~an~in~ for Public Schoo~ Facilities ! Resolution No. 2003 - l? ~-ESOLUTION A PROVING INSTALLMF/Tr CONTI~CT FINANCING FOR PUBLIC SCHOOL PROJ CTS IN AN AGGREGATE PRINCIPAL AMOUNT UI~ TO $45,000,000 ~ THE EXECUTION AND DELIVERy BY THE CABA~RUS COUNTer DEVELOPMENT )RPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, AU [ORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THB~.EWITH, AND PROVIDING FOR CERTAIN OTHER RELATE~ MATTERS WHEREAS, the of financing in an plan would involw contract with the pursuant to North of which would be property, construct two new elementar existing elementar improvements relat, under the instal~ (collectively the contract the County advanced pursuant lien on all or a po~ ~oard of Commissxoners desires to approve a proposed plan aggregate principal amount of up to $45,000,000, which the entry by the County into an installment financing ~arrus County Development Corporation (the 'Corporation,) ~rolina General Statutes 160A-20, as amended, the proceeds ed to pay all or a portion of the coats of acquiring real ng and equipping new public school facilities, including schools and one new middle school, expansion of two school facilities, various real and personal property to the ~oregoing and a portion of the interest to accrue ~nt financing contract during the construction period '2003 Project"), and under said installment financing would secure the repayment by the County of the moneys such contract by granting a security interest in and :ion of the 2003 Project;