AG 2002 08 19 (Regular) - Laserfiche WebLink

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July 22, 2002 Page 411 repayment by it of moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the 2002 Project. The Board of Commissioners first ratified and approved the designation of the meeting as a public hearing on the proposed plan of financing, the call of the public hearing and publication of the Notice. It was then announced that the Board of Commissioners would immediately hear anyone who might wish to be heard on such matter. NO one appeared, either in person or by attorney, to be heard on such matter or the advisability of the plan of financing and the Clerk to the Board Of commissioners announced that no written statement relating to said matters had been received by the Clerk or the Finance Director. It was then announced that the public hearing was closed. [F-2(b)] Proposed Financing for School Administrative Building, G~m Facilities and Expo Center - Resolution Approvin~ the Financing Resolution No. 2002-28 RESOLUTION A~PROVING INSTAI~LMENT coNTRAcT FINANCING FOR VARIOUS PUBLIC ~MPROVEMENT PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $30,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Board of Commissioners desires to approve a proposed plan of financing in an aggregate principal amount of up to $30,000,000, which plan would involve the entry by the County into an installment financing contract with the Cabarrus County Development Corporation (the "Corporation") pursuant to North Carolina General Statutes 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 and equipping qew public facilities, including a school administrative building, several additional gym facilities and an expo center and improvements related to the foregoing (collectively the ~2002 Project"), and under said installment financing contract the County would secure the repayment by the County of the moneys advanced pursuant to such contract by granting a security interest in and llen on all or a portion of the 2002 Project; WHEREAS, as part of said plan of financing, the Corporation will issue Certificates of Participation in an aggregate principal amount not exceeding $30,000,000 to finance the advancement of moneys to the County pursuant to the installment financing contract between the County and the Corporation; WHEREAS, there have been Submitted to this meeting draft forms of the following documents (the "Financing Documents") with respect to the financing for the 2002 Project: (1) an Inst~llment Financing Contract, proposed to be dated as of August 15, 2002 (the "Contract"), between the .County and the Corporation as counterparty, pursuant to which the Corporation will advance moneys to the County for the costs of the '2002 Project and the County agrees to make periodic installment payments (the 'Installment Payments") to repay the moneys so advanced, with interest; (2) a Deed of Trust and Security Agreement (the "Deed of Trust"), proposed to be dated as of August 15, 2002, among the County as Grantor, the Corporation as Beneficiary and the trustee named therein, by which the County would secure its obligations to the Corporation under the Contract; (3) an Indenture of Trust, proposed to be dated as of August 15, 2002 - (the "Trust Indenture"), between the Corporation and the trustee named therein, as trustee (the "Trustee"), pursuant to which there are to be executed and delivered from time .to time Certificates of Participation, including the Certificates of Participation (County of Cabarrus, North Carolina Installment Financing Contract), Series 2002 (the "2002 Certificates"), the proceeds of which will be used to advance the moneys to the County under the Contract; (4) a Preliminary Official Statement to be dated on or about August 15, 2002 (the "Preliminary Official Statement") which, as supplemented with