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Development Corporation (the "Corporation") pursuant to North Carolina General Statutes <br />160A-20, as amended, the proceeds otwhich would be used to pay all or a portion of the costs of <br />constructing two new public middle schools and one ~ew public elemen~'y school and acquiring <br />certain equipment related thereto(collectively the '~0~)1 Project"), and under said installment <br />financing contract, the County would secure the repayment by the County of the moneys <br />advanced pursuant to such contract by granting a security interest in and lien on all or a portion <br />of the 2001 Project; <br /> <br /> WHEREAS, as part of said plan of financing, the Corporation will issue Certificates of <br />Participation in an aggregate principal amount not exceeding $40,000,000 to finance the <br />advancement of moneys to the County pursuant to ~he installment financing contract between the <br />County and the Corporation; <br /> <br /> WHEREAS, there have been submitted to this meeting draft forms of the following <br />documents (the "Financing Documents") with respect to the financing for the 2001 Project: <br /> <br /> (1) an Installment Financing Contract, proPOsed to be dated as et'March 1, 2001 (the <br />"Contract"), between the County and the Corporation as counterparty, pursuant to which the <br />Corporation will advance moneys to the County for the costs of.the 2001 Project and the County <br />agrees to make periodic installment payments (the "Installment Payments") to repay the moneys <br />so advanced, with interest; <br /> <br /> (2) a Deed of Trust and Security Agreement (the "Deed of Trust"), proposed to be <br />dated as of'March 1, 2001, among the County as Grantor, the Corporation as Beneficiary and the <br />trustee named therein, by which the County would secure its obligations to the Corporation <br />under the Contract; <br /> <br /> O) an Indenture of Trust, proposed to be dated as of' March 1, 2001 (the "Trust <br />Indenture"), between the Corporation and the trustee named therein, as trustee (the "Trustee"), <br />pursuant to which there are to be executed and delivered fl~om time to time Certificates of <br />Participation, including the Certificates of. Participation (County of Cabarrus, North Carolina <br /> <br /> <br />