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At 7.'48 p.m., Chairman Fennel opened the public hearing for the CDBG
<br />Scattered Site Housing aehabilitation Program an~ asked if anyone wished to
<br />speak either for or against the pro,ram. The Notice of the Public Hearing was
<br />published in THE INDEPENDENT TRIBUN~ on January 14 a~ 18, 2001. There was no
<br />one present to address the Board, and Chairman Fennel. closed the public
<br />hearing.
<br />
<br /> NO other action wan required at this time.
<br />
<br />C-kd=rue Count~ Child ~,rot:ectioa. Team ~uzl R~or~ - ~e La~ai~a,
<br />· rotec~ .TO~
<br />
<br /> Ms. ~e LeVi=is, ~i~erson of =he C~a~s Co~y ~ild
<br />~ro=ec=~on Team, presented ~he Te~'s ~1 Repo~ as re,ired ~ Nor~
<br />Carol~ O~eral SCa=ute 7B-1406. She revised the p~ose of the
<br />~d ou21~ed its ac=ivi2Xes d~ing the year. For the ~ =~t ended
<br />30, 2000, there were 981 c~ld ~me ~d ne~lec2 repor2s i~olv~ng 1,9~8
<br />c~l~en. Of =~s~, 25~ reports ~re s~s=~2iated involving 516 chilean.
<br />
<br /> The Board received the report as information ~nd took no action.
<br />~esolution Rel&tin~ to ~he ~40 ~tt~lion COPS Financing ~or ~e Cone~c~ion of
<br />
<br /> Fr. Bennett reviewed the proposed installment contract financing and
<br />related documents for the three new school projects. The County will finance
<br />$40 million with approximately $7 ~illion funded directly by the County.
<br />
<br /> There was brief discussion concern/ng the construction of the three new
<br />schools, including past actions to keep construction costs down, the work of
<br />the Citizens Oversight Committee and efforts by the Chairman to put 'Kids
<br />First" in Caberrus County.
<br />
<br /> Rezoluticn No. 2001-01
<br />
<br />~SOLUTION A~PROVING INSTALLMENT CONTPJ%CT FINANCING FOR VARIOUS
<br />SCHOOL PR00~CTS IN AN ~GR~GATE PRINCIPAL AMOUNT UP TO
<br />$40,000,000 AND '£~ ISSUANCE BY THE CABA~US COUNTY D~VELOPM~NT
<br />CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED
<br />AUTHORI~,ING THE ~XECUTION AND DELIVERY O~ RELATED DOCUMENTS IN
<br />CONNECTION THEREWITH, DIRECTIN~ A PUBLIC HEARING BE g~.m AND
<br />PROVIDING FOR CERTAIN OTHER P, BLATED MATTERS
<br />
<br /> WH~R~AS~ the Board of Comndssionerz desires to approve a proposed plan
<br />of financin~ ~n an aggregate principal amount of up to $40,000,000, which
<br />plan would involve the entry by the County ~nto an installment financing
<br />contract with the Cabarruz County Development Corporation (the WCorporat~on')
<br />pursuant to North Carolina General Statutes 160A-20, aB amended, the proceeds
<br />of which would b~ used to pay all or a portion of the costs of constructing
<br />two new public middle schools and one new public elementary school and
<br />acquiring certain equipment related' thereto (collectively the '2001
<br />Project",), and under said installment financing uontract., the County would
<br />secure the repayment by the County of the m~ne!~s advanced pursuant to such
<br />contract by granting a security interest in and lien on all or a portion of
<br />the 2001 Project;
<br /> WHEREAS, as part of said plan of f~n,ncing, the Corporation will issue
<br />Certificates of Farticip&tion in an aggregate principal amount not exceeding
<br />$40,000,000 to finance the advancement of moneys to the County pursuant to
<br />the ins=aliment financing contract between the County an~ the Corporation;
<br /> kH~R~AS, there have been sub~tted to this meeting draft forms of the
<br />following documents (the "Financ~ng Documents") with respect to the financing
<br />for the 2001 ~roJect~
<br /> (1) an Installment Financing Contract, proposed to be dated as of
<br />March 1, 2001 (the "Contract"), between the County and the Corporation as
<br />eounterparty, pursuant to which the Corporation will advance moneys to the
<br />County for the costs of .the 2001 ~roJect and the County agrees to make
<br />periodic installment payments (the "Installment Payments") to repay the
<br />moneys so advanced, with interest;
<br /> (2) a Deed of Trust ~nd Security Agreement {the 'Deed of Trust*),
<br />proposed to he dated as of March 1, 2001, among the County as Grantor, the
<br />Corporation as Beneficiary and the trustee named therein, by which the County
<br />would secure its obligations to the Cor~oration under the Contract;
<br /> (3} an I~denture of Trust, proposed to be dated as of March 1, 2001
<br />(the "Trust Indenture"), between the Corporation and the trustee named
<br />therein, as trustee (the "Trustee"}, pursuant to which there are to be
<br />
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