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into an installment financing contract with the Cabarrus County <br />Development Corporation (the "Corporation") pursuant to North <br />Carolina General Statutes 160A-20, as amended, the proceeds of <br />which would be used to pay all or a portion of the costs of <br />acquiring certain real property, constructing thereon a new <br />public high school to be known as Westside High School and <br />acquiring certain equipment related thereto (collectively the <br />"Project"), and under said installment financing contract the <br />County would secure the repayment by the County of the moneys <br />advanced pursuant to such contract by granting a security <br />interest in and lien on all or a portion of the Project; <br /> <br /> WHEREAS, as part of said plan of financing, the Corporation <br />will issue Installment Payment Revenue Bonds in an aggregate <br />principal amount not exceeding $30,000,000 to finance the <br />advancement of moneys to the County pursuant to the installment <br />financing contract between the County and the Corporation; <br /> <br /> WHEREAS, there have been submitted to this meeting draft <br />forms of the following documents (the "Financing Documents" with <br />respect to the financing for the Project: <br /> <br /> (1) an Installment Financing Contract, proposed to be dated <br />as of June 1, 1999 (the "Contract"), between the County and the <br />Corporation as counterparty, pursuant to which the Corporation <br />will advance moneys to the County for the costs of the Project <br />and the County agrees to make periodic installment payments (the <br /> <br /> <br />