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February 15, 2016 (Regular Meeting)
<br />Page 2654
<br />regards to the issuance of charter school revenue bonds. He advised this
<br />does not require any funds from Cabarrus County and the County is not
<br />responsible for any debt.
<br />Richard Koch, County Attorney, stated the North Carolina Charter
<br />Educational Foundation, Inc. is requesting approval of their tax - exempt bond
<br />financing of $125 million. He advised approximately half of the financing is
<br />for two charter schools in Cabarrus County. The other part is to be used for
<br />charter schools and improvements in Iredell County. He said a public hearing
<br />is required. He also stated the availability of representatives to answer
<br />questions.
<br />On behalf of the North Carolina Charter Educational Foundation, Inc.,
<br />Brandon Lofton, attorney with Robinson, Bradshaw and Henson, responded to
<br />questions from the Board.
<br />Chairman Morris opened the public hearing at 7:00 p.m. The Public
<br />Hearing Notice was published on January 29, 2016 in The Independent Tribune.
<br />The Public Hearing Notice was also posted on the County's website
<br />( www.cabarrus county. us ) on February 2, 2016 in accordance with Article 2,
<br />Administration, Section 2.1 (Use of Electronic Means to Provide Public
<br />Notices) of the Cabarrus County Code of Ordinances.
<br />There was no one present to address the Board; therefore, Chairman
<br />Morris closed the public hearing.
<br />UPON MOTION of Vice Chairman Honeycutt, seconded by Commissioner Shue
<br />and unanimously carried, the Board approved the resolution authorizing the
<br />tax - exempt bond financing on behalf of North Carolina Charter Educational
<br />Foundation.
<br />Resolution No. 2016 -05
<br />RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $125,000,000
<br />OF PUBLIC FINANCE AUTHORITY EDUCATION REVENUE BONDS TO FINANCE
<br />CERTAIN COSTS OF VARIOUS PROJECTS ON BEHALF OF THE NORTH CAROLINA
<br />CHARTER EDUCATIONAL FOUNDATION, INC.
<br />WHEREAS, at 7:00 P.M., the Chairman announced that the Board of
<br />Commissioners (the " Board ") would proceed to hold a public hearing and would
<br />hear anyone who wished to be heard on the proposed issuance by the Public
<br />Finance Authority (the ` Authority "), a unit of government and a body
<br />corporate and politic of the State of Wisconsin, of not exceeding
<br />$125,0{)0,000 of its revenue bonds in one or more issuances and /or one or more
<br />series (the "Bonds ");
<br />WHEREAS, the Authority will loan the proceeds of the Bonds to The North
<br />Carolina Charter Educational Foundation, Inc. (the " Corporation ") , a North
<br />Carolina nonprofit corporation and an exempt organization under Section
<br />501(c)(3) of the Internal Revenue Code, Red Apple at Cabarrus, LLC, Red Apple
<br />at Cabarrus Upper, LLC and Red Apple at Kannapolis, LLC, each a Florida
<br />limited liability company (collectively, with the Corporation, the
<br />" Borrowers ") for the purpose of, among other things, (1) financing the
<br />acquisition, construction, equipping, and /or any other capital expenditures
<br />and related expenses, as applicable, of (a) charter school educational
<br />facilities located at 355 Poplar Crossing Drive NW, Concord, North Carolina
<br />280127, within Cabarrus County, referred to as Cabarrus Charter Academy (the
<br />" Cabarrus Charter Project ") , (b) charter school educational facilities at
<br />7550 Ruben Linker Road W. Concord, North Carolina 28027, within Cabarrus
<br />County and referred to as Cabarrus Charter Academy (the "Cabarrus Upper
<br />School Project ") and (c) charter school educational facilities at 1911
<br />Concord Lake Road, Kannapolis, North Carolina 28083, within Cabarrus County
<br />and referred to as Kannapolis Charter Academy (the " Kannapolis Project and
<br />together with the Cabarrus Charter Project and the Cabarrus Upper School
<br />Project, the " Projects ") , (2) funding capitalized interest in connection
<br />therewith, (3) funding any debt service reserve funds and (4) paying certain
<br />expenses in connection with the issuance of the Bonds by the Authority;
<br />WHEREAS, the amount of proceeds from the sale of the Bonds used to
<br />finance the Projects will not exceed $62,500,000 and additional proceeds from
<br />the sale of the Bonds will also be loaned by the Authority to the Corporation
<br />and additional borrowers to finance charter school educational facilities
<br />located or to be located in Iredell County, North Carolina;
<br />WHEREAS, pursuant to Section 66.03C4(11)(a) of the Wisconsin Statutes,
<br />prior to their issuance, bonds issued by the Authority must be approved by
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