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February 15, 2016 (Regular Meeting) Page 2655 the governing body or highest ranking executive or administrator of the political subdivision within whose boundaries a project is located, which with respect to the Projects is Cabarrus County, North Carolina; WHEREAS, the Borrowers have requested that the Board approve the financing of the Projects, and the issuance of the Bonds, in an amount not to exceed $125,000,000, in order to satisfy the public approval requirement of Section 147(f) of the Code and the requirements of Section 4 of the Amended and Restated Joint Exercise of Powers Agreement Relating to the Public Finance Authority, dated as of September 28, 2010 (the " Joint Exercise Agreement "), and Section 66.0304(11)(a) of the Wisconsin Statutes; WHEREAS, on January 29, 2016, a notice of public hearing was published in the Independent Tribune, setting forth a general, functional description of the type and use of the facilities to be financed, the maximum principal amount of the Bonds, the initial owner, operator or manager of the facilities and the location of the facilities, among other things; WHEREAS, the names, address and testimony of the persons who were present and who offered comments on the proposed issuance of the Bonds or who responded in writing to the notice of public hearing are as follows: [None] WHEREAS, the Chairman of the Board inquired elsewhere in and around the meeting room to determine whether there were any other persons who wished to speak at the public hearing and the Chairman of the Board determined that no other persons who wished to speak at the public hearing were found; and WHEREAS, the purpose of the above - described public hearing and this resolution is to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code of 1986, as amended (the " Code "), in order to qualify the interest on the Bonds for exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to the applicable provisions of the Code; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE COUNTY OF CABARRUS, NORTH CAROLINA: Section 1. For the sole purpose of qualifying the interest on the tax- exempt portion of the Bonds for exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to the applicable provisions of the Code, the Board hereby approves the issuance of the Bonds by the Authority for the purpose of providing funds to finance multiple charter school facilities including the Projects, provided that in no event shall Cabarrus County, the State of North Carolina or any political subdivision thereof be liable for such Bonds nor shall the Bonds constitute a debt of Cabarrus County, the State of North Carolina or any political subdivision thereof. It is the purpose and intent of the Board that this resolution constitute approval of the issuance of the Bonds by the applicable elected representative of the Project Jurisdiction for the Projects, which is the governmental unit having jurisdiction over the areas in which the Projects are located, in accordance with Section 147(f) of the Code and Section 66.0304 (11) (a) of the Wisconsin Statutes and Section 4 of the Joint Exercise Agreement. Section 2. This resolution shall take effect immediately upon its passage. Vice Chairman Honeycutt moved the passage of the foregoing resolution, Commissioner Shue seconded the motion and the motion was adopted by the following vote: AYES: Chairman Morris, vice Chairman Honeycutt and Commissioners Mynatt, Poole and Shue. NAYS: None (G -4) Finance - Resolution Approving Installment Contract Financing for Various Public School Projects Up to $112,000,000.00 Susan Fearrington, Finance Director, stated the Board of County Commissioners preliminarily approved the issuance of Limited Obligation Bonds (LOBS) for the funding of various public school projects on December 14, 2015 and held a public hearing on the issue on January 19, 2016. She advised the next required step in the financing is the final approval by adoption of the attached Resolution approving the installment contract financing in an amount