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February 15, 2016 (Regular Meeting) page 2656
<br />not -to- exceed $112,000,000.00. She said the LOBS are scheduled for issuance
<br />in March 2016, subject to approval by the Local Government Commission. She
<br />also responded to questions from the Board.
<br />Commissioner Mynatt MOVED to adopt the Resolution Approving Installment
<br />Contract Financing for Various Public School Projects in an Aggregate
<br />Principal Amount up to $112,000,000.00 and the Execution and Delivery by the
<br />Cabarrus County Development Corporation of Limited Obligation Bonds Related
<br />thereto, Authorizing the Execution and Delivery of Related Documents in
<br />Connection therewith, and Providing for Certain other Related Matters.
<br />Commissioner Shue seconded the motion.
<br />Following a brief discussion, the MOTION unanimously carried.
<br />Resolution No. 2016 -06
<br />RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS
<br />PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO
<br />$112,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS
<br />COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION
<br />AND /OR LIMITED OBLIGATION BONDS RELATED THERETO, AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION
<br />THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS
<br />WHEREAS, the Board of Commissioners desires to approve a proposed plan
<br />of financing in an aggregate principal amount of up to $112,000,000, which
<br />plan would involve the entry by the County into one or more long -term
<br />installment financing contract(s) with the Cabarrus County Development
<br />Corporation (the "Corporation ") or one or more other third parties pursuant
<br />to North Carolina General Statutes 160A -20, as amended, the proceeds of which
<br />would be used to pay all or a portion of the costs of (a) constructing and
<br />equipping new public school facilities and expanding, rehabilitating,
<br />renovating and equipping existing public school facilities, including but not
<br />limited to one new elementary school and two new middle schools and (b)
<br />various real and personal property improvements related to the foregoing
<br />(collectively, the "Projects ") , and under said one or more long -term
<br />installment financing contract(s) the County would secure the repayment by
<br />the County of the moneys advanced pursuant to such one or more long -term
<br />installment financing contract(s) by granting a security interest in and lien
<br />on all or some portion of the Projects or all or some portion of the real
<br />property upon which the Projects are located;
<br />WHEREAS, as part of said plan of financing, the Corporation may also
<br />determine to execute and deliver one or more series of Certificates of
<br />Participation and /or Limited Obligation Bonds in said one or more long -term
<br />installment financing contract(s) in an aggregate principal amount not
<br />exceeding $112,000,000 to finance the advancement of moneys to the County
<br />pursuant to said one or more long -term installment financing contract(o)
<br />between the County and the Corporation or one or more third parties;
<br />WHEREAS, there have been submitted to this meeting draft forms of the
<br />following documents (the "Financing Documents ") with respect to the financing
<br />for the Projects:
<br />(1) an Installment Financing Contract, proposed to be dated on or
<br />about March 1, 2016 (or such other date(s) as may be selected by the County),
<br />between the County and the Corporation (or one or more third parties) as
<br />counterparty (the "Contract(s) "), pursuant to which the Corporation (or such
<br />one or more third parties) will advance moneys to the County for the costs of
<br />the Projects and the County agrees to make periodic installment payments (the
<br />"Installment Payments ") to repay the moneys so advanced, with or without
<br />interest, as applicable;
<br />(2) a Deed of Trust, Security Agreement and Fixture Filing (the "Deed
<br />of Trust "), proposed to be dated on or about March 1, 2016, among the County
<br />as Grantor, the Corporation (or such one or more third parties) as
<br />Beneficiary and the trustee named therein, by which the County would secure
<br />its obligations to the Corporation (or such one or more third parties) under
<br />the Contract(s);
<br />(3) an Indenture of Trust, proposed to be dated on or about March 1,
<br />2016 (the "Trust Indenture "), between the Corporation and the trustee named
<br />therein, as trustee (the "Trustee "), pursuant to which there may be executed
<br />and delivered from time to time Certificates of Participation and /or Limited
<br />Obligation Bonds, including, without limitation, the Limited Obligation Bonds
<br />(County of Cabarrus, North Carolina Installment Financing Contract), Series
<br />
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