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April 18, 2017 (Regular Meeting) Page 3106 financing, in part, the acquisition, construction, installation and equipping of (i) a new public high school and (ii) a new public performance learning center high school, in each case including the acquisition of necessary land and rights-of-way (the "School Projects") . (c) The funds heretofore advanced or to be advanced by the County to pay the Original Expenditures are or will be available only on a temporary basis, and do not consist of funds that were otherwise earmarked or intended to be used by the County to permanently finance the Original Expenditures. (d) As of the date hereof, the County reasonably expects that it will reimburse itself for such Original Expenditures with the proceeds of debt to be incurred by the County, and the maximum principal amount of debt to be incurred with respect to the School Projects is expected to be $110, 585, 000. (e) All Original Expenditures to be reimbursed by the County were paid no more than 60 days prior to, or will be paid on or after the date of, this declaration of official intent. The County understands that such reimbursement must occur not later than 18 months after the later of (i) the date the Original Expenditure was paid; or (ii) the date the School Projects were placed in service or abandoned, but in no event more than 3 years after the Original Expenditure was paid. 2. This resolution shall take effect immediately. Commissioner Lynn W. Shue moved to approve the passage of the foregoing resolution and Vice chairman Diane R. Honeycutt seconded the motion, and the resolution was passed by the following vote: Ayes: [Stephen M. Morris; Vice Chairman Diane R. Honeycutt and Commissioners F. Blake Kiger, Elizabeth F. Poole and Lynn W. Shue. ) Nays: [None. ] Not Voting: [None. ] (F-5) Finance - Resolution Relating to Installment Contract Financings of Various School and County Projects Finance requests the Board of Commissioners approve the attached resolution enabling staff to enter into one or more installment financing contracts for various public school and county projects. A public hearing is required, and it is requested to schedule the public hearing for the Board of Commissioners' regular meeting on May 15. UPON MOTION of Commissioner Shue, seconded by Vice Chairman Honeycutt and unanimously carried, the Board approved the resolution relating to one or more installment financing contracts in an aggregate principal amount of up to $128, 105, 000.00, and scheduled a public hearing for Monday, May 15 at 6:30 p.m. or as soon thereafter as persons may be heard. Resolution No. 2017-09 RESOLUTION RELATING TO LONG-TERM INSTALLMENT CONTRACT FINANCINGS OF VARIOUS PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $128, 105, 000; AUTHORIZING INTERIM INSTALLMENT CONTRACT FINANCINGS FOR SUCH PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $128, 105, 000; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF ONE OR MORE SERIES OF LIMITED OBLIGATION BONDS AND/OR CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING REQUIRED PUBLIC HEARING WHEREAS, the Board of Commissioners desires to undertake a proposed plan of financing in an aggregate principal amount of up to $128, 105, 000, which plan would involve the entry by the County into one or more long-term installment financing contract (s) with the Cabarrus County Development Corporation (the "Corporation") or one or more other third parties pursuant to North Carolina General Statutes §160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of (i) constructing and equipping new public school facilities and expanding, rehabilitating, renovating and equipping existing public school facilities, including but not limited to, one new high school and one new performance learning center high school, (ii) acquisition of two parcels of real property containing approximately 25 acres, including all improvements located thereon, (iii) the construction and equipping of a new multi-story parking garage and related facilities on real property owned by the