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August 21, 2017 (Regular Meeting) Page 3277
<br /> Contract Financing for Various Public Projects in an Aggregate Principal Amount
<br /> up to $128, 105,000 and execution and delivery by the Cabarrus County Development
<br /> Corporation of Limited Obligation Bonds Related thereto, Authorizing the
<br /> Execution and Delivery of Related Documents in Connection therewith, and
<br /> Providing for Certain Other Related Matters.
<br /> Resolution No. 2017-17
<br /> RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS
<br /> PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $128, 105, 000
<br /> AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT
<br /> CORPORATION OF CERTIFICATES OF PARTICIPATION AND/OR LIMITED
<br /> OBLIGATION BONDS RELATED THERETO, AUTHORIZING THE EXECUTION AND
<br /> DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND
<br /> PROVIDING FOR CERTAIN OTHER RELATED MATTERS
<br /> WHEREAS, the Board of Commissioners desires to approve a proposed plan of
<br /> financing in an aggregate principal amount of up to $128, 105, 000, which plan
<br /> would involve the entry by the County into one or more long-term installment
<br /> financing contract (s) with the Cabarrus County Development Corporation (the
<br /> "Corporation") or one or more other third parties pursuant to North Carolina
<br /> General Statutes 160A-20, as amended, the proceeds of which would be used to
<br /> pay all or a portion of the costs of (a) constructing and equipping new public
<br /> school facilities and expanding, rehabilitating, renovating and equipping
<br /> existing public school facilities, including but not limited to, one new high
<br /> school and one new performance learning center high school, (b) acquisition of
<br /> two parcels of real property containing approximately 25 acres, including all
<br /> improvements located thereon, (c) the construction and equipping of a new multi-
<br /> story parking garage and related facilities on real property owned by the
<br /> County, (d) the acquisition of any necessary rights-of-way and easements related
<br /> to each of the foregoing and (e) various real and personal property improvements
<br /> related to each of the foregoing (collectively, the "Projects") , and under said
<br /> one or more long-term installment financing contract (s) the County would secure
<br /> the repayment by the County of the moneys advanced pursuant to such one or more
<br /> long-term installment financing contract (s) by granting a security interest in
<br /> and lien on all or some portion of the Projects or all or some portion of the
<br /> real 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 exceeding
<br /> $128, 105, 000 to finance the advancement of moneys to the County pursuant to
<br /> said one or more long-term installment financing contract (s) between the County
<br /> 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 about
<br /> November 1, 2017 (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 November 1, 2017, among the County
<br /> as Grantor, the Corporation (or such one or more third parties) as Beneficiary
<br /> and the trustee named therein, by which the County would secure its obligations
<br /> to the Corporation (or such one or more third parties) under the Contract (s) ;
<br /> (3) an Indenture of Trust, proposed to be dated on or about November 1,
<br /> 2017 (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 /> 2017 (collectively, the "Certificates and/or Bonds") , the proceeds of which
<br /> will be used to advance the moneys to the County under the Contract (s) ; and
<br /> (4) a Preliminary Official Statement to be dated on or about [October
<br /> 5] , 2017 (the "Preliminary Official Statement") which, as supplemented with
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