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December 14, 2015 (Regular Meeting) Page 2610 effectuate the foregoing and the proposed plan of financing, including without limitation filing one or more applications with the North Carolina Local Government Commission seeking approval of the plan of financing or any component thereof, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more third parties regarding the one or more short -term installment financing contract(s) included in the proposed plan of financing, consideration and negotiation of proposals from one or more underwriters or one or more other third parties regarding the one or more long -term installment financing contract(s) included in the proposed plan of financing, and consideration and negotiation of the terms of the proposed plan of financing or any component thereof and the relevant legal documentation. Section 4. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Grace M. Mynatt, seconded by Vice Chairman Diane R. Honeycutt, the foregoing resolution entitled "RESOLUTION RELATING TO LONG -TERM INSTALLMENT CONTRACT FINANCINGS OF VARIOUS PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $112,000,000; AUTHORIZING INTERIM INSTALLMENT CONTRACT FINANCINGS FOR SUCH PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $112,000,000; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF LIMITED OBLIGATION BONDS AND /OR CERTIFICATES OF PARTICIPATION RELATED TO LONG -TERM INSTALLMENT CONTRACT FINANCINGS AND CALLING REQUIRED PUBLIC HEARING" was adopted and passed by the following vote: AYES: Chairman Stephen M. Morris, Vice Chairman Diane R. Honeycutt and Commissioners Grace M. Mynatt, Elizabeth F. Poole and Lynn W. Shue. NOES: None. (F- 8) Infrastructure and Asset Management - Offer for Purchase of Tax Foreclosure Property Tax foreclosure parcels that are not purchased through the courthouse auction have been sold using an online surplus property web service. Those online auctions have a time limited duration. One particular parcel, located at 637 Faith Drive SW in Concord, has recently received an offer to purchase, after the web service auction expired, for $2,DD0 from Nadine L. Massarelli, a resident of Kannapolis. In order to accept this offer to purchase it is required to go through the standard upset bid process. The process for upset bids is attached (G.S. 16CA -269). * Allowing for the required 10 days, the upset bid deadline closed on Monday, December 14, 2015 at 4:00 p.m., by which time no upset bids were received, therefore completing the upset bid process. UPON MOTION of Commissioner Mynatt, seconded by Vice Chairman Honeycutt and unanimously carried, the Board awarded the 637 Faith Drive SW property to Nadine L. Massarelli and authorized the County Manager and County Attorney to finalize the transaction and execute related documentation. (F -9) Infrastructure and Asset Management - Offer for Purchase of Tax Foreclosure Property Tax foreclosure parcels that are not purchased through the courthouse auction have been sold using an online surplus property web service. One particular parcel the County took ownership of is located at 335 Fox Street in Concord, NC. The property has yet to be posted on the online surplus web service. Before we could post the property we received an offer to purchase. The offer to purchase came from Donald Watson and the amount offered is $2,000. In order to accept this offer to purchase it is required to go through the standard upset bid process. The process for upset bids is attached (G.S. 160A -269)