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December 15, 2014 (Regular Meeting) Page 2229 financing contracts, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under said one or more installment financing contracts are adequate and not excessive for their proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under said one or more installment financing contracts will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 2. As required by Section 160A -20 of the North Carolina General Statutes, as amended, a public hearing shall be held by the Board of Commissioners on January 20, 2015 at 6:30 p.m., (or as soon thereafter as the hearing can be held), in the Commissioner's Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, concerning the proposed execution of said one or more installment financing contracts and related documents, the proposed refinancing of the Projects and any other transactions associated therewith. The Clerk to the Board of Commissioners is directed to cause a notice of such public hearing, substantially in the form attached hereto as Exhibit A, to be published once in a qualified newspaper of general circulation within the County not less than 10 days prior to said public hearing. Section 3. The appropriate officers of the County are hereby authorized and directed to do any and all things necessary, appropriate or convenient to effectuate the foregoing and the proposed plan of refinancing, including without limitation, filing one or more applications with the North Carolina Local Government Commission seeking approval of the plan of refinancing or any component thereof, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more underwriters, or one or more other third parties, regarding the one or more installment financing contracts included in the proposed plan of refinancing, and consideration and negotiation of the terms of the proposed plan of refinancing or any component thereof and the relevant legal documentation. Section 4. This resolution shall take effect immediately. Commissioner Lynn W. Shue moved the passage of the foregoing resolution, Commissioner Diane R. Honeycutt seconded the motion and the resolution was passed by the following vote: Ayes: Chairman Morris, Vice Chairman Poole and Commissioners Honeycutt, Mynatt and Shue Nays: None. Not Voting: None. Exhibit A NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the Board of County Commissioners (the "Board ") of the County of Cabarrus, North Carolina (the "County "), will conduct a public hearing on January 20, 2015 concerning the execution and delivery by the County of one or more installment financing contracts with one or more third parties (the "Contracts ") to refinance all or a portion of one or more installment financing contracts previously executed and delivered by the County, which prior installment financing contracts paid all or a portion of the costs of acquiring, constructing and equipping various public facilities and related improvements and costs (collectively the "Projects ").