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August 16, 2010 (Regular Meeting) Page 92 (G -2) County Manager - Approval of Resolution Authorizing the Filing of an Application for Approval of a Financing Agreement for Qualified School Construction Bonds as Authorized by North Carolina General Statute 160A -20 John Day, County Manager, advised this is a fairly routine step along the path of selling debt. He announced that Pam Dubois, Deputy County Manager, is present to respond to technical questions. UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Poole and unanimously carried, the Board adopted the following resolution: Resolution No. 2010 -19 RESOLUTION RELATING TO LONG -TERM INSTALLMENT CONTRACT FINANCINGS OF VARIOUS PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $14,637,160; AUTHORIZING INTERIM INSTALLMENT CONTRACT FINANCINGS FOR SUCH PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $14,637,160; AUTHORIZING THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED TO LONG -TERM INSTALLMENT CONTRACT FINANCINGS 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 $14,637,160, 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) acquiring real property, (ii) constructing and equipping new public school facilities and expanding, rehabilitating, renovating and equipping existing public school facilities and (iii) various real and personal property improvements related to the foregoing (collectively, the "Projects "), and under said one or more long -term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more long -term installment financing contract(s) by granting a security interest in and lien on all or a portion of the Projects or all or some portion of the real property upon which the Projects are located; WHEREAS, as part of said proposed plan of financing, the Corporation may also execute and deliver one or more series of Certificates of Participation in said one or more long -term installment financing contract(s) in an aggregate principal amount not exceeding $14,637,160 to finance the advancement of moneys to the County pursuant to said one or more long -term installment financing contract(s) between the County and the Corporation; WHEREAS, as part of the proposed plan of financing for the Projects, the Board of Commissioners further desires to authorize interim financing for all or some portion of the Projects in an aggregate principal amount of up to $14,637,160, which would involve the entry by the County into one or more short -term installment financing contract(s) with one or more third parties pursuant to North Carolina General Statutes 160A -20, as amended, the proceeds of which would be used to provide interim financing for all or some portion of the Projects pending execution and delivery of said one or more long -term financing contract(s) and the related Certificates of Participation, if any, and under said one or more short -term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such short -term installment financing contract(s) by granting a security interest in and lien on all or a portion of the Projects or all or some portion of the real property upon which the Projects are located; and WHEREAS, North Carolina General Statutes 160A -20, as amended, requires that the Board of Commissioners must hold a public hearing concerning the one or more short -term installment financing contract(s), the one or more long- term installment financing contract(s) and the transactions contemplated thereby and associated therewith, with notice of said public hearing to be published once at least 10 days before the date of the public hearing; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The Board of Commissioners hereby finds and confirms that (i) the Projects and the financing thereof by one or more short -term contract(s) and one or more long -term contract(s) is necessary and expedient for the County; (ii) financing of the Projects by one or more short -term contract(s) and one or more long -term contract(s), under the circumstances,