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August 16, 2010 (Regular Meeting) Page 93 is preferable to a bond issue by the County; (iii) the sums to fall due under one or more short -term contracts) and one or more long -term 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 one or more short -term contract(s) and one or more long -term contract(s) 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 September 20, 2010 at 6:30 p.m., or as soon thereafter as practicable, in the Commissioner's Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, concerning the proposed execution of one or more short -term installment financing contract(s) and related documents, the execution of one or more long -term installment financing contract(s) and related documents, the proposed financing 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 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 Carruth, seconded by Commissioner Poole, the foregoing resolution entitled "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" was adopted and passed by the following vote: AYES: H. Jay White, Sr., Chairman; Elizabeth F. Poole, Vice Chairman; and Commissioners Robert W. Carruth, Grace M. Mynatt and Coy C. Privette NOES: None Chairman White requested the item be placed on the September work session in order to address any questions that may arise. (G -3) Board of Elections - Purchase or Lease of Old Creamery Building on Church Street Mike Downs, Deputy County Manager, requested direction from the Board regarding whether to the purchase or lease old Creamery building and whether the County should hire its own architect /contractor or allow the current owner of the building to hire the architect /contractor as a "turnkey" project. Mr. Downs responded to a variety of questions from the Board related to: the number of properties considered by the Board; funding for this project. A discussion ensued regarding: operating costs associated with a lease; economic revitalization of the area; purchasing the building "as is" saves the County money in the long run; etc.