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September 20, 2010 (Regular Meeting) Page 119
<br />experience this savings over the next 10 years at an amount of approximately
<br />$234,550.00 to $239,350.00.
<br />A portion of the 2002/2003 COPS are scheduled for refunding in October
<br />2010 as long as the market conditions remain favorable. If the market
<br />conditions become unfavorable, the debt will not be refunded until conditions
<br />improve. The term of the debt will not be extended.
<br />UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Poole
<br />and unanimously carried, the Board adopted the following resolution approving
<br />the refinancing of prior installment contract financing in an aggregate
<br />principal amount up to $45,000,000.00 and the execution and delivery by the
<br />Cabarrus County Development Corporation of Certificates of Participation
<br />and /or Limited Obligation Bonds related thereto, authorizing the execution
<br />and delivery of related documents in connection therewith, and providing for
<br />certain other related matters:
<br />Resolution No. 2010 -21
<br />RESOLUTION APPROVING REFINANCING OF PRIOR INSTALLMENT FINANCING
<br />CONTRACT FINANCINGS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO
<br />$45,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY
<br />DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION AND /OR
<br />LIMITED OBLIGATION BONDS RELATED THERETO, AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION
<br />THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS
<br />WHEREAS, the Board of Commissioners desires to approve a proposed plan
<br />of refinancing in an aggregate principal amount of up to $45,000,000, which
<br />plan would involve the entry by the County into one or more installment
<br />financing contracts (or amendments to one or more outstanding installment
<br />financing contracts) with the Cabarrus County Development Corporation (the
<br />"Corporation ") pursuant to North Carolina General Statutes 160A -20, as
<br />amended, the proceeds of which would be used to refinance all or a portion of
<br />one or more installment financing contracts previously executed and delivered
<br />by the County, which prior installment financing contracts paid all or a
<br />portion of the costs of acquiring, constructing and equipping various public
<br />facilities and related improvements and costs (collectively, the "Refinanced
<br />Projects "), and under said one or more installment financing contracts (or
<br />amendments to one or more outstanding installment financing contracts) the
<br />County would secure the repayment by the County of the moneys advanced
<br />pursuant to such one or more installment financing contracts (or amendments
<br />to one or more outstanding installment financing contracts) by granting a
<br />security interest in and lien on all or a portion of the Refinanced Projects
<br />and in all or some portion of the real property on which the Refinanced
<br />Projects are located;
<br />WHEREAS, as part of said proposed plan of refinancing, the Corporation
<br />will execute and deliver one or more series of Certificates of Participation
<br />and /or Limited Obligation Bonds in an aggregate principal amount not
<br />exceeding $45,000,000 to finance the advancement of moneys to the County
<br />pursuant to said one or more installment financing contracts (or amendments
<br />to one or more outstanding installment financing contracts) between the
<br />County and the Corporation;
<br />WHEREAS, there have been submitted to this meeting draft forms of the
<br />following documents (the "Financing Documents ") with respect to the
<br />refinancing of said one or more prior installment financing contracts and the
<br />Refinanced Projects:
<br />(1) Amendment Number One, proposed to be dated as of October 1, 2010
<br />(the "2002 First Contract Amendment "), to the Installment Financing Contract
<br />dated as of August 15, 2002 (the "Original 2002 Contract" and, as amended by
<br />the 2002 First Contract Amendment, the "2002 Contract "), each between the
<br />County and the Corporation as counterparty, pursuant to which the Corporation
<br />will advance moneys to the County to refinance all or a portion of the 2002
<br />Contract and the portion of the Refinanced Projects financed thereby and the
<br />County agrees to make periodic installment payments (the "2002 Installment
<br />Payments ") to repay the moneys so advanced, with interest;
<br />(2) Supplemental Indenture, Number 1, proposed to be dated as of
<br />October 1, 2010 (the "2002 First Supplement ") , to the Indenture of Trust
<br />dated as of August 15, 2002 (the "Original 2002 Trust Indenture" and, as
<br />amended by the 2002 First Supplement, the "2002 Trust Indenture), each
<br />between the Corporation and the trustee named therein, as trustee (the "2002
<br />Trustee ") , pursuant to which there are to be executed and delivered the
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