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September 20, 2010 (Regular Meeting) Page 140 Delivery by the Cabarrus County Development Corporation of Certificates of Participation and / or Limited Obligation Bonds Related Thereto, Authorizing the Execution and Delivery of Related Documents in Connection Therewith, and Providing for Certain Other Related Matters - Public Hearin - 6:30 P.M. Susan Fearrington, Assistant Finance Director, reported the Commissioners have been exploring the issuance of QSCB's (Qualified School Construction Bonds) for the addition and repairs of various public schools. The financing for these projects will include the deferral of principle for five years with no interest payments to the term of the debt. She advised the next step in the process is to hold a public hearing. Ms. Fearrington also responded to questions from the Board. The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning 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 (a) acquiring real property, (b) constructing and equipping new public school facilities and expanding, rehabilitating, renovating and equipping existing public school facilities and (c) 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, which plan of financing and Project were described in the notice of public hearing published in The Independent Tribune on August 27, 2010 (the "Notice "). The Board of Commissioners first ratified and approved the designation of the meeting as a public hearing on the proposed plan of financing, the call of the public hearing and publication of the Notice. It was then announced that the Board of Commissioners would immediately hear anyone who might wish to be heard on such matter. No one appeared, either in person or by attorney, to be heard on such matter or the advisability of the plan of financing and the Clerk to the Board of Commissioners announced that no written statement relating to said matters had been received by the Clerk or the Finance Director. It was then announced that the public hearing was closed. UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Poole and unanimously carried, the Board adopted the following resolution: Resolution No. 2010 -23 RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $14,637,160 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION AND /OR LIMITED OBLIGATION BONDS RELATED THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Board of Commissioners desires to approve 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 (a) acquiring real property, (b) constructing and equipping new public school facilities and expanding, rehabilitating, renovating and equipping existing public school facilities and (c) 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;