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January 20, 2009 (Regular Meeting) Page 1206 unlawful, such decision shall not affect the validity of the remaining portions of this Ordinance. Siqnaqe Section 9: Siqnaqe. Each Park and Recreation Facility should be posted to the effect that Registered Sex Offenders are prohibited so that such persons and the general public are made aware of this Ordinance. Notwithstanding this Section concerning signage, it shall not be a defense to a prosecution under this Ordinance that the Park or Recreation Facility contained no signage. Effective Section 10: Effective. This Ordinance shall become effective upon adoption. Adopted the 20th day of January, 2009. BOARD OF COMMISSIONERS CABARRUS COUNTY, NORTH CAROLINA /s/ H. Jay White, Sr. H. Jay White, Sr., Chair ATTEST: /s/ Kay Honeycutt G. Kay Honeycutt, Clerk to the Board a Pam Dubois, Deputy County Manager, presented the following information regarding a resolution related to the refinancing of prior installment financing contracts of various public projects totaling $60 million: if interest rates drop to where the County will benefit from refinancing, the County can refinance contracts with the approval of the Local Government Commission (LGC) to save on interest costs; the life of that debt will not be extended; and in order to proceed, a resolution must be adopted and a public hearing held. UPON MOTION Of Commissioner Privette, seconded by Commissioner Poole and unanimously carried, the Board adopted the following resolution: Resolution No. 2009-01 RESOLUTION RELATING TO REFINANCING OF PRIOR INSTALLMENT FINANCING CONTRACT FINANCINGS OF VARIOUS PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $60,000,000; THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF ONE OR MORE SERIES OF CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING REQUIRED PUBLIC HEARING WHEREAS, the Board of Commissioners desires to undertake a proposed plan of refinancing in an aggregate principal amount of up to $60,000,000, which plan would involve the entry by the County into one or more installment financing contracts with the Cabarrus County Development Corporation (the "Corporation") pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to refinance all or aportion 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"), and under said one or more installment financing contracts the County would secure the repayment by the County of the moneys advanced pursuant to such one or more installment financing contracts by granting a security interest in and lien on all or some portion of the Projects and in all or some portion of the real property on which the Projects are located; WHEREAS, as part of said proposed plan of refinancing, the Corporation will execute and deliver one or more series of Certificates of Participation in said one or more installment financing contracts in an aggregate principal amount not exceeding $60,000,000 to finance the advancement of moneys to the County pursuant to said one or more installment financing contracts between the County and the Corporation; and