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January 20, 2009 (Regular Meeting) Page 1207 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 installment financing contracts 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 refinancing of the Projects by one or more installment financing contracts is necessary and expedient for the County; (ii) refinancing of the Projects by one or more installment financing contracts, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under said one or more installment financing 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 said one or more installment financing contracts 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 February 16, 2009 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 said one or more installment financing contracts and related documents, the proposed refinancing 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 refinancing, including without limitation, filing one or more applications with the North Carolina Local Government Commission seeking approval of the plan of refinancing or any component thereof, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more underwriters regarding said one or more installment financing contracts included in the proposed plan of refinancing, and consideration and negotiation of the terms of the proposed plan of refinancing or any component thereof and the relevant legal documentation. Section 9. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Privette, seconded by Commissioner Poole, the foregoing resolution entitled "RESOLUTION RELATING TO REFINANCING OF PRIOR INSTALLMENT 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" was adopted and passed by the following vote: AYES: Chairman White, Vice Chairman Mynatt and Commissioners Carruth, Poole and Privette NOES: None Pam Dubois, Deputy County Manager, presented the following information regarding a resolution related to the long-term installment contract financings of various public school projects: this resolution is for the construction of two new elementary schools, two middle schools, one wing addition, and a wing addition and renovations at A.L. Brown High School; funding for these projects began in early 2008; tentatively, staff would like to incorporate this into next year's budget process; staff is examining different ways to structure this debt to potentially have interest-only payment for the first two years; the aggregate principal amount is not to exceed $130 million, yet based on construction bids that have been received,