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January 20, 2009 (Regular Meeting) Page 1208 that number will be smaller; the County will not borrow more than what is needed; etc. UPON MOTION of Commissioner Poole, seconded by Commissioner Carruth and unanimously carried,the Board voted to adopt the following resolution: Resolution No. 2009-02 RESOLUTION RELATING TO LONG-TERM INSTALLMENT CONTRACT FINANCINGS OF VARIOUS PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP T0: $130,000,000; AUTHORIZING INTERIM INSTALLMENT CONTRACT FINANCINGS FOR SUCH PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $130,000,000; 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 WHEREAS, the Board of Commissioners desires to undertake a proposed plan of financing in an aggregate principal amount of up to $130,000,000, 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 (i) acquiring real property, (ii) constructing and equipping new public school facilities and expanding and renovating existing public school facilities, including but not limited to two new elementary schools, a new middle school, an addition to an existing elementary school and an addition to and renovation of an existing high school, (iii) various real and personal property improvements related to the foregoing and (iv) a portion of the interest to accrue under the installment financing contract(s) during the construction periods of 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; WHEREAS, as part of said proposed plan of financing, the Corporation will execute and deliver one or more series of Certificates of Participation in said one or more long-term installment financing contract(s) in an aggregate principal amount not exceeding $130,000,000 to finance the advancement of moneys to the County pursuant to said one or more long-term installment financing contract(s) between the County and the Corporation; WHEREAS, as part of the proposed plan of financing for the Projects, the Board of Commissioners further desires to authorize interim financing for all or some portion of the Projects in an aggregate principal amount of up to $130, 000, 000, which would involve the entry by the County into one or more short-term installment financing contract(s) with one or more third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to provide interim financing for all or some portion of the Projects pending execution and delivery of said one or more' long-term financing contract(s) and the related Certificates of Participation, if any, and under said one or more short- term installment Financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such short-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; and 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 short-t@rm installment financing contract(s), the one or more long-term installment financing contract(s) 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 Projects and the financing thereof by one or more short-term contract(s) and one or more long-term contract(s) is necessary and expedient for the County; (ii) financing of the Projects by one or more