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January 20, 2009 (Regular Meeting) Page 1209 short-term contract(s) and one or more long-term contract(s), under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under one or more short-term contract(s) and one or more long- term contract(s) 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 one or more short-term contract(s) and one or more long-term contract(s) 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 one or more short-term installment financing contract(s) and related documents, the execution of one or more long-term installment financing contract(s) and related documents, the proposed financing 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 financing, including without limitation filing one or more applications with the North Carolina Local Government Commission seeking approval of the plan of financing or any component thereof, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more third parties regarding the one or more short-term installment financing contract(s) included in the proposed plan of financing, consideration and negotiation of proposals from one or more underwriters or one or more other third parties regarding the one or more long-term installment financing contract(s) included in the proposed plan of financing, and consideration and negotiation of the terms of the proposed plan of financing or any component thereof and the relevant legal documentation. Section 4. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Poole, seconded by Commissioner Carruth, the foregoing resolution entitled "RESOLUTION RELATING TO LONG- TERM INSTALLMENT CONTRACT FINANCINGS OE VARIOUS PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $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" was adopted and passed by the following vote: AYES: Chairman White, Vice Chairman Mynatt and Commissioners Carruth, Poole, and Privette NOES: None (G-5) Commerce Department - Adequate Public Facilities Voluntary Mitigation Payment Adjustment for 2009 Susie Morris, Planning and Zoning Manager, presented information related to the Adequate Public Facilities Voluntary Mitigation payment adjustment for 2009. She reported the following: a provision exists in the Adequate Public Facilities Ordinance (APFO) which allows for the adjustment of the Voluntary Mitigation Payment in January of each year based on the Marshall and Swift construction index; the ordinance currently states that an adjustment "shall" be adopted by the Board; if the Board chooses not to adopt this adjustment, a resolution can be adopted amending the Board's percentage policy or the Board may adopt a text amendment to the zoning ordinance; the adjustment to the Voluntary Mitigation Payment would apply to any projects submitted during calendar year 2009; etc. She also reviewed the following proposed adjustment amounts: Type of Unit Current Total Current Amount Adjusted 65 Percent of Proposed Amount of fox Voluntary Amount for the Adjusted Amount to be Voluntary Mitigation Voluntary Amount for Adopted Based