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February 16, 2009 (Regular Meeting) Page 1254 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 $130,000,000, which plan would involve the entry by the County into (i) 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 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, (c) various real and personal property improvements related to the foregoing and (d) 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 and (ii) 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, which revised plan of financing and Project were described in the notice of public hearing published in The Independent Tribune on January 23, 2009 (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. Zt 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. - North Carolina Department of Transportation - Public 2009-2010 - Public Hearing - 6:30 Randy Bass, Transportation Director, reported the Cabarrus County Transportation Department plans to apply for an annual request to the North Carolina Department of Transportation (NCDOT) for funding under the Section 5311 Grant. He stated this year's request totals $322,374.00 for assistance in the operation of the County Transportation Services Department. He requested the Board hold a public hearing and adopt the required program resolution. Chairman White opened the public hearing at 7:20 p.m. The Public Hearing Notice was published on January 26, 2009 in THE INDEPENDENT TRIBUNE. There was no one present to address the Board; therefore, Chairman White closed the public hearing. UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Mynatt and unanimously carried, the Board adopted the following resolution: Resolution No. 2009-OS COMMUNITY TRANSPORTATION PROGRAM RESOLUTION Section 5311 FY 2009 - FY 2010 RESOLUTION