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May 18, 2009 (Regular Meeting) Page 1378 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 May 6, 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. It 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, except those persons listed on Exhibit A. A11 of the foregoing statements were duly considered by the Board of Commissioners. It was then announced that the public hearing was closed. EXHIBIT A Holly Blackwelder, Chairman of Cabarrus County Schools (CCS) Board of Education, stated CCS maintains and updates a 15-year facilities plan in order to communicate school facilities needs to the County Commissioners, and presented information related to current (2008) and projected (2013) student capacity levels at several Cabarrus County school facilities using a PowerPoint slideshow. Dr. Barry Shepherd, Superintendent of Cabarrus County Schools (CCS), also utilized a PowerPoint presentation and reported the CCS Board of Education (BOE) met again to consider the need for new school facilities. He further reported the BOE reiterates its need for four (4) new schools and land for a new elementary school in the northwest area of the County. He urged the County to consider funding these requests; said students are in need of a safe environment conducive to learning; and current school facilities are not in a desirable condition. Todd Berg, architect for Cabarrus County Schools, reported he and Steve Wallace are the architects for the two recently bid CCS middle schools. He stated the following: from a cost perspective, the County is getting a great deal on the construction of these schools and it is important to proceed with their construction; Hickory Ridge Middle School and the Northwest Area Middle School were bid on March 17 and April 7, 2009 respectively; on bid date, the base bid for those projects combined was almost $16 million or about 30 percent under the budgeted amount for those schools, which equates to $106.00/sq. ft. for Hickory Ridge Middle and about $103.00/sq. ft. for Northwest Area Middle; the average cost of middle school construction in 2008 was $142.00/sq. ft.; and the North Carolina Department of Public Instruction (NCDPI) records indicate these were the least expensive middle schools bid anywhere in the state in the last four years. He also commented that additional costs may be incurred for site work and new building codes, effective July 1, if the construction of these schools is postponed. Mr. Berg also responded to several questions from the Board. Dr. Jo Anne Byerly, Superintendent of Kannapolis City Schools, stated the following: the A. L. Brown High School wing addition will provide space to relieve overcrowding on A. L. Brown campus and provide adequate room for career technical education classes in the vocational building; the high school is projected to be approximately 220 student over capacity in the