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August 18, 2008 (Regular Meeting) Page 940
<br />facilities in an aggregate principal amount up to $63,000,000.00. She stated
<br />the County will only borrow what is absolutely necessary for the project.
<br />Vice Chairman Juba MOVED to adopt the following resolution approving
<br />Installment Contract Financing for Law Enforcement facilities in an Aggregate
<br />Principal amount up to $63,000,000.00 and the execution and delivery by the
<br />Cabarrus County Development Corporation of Certificates of Participation
<br />related thereto, authorizing the execution and delivery of related documents
<br />in connection therewith, and providing for certain other related matters.
<br />Commissioner Carruth seconded the motion.
<br />Commissioner Privette expressed opposition to the resolution, citing
<br />the North Carolina Constitution, Article 5, Section 9(2).
<br />After a short discussion, the MOTION carried with Chairman White, Vice
<br />Chairman Juba and Commissioner Carruth voting for and Commissioner Privette
<br />voting against.
<br />Resolution No. 2008-15
<br />RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR LAW
<br />ENFORCEMENT FACILITIES IN AN AGGREGATE PRINCIPAL AMOUNT UP TO
<br />$63,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY
<br />DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED
<br />THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED
<br />DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN
<br />OTHER RELATED MATTERS
<br />WHEREAS, the Board of Commissioners desires to approve a proposed plan
<br />of financing in an aggregate principal amount of up to $63,000,000, which
<br />plan would involve the entry by the .County into an installment financing
<br />contract with the Cabarrus County Development Corporation (the "Corporation")
<br />pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds
<br />of which would be used to pay all or a portion of the costs of constructing,
<br />renovating and equipping law enforcement facilities, including, without
<br />limitation, a long-term housing unit, and various real and personal property
<br />improvements related to the foregoing (collectively the "2008C Project"), and
<br />under said installment financing contract the County would secure the
<br />repayment by the County of the moneys advanced pursuant to such contract by
<br />granting a security interest in and lien on all or a portion of the 2008C
<br />Project;
<br />WHEREAS, as part of said plan of financing, the Corporation will issue
<br />Certificates of Participation in an aggregate principal amount not exceeding
<br />$63, 000, 000 to finance the advancement of moneys to the County pursuant to
<br />the installment financing contract between the County and the Corporation;
<br />WHEREAS, there have been submitted to this meeting draft forms of the
<br />following documents (the "Financing Documents") with respect to the financing
<br />for the 2008C Project:
<br />(1) an Installment Financing Contract, proposed to be dated as of
<br />September 1, 2008 (the "Contract"), between the County and the Corporation as
<br />counterparty, pursuant to which the Corporation will advance moneys to the
<br />County for the costs of the 2008C Project and the County agrees to make
<br />periodic installment payments (the "Installment Payments") to repay the
<br />moneys so advanced, with interest;
<br />(2) a Deed of Trust, Security Agreement and Fixture Filing (the "Deed
<br />of Trust"), proposed to be dated as of September 1, 2008, among the County as
<br />Grantor, the Corporation as Beneficiary and the trustee named therein, by
<br />which the County would secure its obligations to the Corporation under the
<br />Contract;
<br />(3) an Indenture of Trust, proposed to be dated as of September 1,
<br />2008 (the "Trust Indenture"), between the Corporation and the trustee named
<br />therein, as trustee (the "Trustee"), pursuant to which there are to be
<br />executed and delivered from time to time Certificates of Participation,
<br />including the Certificates of Participation (County of Cabarrus, North
<br />Carolina Installment Financing Contract), Series 2008C (the "2008C
<br />Certificates"), the proceeds of which will be used to advance the moneys to
<br />the County under the Contract;
<br />(4) a Preliminary Official Statement to be dated on or about
<br />September 12, 2008 (the "Preliminary Official Statement") which, as
<br />supplemented with certain pricing and other permitted omitted information, is
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