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November 3, 2008 (Work Session) Page 1036 preferable to a bond issue by the County; (iii) the sums to fall due under the installment financing contract 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 the installment financing contract 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 November 17, 2008 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 the installment financing contract and related documents, the proposed financing of the Project 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 the proposal from the third party regarding the installment financing contract 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 9. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Juba, seconded by Commissioner Privette, the foregoing resolution entitled "RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING FOR ACQUISITION OF REAL PROPERTY IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $6,000,000 AND CALLING REQUIRED PUBLIC HEARING" was adopted and passed by the following vote: AYES: Chairman White, Vice Chairman Juba and Commissioners Carruth, Mynatt and Privette NOES: None. Ms. Dubois stated the next phase is to hold the public hearing at the Board's Regular meeting on November 17. She reported the following: the tax valuation of the property is $6.9 million; the financing over 30 years is $5.7 million; the County will pay $190,000.00 each year with zero interest; after the public hearing is held, a resolution will need to be adopted giving authority to execute all contracts between the County and the Wallace's. UPON MOTION of Commissioner Carruth, seconded by Commissioner Privette and unanimously carried, the Board voted to place Finance - Hold Public Hearing for Installment Financing Contract (G.S. 160A-20) with a Third Party for Acquiring Real Property for Park and Recreational Purpose and Adopt Resolution Approving Installment Financing Contract in an Aggregate Principal Amount Not to Exceed $6,000,000.00 on the November 17, 2008 Agenda as a New Business Item. Finance - Presentation of JCPC Teen Court Program and Adoption of Related Budget Amendment (JCPC Grant Funds - $13,614.00) Loretta Lee, Budget and Performance Manager, presented information related to a request for a presentation of the JCPC Teen Court Program and adoption of the related budget amendment in the amount of $13,614.00. She reported the following: the State has restored and increased funds given to the JCPC in the amount of $13,619.00; the JCPC has voted to attribute these funds to the Teen Court Program; and the JCPC wishes to present a report to the Board at the November 17 Regular Meeting. UPON MOTION of Commissioner Mynatt, seconded by Commissioner Carruth and unanimously carried, the Board voted to place the presentation of the JCPC Teen Court Program and adoption of the related budget amendment in the amount of $13,614.00 on the November 17, 2008 Agenda as a New Business item. Finance - Public School Building Capital Fund Transfer Reoueat