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May 21, 2007 (Regular Meeting) Page 374 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 pay all or a portion of the costs of acquiring real property, constructing, renovating and equipping new public school facilities, expansion or renovation of existing public school facilities, various real and personal property improvements related to the foregoing and a portion of the interest to accrue under the installment financing contract(s) during the construction period (collectively the "Project"), and under said one or more installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more installment financing contract(s) by granting a security interest in and lien on all or a portion of the Project; and WHEREAS, North Carolina General Statutes 160A-20, as amended, requires that the Board of Commissioners must hold a public hearing concerning the one or more installment financing contract(s) and the transactions contemplated thereby and associated therewith, with notice of said public hearing to be published once at least 10 days before the date of the public hearing NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The Board of Commissioners hereby finds and confirms that (i) the Project and the financing thereof by one or more installment financing contract(s) is necessary and expedient for the County; (ii) financing of the Project by one or more installment financing contract(s), under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the one or more installment financing 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 the one or more installment financing 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 June 18, 2007 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 installment financing contract(s) 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 proposals from one or more third parties regarding the one or more 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 9. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Privette, seconded by Commissioner Carrut h, the foregoing resolution entitled "RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING FOR PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $8,500,000 AND CALLING REQUIRED PUBLIC HEARING" was adopted and passed by the following vote: AYES: Chairman Carrut h, Vice Chairman Juba and Commissioners Mynatt, Privette and White NOES: None. BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF FINANCE/NEW NORTHWEST AREA HIGH SCHOOL AMOUNT: $8,905,000.00 TYPE OF ADJUSTMENT: SUPPLEMENTAL REQUEST