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November 19, 2007 (Regular Meeting) Page 632 (collectively the "Projects"), and under said one or more installment financing contracts the County would secure the repayment by the County of the moneys advanced pursuant to such one or more installment financing contracts by granting a security interest in and lien on all or a portion of the Projects, which Projects were described in the notice of public hearing published in The Independent Tribune on November 6, 2007 (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. It was then announced that the public hearing was closed. (G-3) Resolution Relating to Refinancing of Prior Installment Financing Contracts of Various Public Projects and Calling Required Public Hearing Pam Dubois, Deputy County Manager, stated due to market conditions the potential exists to reduce the County's debt service by refinancing prior installment financing contracts for various public projects. She reported the resolution is for an aggregate principal amount of up to $82.5 million and that a public hearing is required in December. UPON MOTION of Commissioner Mynatt, seconded by Commissioner White and unanimously carried, the Board adopted the following resolution and scheduled a public hearing for December 17, 2007 at 6:30 p.m. Resolution No. 7007-30 RESOLUTION RELATING TO REFINANCING OF PRIOR INSTALLMENT FINANCING CONTRACT FINANCINGS OF VARIOUS PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $82,500,000; THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF ONE OR MORE SERIES OF CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING REQUIRED PUBLIC HEARING WHEREAS, the Board of Commissioners desires to undertake a proposed plan of refinancing in an aggregate principal amount of up to $82,500,000, which plan would involve the entry by the County into one or more installment financing contracts with the Cabarrus County Development Corporation (the "Corporation") pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to refinance all or a portion of one or more installment financing contracts previously executed and delivered by the County, which prior installment financing contracts paid all or a portion of the costs of acquiring, constructing and equipping various public facilities and related improvements and costs (collectively the "Projects"), and under said one or more installment financing contracts the County would secure the repayment by the County of the moneys advanced pursuant to such one or more installment financing contracts by granting a security interest in and lien on all or some portion of the Projects and in all or some portion of the real propertyon which the Projects are located; WHEREAS, as part of said proposed plan of refinancing, the Corporation will execute and deliver one or more series of Certificates of Participation in said one or more installment financing contracts in an aggregate principal amount not exceeding $82,500,000 to finance the advancement of moneys to the County pursuant to said one or more installment financing contracts between the County and the Corporation; 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 installmentfinancing contracts 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 refinancing of the Projects by one or more installment financing contracts is necessary and expedient for the County; (ii) refinancing of the