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November 19, 2007 (Regular Meeting) Pa qe 633 Projects by one or more installment financing contracts, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under said one or more installment financing contracts 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 said one or more installment financing contracts 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 December 17, 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 said one or more installment financing contracts and related documents, the proposed refinancing of the Projects 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 refinancing, including without limitation, filing one or more applications with the North Carolina Local Government Commission seeking approval of the plan of refinancing or any component thereof, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more underwriters regarding said one or more installment financing contracts included in the proposed plan of refinancing, and consideration and negotiation of the terms of the proposed plan of refinancing 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 Mynatt, seconded by Commissioner White, the foregoing resolution entitled "RESOLUTION RELATING TO REFINANCING OF PRIOR INSTALLMENT 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" was adopted and passed by the following vote: AYES: Chairman Carruth, Vice Chairman Juba and Commissioners Mynatt, Privette and White NOES: None (G-9) Consent Agreement - Frances Haven Subdivision Kassie Watts, Planner, presented a Consent Agreement for the Frances Haven subdivision, developed by Charlotte 23, LLC and consisting of 20 single-family homes on approximately 9.6 acres located on Tom Query Road. She stated the availability of the developer, Adam Fortune, to respond to questions and reported the subdivision was approved by the Town of Harrisburg Planning and Zoning Board on September 19, 2006. She said the Consent Agreement includes the payment of $9,039.00 per single-family lot (due at final platting) to advance school adequacy. and the proposed build-out schedule of 20 lots to be platted in 2008. She also commented on difficulties associated with the estimation of school capacity percentages due to the school districts not being redrawn for the new schools coming online. There was a brief discussion on school capacity. Vice Chairman Juba MOVED to approve the Consent Agreement between Cabarrus County and Charlotte 23, LLC for the Frances Haven subdivision, including the payment of $9, 039.00 due at final platting to advance school adequacy with a build-out schedule of no more than 20 single-family lots platted in 2008. Commissioner White seconded the motion. Commissioner Privette commented on the overcapacity of several schools and stated his intent to vote against the motion.