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December 17, 2007 (Regular Meeting) Page 655 Administration and receives funds from the North Carolina General Assembly to provide assistance for rural public transportation projects; and WHEREAS, the purpose of these transportation funds is to provide grant monies to local agencies for the provision of rural public transportation services consistent with the policy requirements for planning, community and agency involvement, service design, service alternatives, training and conference participation, reporting and other requirements (drug and alcohol testing policy and program, disadvantaged business enterprise program, and fully allocated costs analysis); WHEREAS, Cabarrus County hereby assures and certifies that it will comply with the federal and state Statutes, regulations, executive orders, Section 5333 (b) Warranty, and all administrative requirements which relates to the applications made to and' grants received from the Federal Transit Administration, as well as the provisions of Section 1001 of Title 18, U. S. C. NOW, THEREFORE, be it resolved that the County Manager of Cabarrus County Board of Commissioners is hereby authorized to submit a grant application for federal and state funding, make the necessary assurances and certifications and be empowered to enter into an agreement with the NCDOT to provide rural public transportation services. Public Hea Prior Installment of Pam Dubois, Deputy County Manager, stated a public hearing needed to be held for refinancing of prior installment financing of public projects. The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning a proposed plan of refinancing in an aggregate principal amount of up to $82,500,000.00 which 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 property on which the Projects are located, which plan of refinancing was described in the notice of public hearing published in The Independent Tribune on November 21, 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. (H-3) Presentation of the Fiscal Year 2007 Comprehensive Annual Financial Report Susan Fearrington, Assistant Finance Director, presented the Comprehensive Annual Financial Report for the year ending June 30, 2007. The following information was included in the presentation: Revenues by Source; Growth in Property Tax Revenue; Growth in Sales Tax Revenue; Expenditures by Function; Public Schools Expenditures; Debt; Fund Balance Calculation; Undesignated Fund Balance as Percentage of Expenditures; and Eund Balance Appropriations since June 30, 2007. John D. Day, County Manager, Pam Dubois, Deputy County Manager and Ms. Fearrington responded to a variety of questions from the Board throughout the presentation.