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<br />May 15, 2006 - Regular Meeting
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<br />590
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<br />in the long-term installment financing contract in an aggregate principal
<br />amount not exceeding $75,000,000 to finance the advancement of moneys to the
<br />County pursuant to the long-term installment financing contract between the
<br />County and the Corporation;
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<br />WHEREAS, as part of the proposed plan of financing for the Project, the
<br />Board of Commissioners further desires to authorize and obtain interim
<br />financing for the Project in an aggregate principal amount of up to
<br />$25,000,000, which would involve the entry by the County into one or more
<br />short-term installment financing contract (s) with one or more third parties
<br />pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds
<br />of which would be used to provide interim financing for the Project pending
<br />execution and delivery of the long-term financing contract and the related
<br />Certificates of Participation, and under said one or more short-term
<br />installment financing contract (s) the County would secure the repayment by
<br />the County of the moneys advanced pursuant to such short-term installment
<br />financing contract(s) by granting a security interest in and lien on all or a
<br />portion of the Project; and
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<br />WHEREAS, North Carolina General Statutes 160A-20, as amended, requires
<br />that the Board of Commissioners must hold a public hearing concerning the
<br />short-term installment financing contract(s), the long-term installment
<br />financing contract and the transactions contemplated thereby and associated
<br />therewith, with notice of said public hearing to be published once at least
<br />10 days before the date of the public hearing;
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<br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as
<br />follows:
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<br />Section 1. The Board of Commissioners hereby finds and confirms that
<br />(i) the Project and the financing thereof by the short-term contract (s) and
<br />the long-term contract is necessary and expedient for the County; (ii)
<br />financing of the Project by the short-term contract (s) and the long-term
<br />contract, under the circumstances, is preferable to a bond issue by the
<br />County; (iii) the sums to fall due under the short-term contract(s) and the
<br />long-term contract are adequate and not excessive for their proposed purpose;
<br />(iv) the County's debt management procedures and policies are good and its
<br />debt will continue to be managed in strict compliance with law; (v) the
<br />increase in taxes, if any, necessary to meet the sums to fall due under the
<br />short-term contract(s) and the long-term contract will not be excessive; and
<br />(vi) the County is not in default regarding any of its debt service
<br />obligations.
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<br />Section 2. As required by Section 160A-20 of the North Carolina
<br />General Statutes, as amended, a public hearing shall be held by the Board of
<br />Commissioners on June 19, 2006 at 6:30 p.m., or as soon thereafter as
<br />practicable, in the Commissioner's Meeting Room in the Cabarrus County
<br />Governmental Center in Concord, North Carolina, concerning the proposed
<br />execution of one or more short-term installment financing contract (s) and
<br />related documents, a long-term installment financing contract and related
<br />documents, the proposed financing of the Project and any other transactions
<br />associated therewith. The Clerk to the Board of Commissioners is directed to
<br />cause a notice of such public hearing, substantially in the form attached
<br />hereto as Exhibit A, to be published once in a qualified newspaper of general
<br />circulation within the County not less than 10 days prior to said public
<br />hearing.
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<br />Section 3. The appropriate officers of the County are hereby authorized
<br />and directed to do any and all things necessary, appropriate or convenient to
<br />effectuate the foregoing and the proposed plan of financing, including
<br />without limitation filing one or more applications with the North Carolina
<br />Local Government Commission seeking approval of the plan of financing or any
<br />component thereof, the publication of any required notices related thereto,
<br />consideration and negotiation of proposals from one or more third parties
<br />regarding the one or more short-term installment financing contract(s)
<br />included in the proposed plan of financing, consideration and negotiation of
<br />proposals from one or more underwriters regarding the long-term installment
<br />financing contract included in the proposed plan of financing, and
<br />consideration and negotiation of the terms of the proposed plan of financing
<br />or any component thereof and the relevant legal documentation.
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<br />Section 4. This Resolution shall become effective immediately upon its
<br />adoption.
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<br />Thereupon, upon motion of Vice Chairman Juba, seconded by Chairman
<br />Carruth, the foregoing resolution entitled uRESOLUTION RELATING TO LONG-TERM
<br />INSTALLMENT CONTRACT FINANCING FOR LAW ENFORCEMENT FACILITY PROJECTS IN AN
<br />AGGREGATE PRINCIPAL AMOUNT UP TO $75,000,000; INTERIM INSTALLMENT CONTRACT
<br />FINANCING FOR SUCH PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO
<br />$25,000,000; THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT
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