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November 13, 2006 (Recessed Meeting)
<br />Page 160
<br />ALSO PRESENT: John Day, County Manager; Mike Downs, Deputy County
<br />Manager; Pam Dubois, Deputy County Manager; Richard M. Koch, County Attorney;
<br />and Kay Honeycutt, Clerk to the Board
<br />* * * * * * * * * *
<br />Res. No. 2006-35
<br />RESOLUTION RELATING TO LONG-TERM INSTALLMENT CONTRACT FINANCING
<br />FOR LAW ENFORCEMENT FACILITY PROJECTS IN A REVISED AGGREGATE
<br />PRINCIPAL AMOUNT UP TO $101,000,000; INTERIM INSTALLMENT CONTRACT
<br />FINANCING FOR SUCH PROJECTS IN A REVISED AGGREGATE PRINCIPAL
<br />AMOUNT UP TO $40,000,000; THE EXECUTION AND DELIVERY BY THE
<br />CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF
<br />PARTICIPATION RELATED TO THE LONG-TERM INSTALLMENT CONTRACT
<br />FINANCING AND CALLING REQUIRED PUBLIC HEARING
<br />WHEREAS, on May 15, 2006, the Board of Commissioners approved a
<br />proposed plan of financing in an aggregate principal amount of up to
<br />$75,000,000, which plan would involve the entry by the County into a long-
<br />term installment financing contract with the Cabarrus County Development
<br />Corporation (the "Corporation") pursuant to North Carolina General Statutes
<br />160A-20, as amended, the proceeds of which would be used to pay all or a
<br />portion of the costs of acquiring real property, constructing, renovating and
<br />equipping law enforcement facilities, various real and personal property
<br />improvements related to the foregoing and a portion of the interest to accrue
<br />under the installment financing contract during the construction period
<br />(collectively the "Project"), and under said long-term installment financing
<br />contract the County would secure the repayment by the County of the moneys
<br />advanced pursuant to such long-term installment financing contract by
<br />granting a security interest in and lien on all or a portion of the Project;
<br />WHEREAS, as part of such approved plan of financing for the Project, on
<br />May 15, 2006 the Board of Commissioners further authorized obtaining 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;
<br />WHEREAS, due to increased costs of the Project, the Board of
<br />Commissioners now desires to revise the previously approved plan of financing
<br />for the Project to increase the maximum authorized aggregate principal amount
<br />of the approved financing from $75,000,000 to $101,000,000 and to increase
<br />the maximum authorized aggregate principal amount of interim financing
<br />approved for the Project from $25,000,000 to $40,000,000;
<br />WHEREAS, as part of said revised plan of financing, the Corporation
<br />will execute and deliver one or more series of Certificates of Participation
<br />in the long-term installment financing contract in an aggregate principal
<br />amount not exceeding $101,000,000 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;
<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 />increase in authorized amount of the short-term installment financing
<br />contract(s), the increase in authorized amount of 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;
<br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as
<br />follows:
<br />Section 1. The Board of Commissioners hereby increases the maximum
<br />authorized aggregate principal amount of the financing approved for the
<br />Project on May 15, 2006 from $75,000,000 to $101,000,000 and further
<br />increases the maximum authorized aggregate principal amount of interim
<br />financing approved for the Project on May 15, 2006 from $25,000,000 to
<br />$40,000,000.
<br />Section 2. The Board of Commissioners hereby finds and confirms that
<br />(i) the Project and the financing thereof by the increased amount(s) of the
<br />
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