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November 13, 2006 (Recessed Meeting) Page 161 short-term contract(s) and the long-term contract is necessary and expedient for the County; (ii) financing of the Project by the increased amount(s) of the short-term contract(s) and the long-term contract, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the increased amount(s) of the short-term contract(s) and the long-term contract 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 the increased amount(s) of the short-term contract(s) and the long-term contract will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 3. 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 November 20, 2006 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 one or more short-term installment financing contract(s) in an aggregate principal amount not to exceed $90,000,000 and related documents, a long-term installment financing contract in an aggregate principal amount not to exceed $101,000,000 and related documents, the proposed financing of the Project 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. All prior actions taken by officers of the County with respect to publication of the required notice of public hearing are hereby ratified and confirmed by the Board of Commissioners. Section 9. 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 financing, including without limitation filing one or more applications with the North Carolina Local Government Commission seeking approval of the plan of financing or any component thereof, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more third parties regarding the one or more short-term installment financing contract(s) included in the revised plan of financing, consideration and negotiation of proposals from one or more underwriters regarding the long- term installment financing contract included in the revised plan of financing, and consideration and negotiation of the terms of the revised plan of financing or any component thereof and the relevant legal documentation. Section 5. Except as expressly modified hereby, the resolution adopted by the Board of Commissioners on May 15, 2006 with respect to financing the Project is hereby ratified and shall remain in full force and effect. Section 6. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Joni D. Juba, seconded by Commissioner Robert M. Freeman, the foregoing resolution entitled "RESOLUTION RELATING TO LONG-TERM INSTALLMENT CONTRACT FINANCING FOR LAW ENFORCEMENT FACILITY PROJECTS IN A REVISED AGGREGATE PRINCIPAL AMOUNT UP TO $101,000,000; INTERIM INSTALLMENT CONTRACT FINANCING FOR SUCH PROJECTS IN A REVISED AGGREGATE PRINCIPAL AMOUNT UP TO $40,000,000; THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED TO THE LONG-TERM INSTALLMENT CONTRACT FINANCING AND CALLING REQUIRED PUBLIC HEARING" was adopted and passed by the following vote: AYES: Chairman Carruth, Vice Chairman Juba and Commissioners Carpenter and Freeman NOES: None for Pre-cast Portion of the Sheriff's Of: Richard M. Koch, County Attorney, presented Amendment # 3 to the contract for Construction Manager at Risk for the construction of the Cabarrus County Detention Center and Sheriff's Department between Cabarrus County, owner and Turner Construction Company, Construction Manager at Risk totaling $13,000,000.00. He reported the $13 million includes the cost of materials and delivery and if Amendment # 3 is not approved tonight, the locked-in pre-cast prices will be lost.