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April 21, 2003 Page 102 NOW, THEREFORE, the Cabarrus County Board of Commissioners proclaims May 1, 2003 as ~DAY OF PPJ~YER" in Cabarrus County and urges all citizens to join us in praying for our nation, our state, our county and ourselves. Adopted this the 21st day of April, 2003. /s/ Robert M. Freeman Robert M. Freeman, Chairman Cabarrus County Board of Commissioners (E-19) Authorization to Participate in the CDBG Scattered Site Housing Rehabilitation Program (2004-2006 Funding Cycle) Cabarrus County will be eligible to receive $400,000.00 for the 2004- 2006 funding cycle of the Community Development Block Grant (CDBG) Scattered Site Housing Rehabilitation Program. There is no local match for this program. UPON MOTION of Commissioner Privette, seconded by Vice Chairman Suggs and unanimously carried, the Board authorized the County's participation in the CDBG Scattered Site Housing Rehabilitation Program for the 2004-2006 funding cycle. (E-20) Resolution Relating to Installment Contract Financing for Public Deliver~ by the Cabarrus County Development Corporation of Certificates o~ Participation and Calling Required Public Hearing for May 19, 2003 UPON MOTION of Commissioner Privette, seconded by vice Chairman Suggs and unanimously carried, the Board adopted the following Resolution. Resolution No. 2003-15 RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING FOR PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $45,000,000; THE EXECUTION D~ND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING REQUIRED PUBLIC HED=RING WHEREAS, the Board of Commissioners desires to undertake a proposed plan of financing in an aggregate principal amount of up to $45,000,000, which plan would involve the entry by the County into an installment financing contract 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 pay all or a portion of the costs of acquiring real property, constructing and equipping new public school facilities, including two new elementary schools and one new middle school, expansion of two existing elementary school facilities, various real and personal property improvements related to the foregoing and a portion of the interest to accrue under the installment financing contract during the construction period (collectively the "Project"), and under said installment financing contract the County would secure the repayment by the County of the moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the Project; WHEREAS, as part of said proposed plan of financing, the Corporation will execute and deliver one or more series of Certificates of Participation in the installment financing contract in an aggregate principal amount not exceeding $45,000,000 to finance the advancement of moneys to the County pursuant to the installment financing contract between the County and the Corporation; and WHEREAS, North Carolina General Statutes 160A-20, as amended, requires that the Board of Commissioners must hold a public hearing concerning the contract and the transactions contemplated thereby and associated therewith, with notice of said public hearing to be published once at least 10 days before the date of the public hearing; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The Board of Commissioners hereby finds and confirms that (i) the Project and the financing thereof by the Contract is necessary and expedient for the County; (ii) financing of the Project by the Contract, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the Contract are adequate and not excessive for its proposed purpose; (iv) the County's debt management procedures and