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April 21, 2003 Page 103 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 Contract will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 2. 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 May 19, 2003 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 an installment financing contract 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 tQ said public hearing. Section 3. 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 an application with the North Carolina Local Government Commission seeking approval of the plan of financing, the publication of any required notices related thereto, consideration and negotiation of proposals from one or more underwriters regarding ~he proposed plan of financing and the consideration and negotiation of the terms of the proposed plan of financing and the relevant legal documentation. Section 4. adoption. This Resolution shall become effective immediately upon its Thereupon, upon motion of Commissioner Privette, seconded by Vice Chairman Suggs, the foregoing resolution entitled "RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING FOR PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $45,000,000; THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING REQUIRED PUBLIC HEARING" was adopted and passed by the following vote: AYES: Commissioners Carpenter, Carruth and Privette, Vice Chairman Suggs and Chairman Freeman NOES: None EXHIBIT A NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that the Board of County Commissioners (the "Board") of the County of Cabarrus, North Carolina (the "County"), will conduct a public hearing on May 19, 2003 concerning the execution and delivery of an installment financing contract (the "Contract") to finance 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 ~2003 Project"). The plan of financing for the 2003 Project involves the entry by the County into the Contract with a third party who will provide the County with up to $45,000,000 pursuant to the terms of the Contract, which amount will be applied to finance costs of the 2003 Project. The County's obligations to such third party supplying financing are authorized by North Carolina General Statutes Section 160A-20 and will be secured by a lien upon or security interest in all or some portion of the 2003 Project and in all or some portion of the real property on which the 2003 Project will be located. The obligation of the County under the Contract will not be deemed to be a pledge of the faith and credit of the County within the meaning of any constitutional debt limitation and the Contract will not directly or indirectly or contingently obligate the County to make any payments beyond those appropriated in the sole discretion of the County for any fiscal year in which such Contract is in effect. No deficiency judgment may be rendered against the County in any action for breach of such Contract and the taxing