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May 19, 2003 Page 123 There was no one present to address the Board, and Chairman Freeman closed the public hearing. (F-2) Installment Contract Financing for Up to $45 Million for Public School Facilities Ms. Susan Fearrington, Assistant Finance Director, presented a brief overview of the County's plans to enter into an installment financing contract to provide up to $45 million for the construction of three new schools, expansion of two existing elementary school facilities and other school improvements. Mr. Steven Cordell, Bond Counsel, reviewed the installment contract financing process and described the various documents associated with the process. [F-2 (a)] Public Hearing - 6:30 p.m. The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning 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 pursuant to North Carolina General Statutes Section 160A-20, as amended, with the proceeds thereof to 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 "2003 Project"), which 2003 Project was described in the notice of public hearing published in The Independent Tribune on May 8, 2003 (the ~Notice"), and under said installment financing contract the County would secure the repayment by it of moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the 2003 Project. The Board of Commissioners first ratified and approved the designation of the meeting as a public hearing on the proposed plan of financing, the call of the public hearing and publication of the Notice. It was then announced that the Board of Commissioners would immediately hear anyone who might wish to be heard on such matter. No one appeared, either in person or by attorney, to be heard on such matter or the advisability of the plan of financing and the Clerk to the Board of Commissioners announced that no written statement relating to said matters had been received by the Clerk or the Finance Director. It was then announced that the public hearing was closed. (b) Resolution Approving Installment Contract Financing for Public School Facilities Resolution No. 2003 - 17 RESOLUTION APPROVING INSTALLMENT CONTRACT FINAi~CING FOR PUBLIC SCHOOL PROJECTS IN Alq AGGREGATE PRINCIPAL AMOUNT UP TO $45,000,000 D/qD THE EXECUTION D/qD DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, AUTHORIZING THE EXECUTION ~ DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Board of Commissioners desires to approve 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 ~2003 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 2003 Project;