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June 17, 2002 Page 394 Resolution Callln~ Public Hearin~ Relating to Installment Contract Financing for Public Improvement Projects in an Aggregate Principal Amount Up to $30 Million UPON MOTION of Commissioner Fennel, seconded by Commissioner Privette and unanimously carried, the Board adopted the following Resolution. Resolution No. 2002-23 RESOLUTION CALLING REQUIRED PUBLIC HEARING RELATING TO INSTALLMENT CONTRACT FINANCING FOR PUBLIC IMPROVEMENT PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $30,000,000 D/~TD THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO WHEREAS, the Board of Commissioners desires to undertake a proposed plan of financing in an aggregate principal amount of up to $30,000,000, 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 facilities, including a school administrative building, several additional gym facilities and an expo center and improvements related to the foregoing (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, 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. 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 July 22, 2002 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 to said public hearing. Section 2. 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. Section 3. adoption. This resolution shall become effective immediately upon its Thereupon, upon motion of Commissioner Fennel, seconded by Commissioner Privette, the foregoing resolution entitled ~RESOLUTION CALLING REQUIRED PUBLIC HEARING RELATING TO INSTALLMENT CONTRACT FINANCING FOR PUBLIC IMPROVEMENT PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $30,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO" was adopted and passed by the following vote: AYES: Commissioners Fennel, Privette and Suggs, Vice Chairman Carruth 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 July 22, 2002 concerning