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<br />2001 Certificates, as the person executing the final Official Statement may
<br />approve, the execution and delivery thereof to constitute conclusive evidence
<br />of such approval.
<br /> Section 6. Each of the chairman of the Board of CommisSioners, the
<br />County Manager and the Director of Finance are authorized to approve all
<br />details of the financing of the 2001 Project, including, without limitation,
<br />the amount advanced under the Contract and the aggregate principal amount of
<br />the 2001 Certificates (which shall not exceed $40,000,000), the maturities,
<br />the principal amounts and the interest amounts of the Installment Payments
<br />and the 2001 Certificates, which interest amounts (calculated with respect to
<br />the 2001 Certificates) shall not exceed 7.5% per annum on a true interest
<br />cost basis, the prepayment terms and prices (which shall not exceed 103% of
<br />the principal amount being prepaid) and the Underwriters' discount (exclusive
<br />of any original issue discount) (which shall not exceed 2.0% of the principal
<br />amount of the 2001 Certificates). Execution of the Contract by the Chairman
<br />of the Board of Commissioners or the County Manager shall conclusively
<br />evidence such approval of all such details of said financing.
<br /> Section 7. As required by Section 160A-20 of the North Carolina
<br />General Statutes, a public hearing shall be held by the Board of
<br />Commissioners on February 2, 2001 at 7:00 p.m., or as soon thereafter as
<br />practicable, in the Multipurpose Room in the CabarruS County Governmental
<br />Center in Concord, North Carolina, concerning the execution of the Contract,
<br />the Deed of Trust, the financing of the 2001 Project and any other
<br />transactions contemplated therein and associated therewith. The Clerk to the
<br />Board of Commissioners is directed to cause a notice of such public hearing,
<br />substantially in the form attached hereto as Exhibit A, to be published once
<br />in a qualified newspaper of general circulation within the County not less
<br />than 10 days prior to said public hearing.
<br /> Section 8. The Chairman of the Board of Commissioners, the County
<br />Manager, the Director of Finance and the County Attorney are hereby
<br />authorized to take any and all such further action, including approval Of
<br />modifications to the Financing Documents, and to execute and deliver for and
<br />on behalf of the County such other documents and certificates (including,
<br />without limitation, agreements with securities depositories, financing
<br />statements, appropriate tax certificates and agreements and other documents
<br />and agreements (including repurchase agreements) relating to the investment
<br />of the proceeds from the execution and delivery of the Contract) as they may
<br />deem necessary or advisable tO carry out the intent of this resolution and to
<br />effect the financing pursuant to the Contract and the other Financing
<br />Documents. The County Clerk is hereby authorized to affix the seal of the
<br />County to such documents and certificates as may be appropriate and to attest
<br />to the same and to execute and deliver the same as may be needed. In
<br />addition, said officers are hereby authorized to cooperate with the
<br />Underwriters inpreparing and filing such filings under state securities or
<br />"blue sky" laWs (including special consents to service of process) as the
<br />Underwriters may request and as the Chairman of the Board of Commissioners,
<br />the County Manager or the Director of Finance shall determine.
<br /> Section 9. The County covenants that, to the extent permitted by the
<br />Constitution and laws of the State of North Carolina, it will do and perform
<br />all acts and things to comply with the requirements of the Internal Revenue
<br />Code of 1986, as amended (the "Code"), in order to assure that interest paid
<br />on the 2001 Certificates will not be includable in the gross income of the
<br />owners thereof for purposes o'f federal income taxation, except to the extent
<br />that the County obtains an opinion of bond counsel to the effect that
<br />noncompliance would not result in interest on the 2001 Certificates being
<br />includable in the gross income of the owners of the 2001 Certificates for
<br />purposes of federal income taxation.
<br /> Section 10. This Resolution shall become effective immediately upon
<br />its adoption.
<br /> Thereupon, upon motion of Commissioner Privette, seconded by Chairman
<br />Fennel, the foregoing resolution entitled "RESOLUTION APPROVING INSTALLMENT
<br />CONTRACT FINANCING FOR VARIOUS SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL
<br />AMOUNT UP TO $40,000,000 AND THE ISSUANCE BY THE CABARRUS COUNTY DEVELOPMENT
<br />CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, AUTHORIZING THE
<br />EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH,
<br />DIRECTING A PUBLIC HEARING BE HELD AND PROVIDING FOR CERTAIN OTHER RELATED
<br />MATTERS" was adopted and passed by the following vote:
<br /> AYES: Chairman Fennel and Commissioners Privette, Carruth, Freeman and
<br />Suggs
<br /> NOES: None
<br /> EXHIBIT A
<br /> NOTICE OF PUBLIC HEARING
<br />
<br /> NOTICE IS HEREBY GIVEN that the Board of County Commissioners (the
<br />"Board") of the County of Cabarrus, North Carolina (the ~County"), will
<br />conduct a public hearing on February 2, 2001 concerning the execution and
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