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At 7:48 p.m., Chairman Fennel opened the public hearing for the CDBG Scattered Site Housing Rehabilitation Program and asked if anyone wished to speak either for or against the program. The Notice of the Public Hearing was published in THE INDEPENDENT TRIBUNE on January 14 and 18, 2001. There was no one present to address the Board, and Chairman Fennel closed the public hearing. No other action was required at this time. Cabarrus County Child Protection Team Annual Report - Anne Laukaitis, Child Protection Team Ch&irperson Ms. Anne Laukaitis, Chairperson of the Cabarrus Community Child Protection Team, presented the Team's Annual Report as required by North Carolina General Statute 7B-1406. She reviewed the purpose of the committee and outlined its activities during the year. For the year that ended June 30, 2000, there were 981 child abuse and neglect reports involving 1,978 children. Of those, 255 reports were substantiated involving 516 children. The Board received the report as information and took no action. Resolution Rel&tin~ to the $40 Million COPS Financing for the Construction of New Schools - Blair Bennett, Deputy County Manager for Administration Mr. Bennett reviewed the proposed installment contract financing and related documents for the three new school projects. The County will finance $40 million with approximately $7 million funded directly by the County. There was brief discussion concerning the construction of the three new schools, including past actions to keep construction costs down, the work of the citizens Oversight Committee and efforts by the Chairman to put ~Kids First" in Cabarrus County. Resolution No. 2001-01 RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $40,000,000 AND THE ISSUANCE BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, DIRECTING A PUBLIC HEARING BE HELD 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 $40,000,000, 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 constructing two new public middle schools and one new public elementary school and acquiring certain ' equipment related thereto (collectively the ~2001 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 2001 Project; WHEREAS, as part of said plan of financing, the Corporation will issue Certificates of Participation in an aggregate principal amount not exceeding $40,000,000 to finance the advancement of moneys to the County pursuant to the installment financing contract between the County and the Corporation; WHEREAS, there have been submitted to this meeting draft forms of the following documents (the "Financing Documents") with respect to the financing for the 2001 Project: (1) an Installment Financing Contract, proposed to be dated as of March 1, 2001 (the "Contract"), between the County and the Corporation as counterparty, pursuant to which the Corporation will advance moneys to the County for the costs of the 2001 Project and the County agrees to make periodic installment payments (the "Installment Payments") to repay the moneys so advanced, with interest; (2) a Deed of Trust and Security Agreement '(the "Deed of- Trust"), proposed to be dated as of March 1, 2001, among the County as'Grantor, the Corporation as Beneficiary and the trustee named therein, by which the County would secure its obligations to the Corporation under the Contract; (3) an Indenture of Trust, proposed' to be dated as of March 1, 2001 (the "Trust Indenture"), between the Corporation and the trustee named therein, as trustee (the "Trustee"), pursuant to which there are to be