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entry by the County into one or more long-term installment financing contract(s) with the <br />Cabarrus County Development Corporation (the "Corporation") or one or more other third <br />parties pursuant to North Carolina General Statutes §160A-20, as amended, the proceeds of <br />which would be used to pay all or a portion of the costs of (i) acquiring, constructing and <br />equipping new public school facilities and expanding, rehabilitating, renovating and equipping <br />existing public school facilities, including but not limited to, one new elementary school and <br />numerous mobile units, (ii) constructing and equipping new community college facilities and <br />expanding, rehabilitating, renovating and equipping existing community college facilities for <br />Rowan-Cabarrus Community College ("RCCC"), including but not limited to, the Advanced <br />Technology Center, (iii) the acquisition of numerous parcels of real property for either the <br />County or RCCC, including all improvements located thereon, if any, (iv) the acquisition of any <br />necessary rights-of-way and easements related to each of the foregoing and (v) various real and <br />personal property improvements related to each of the foregoing (collectively, the "Projects"), <br />and under said one or more long-term installment financing contract(s) the County would secure <br />the repayment by the County of the moneys advanced pursuant to such one or more long-term <br />installment financing contract(s) by granting a security interest in and lien on all or some portion <br />of the Projects or all or some portion of the real property upon which the Projects are located; <br />WHEREAS, as part of said proposed plan of financing, the Corporation may also execute <br />and deliver one or more series of Limited Obligation Bonds and/or Certificates of Participation <br />in said one or more long-term installment financing contract(s) in an aggregate principal amount <br />not exceeding $55,000,000 to finance the advancement of moneys to the County pursuant to said <br />one or more long-term installment financing contract(s) between the County and the Corporation <br />or one or more other third parties; <br />WHEREAS, as part of the proposed plan of financing for the Projects, the Board of <br />Commissioners further desires to authorize interim financing for all or some portion of the <br />Projects in an aggregate principal amount of up to $55,000,000, which would involve the entry <br />by the County into one or more short-term installment financing contract(s) with one or more <br />third parties pursuant to North Carolina General Statutes § 160A-20, as amended, the proceeds of <br />which would be used to provide interim financing for all or some portion of the Projects pending <br />execution and delivery of said one or more long-term financing contract(s) and the related <br />3 Attachment number 1 \n <br />G-2 Page 188 <br />