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CAROLINA INTERNATIONAL SCHOOL Jry y r OO,' A NOR I'11 CAROLINA Pl'It CHAR HAR frn lc flout. TSR ATtONAL.50H 9545 Poplar Tent Road, Cmcard, NC 28027 704.455.3847 • 704.455.4672 (fax) www.CarolinalntemationalSchootorg July 25, 2018 VIA ELECTRONIC MAIL Board of County Commissioners County of Cabamts, North Carolina 65 Church Street, SE Concord, North Carolina 28026 Re: Request for public hearing at Board of Commissioner's August 20, 2018 meeting to approve tax-exempt bond financing for Carolina International School Ladies and Gentlemen: I am writing to request, on behalf of Carolina International School (the `School), the Board of Commissioners of Cabarrus County (the `Board") to host a public hearing at their August 20, 2018 meeting and approve, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the School's financing and refinancing of certain projects with the proposed issuance of tax-exempt bonds (the "Bonds"). As you know, Section 147(f) of the Code requires all private activity bonds, such as the Bonds, to be approved by (1) the governmental unit issuing the bonds or on behalf of which such bonds are being issued (in this case, Public Finance Authority, a unit of government and a body corporate and politic of the State of Wisconsin) and (2) each governmental unit having jurisdiction over the area in which the facilities being financed or refinanced with the bonds are located (in this rase, Cabarrus County). Accordingly, the School is requesting the Board to hold a public hearing and approve the proposed bond issue in order to comply with the hearing and approval requirements of Section 147(1) of the Code. Such approval by the Board does not in any way make Cabarrus County responsible or liable for the Bonds, which is a fact that will be set forth clearly in the resolution of the Board approving such financing. Hosting the public hearing and approving the issuance of the Bonds would merely be a ministerial act to help the School comply with the provisions of the Code in order to use the proceeds of tax-exempt bonds. A preliminary draft of the Board's approval resolution is attached hereto. Robinson, Bradshaw & Hinson, P.A., as our counsel, will cause the required notice of public hearing to be published in "a newspaper of general circulation available to residents of Cabarrus County at least 14 days before the public hearing. A draft of the notice of public hearing is attached hereto. As described in the notice, the Bonds will be used to (1) finance and refinance the costs of acquiring, constructing, equipping, improving and operating, as applicable, land and buildings used or to be used by the Corporation as school facilities to be located at 9545 Poplar Tent Road, Concord, North Carolina (the "Project"), (2) finance the cost of interest during the construction of the Project, (3) finance the cost of a debt service reserve fund and (4) pay certain expenses incurred in connection with the issuance of the Bonds by the Authority. Attachment number t \n G-4 Page 186