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March 19, 2018 (Regular Meeting)
<br />Page 3990
<br />RESOLUTION RELATING TO LONG-TERM INSTALLMENT CONTRACT FINANCINGS OF
<br />VARIOUS PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO
<br />$55,000,000; INTERIM INSTALLMENT CONTRACT FINANCINGS FOR SUCH
<br />PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $55,000,000; AND
<br />THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT
<br />CORPORATION OF ONE OR MORE SERIES OF LIMITED OBLIGATION BONDS AND/OR
<br />CERTIFICATES OF PARTICIPATION RELATED THERETO
<br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan
<br />of financing in an aggregate principal amount of up to $55,000,000, which plan
<br />would involve the entry by the County into one or more long-term installment
<br />financing contract(s) with the Cabarrus County Development Corporation (the
<br />"Corporation") or one or more other third parties pursuant to North Carolina
<br />General Statutes S160A-20, as amended, the proceeds of which would be used to
<br />pay all or a portion of the costs of (i) acquiring, constructing and equipping
<br />new public school facilities and expanding, rehabilitating, renovating and
<br />equipping existing public school facilities, including but not limited to, one
<br />new elementary school and numerous mobile units, (ii) constructing and equipping
<br />new community college facilities and expanding, rehabilitating, renovating and
<br />equipping existing community college facilities for Rowan-Cabarrus Community
<br />College ("RCCC"), including but not limited to, the Advanced Technology Center,
<br />(iii) the acquisition of numerous parcels of real property for either the County
<br />or RCCC, including all improvements located thereon, if any, (iv) the
<br />acquisition of any necessary rights-of-way and easements related to each of the
<br />foregoing and (v) various real and personal property improvements related to
<br />each of the foregoing (collectively, the "Projects"), and under said one or
<br />more long-term installment financing contract(s) the County would secure the
<br />repayment by the County of the moneys advanced pursuant to such one or more
<br />long-term installment financing contract(s) by granting a security interest in
<br />and lien on all or some portion of the Projects or all or some portion of the
<br />real property upon which the Projects are located;
<br />WHEREAS, as part of said proposed plan of financing, the Corporation may
<br />also execute and deliver one or more series of Limited Obligation Bonds and/or
<br />Certificates of Participation in said one or more long-term installment
<br />financing contracts) in an aggregate principal amount not exceeding $55,000,000
<br />to finance the advancement of moneys to the County pursuant to said one or more
<br />long-term installment financing contract(s) between the County and the
<br />Corporation or one or more other third parties;
<br />WHEREAS, as part of the proposed plan of financing for the Projects, the
<br />Board of Commissioners further desires to authorize interim financing for all
<br />or some portion of the Projects in an aggregate principal amount of up to
<br />$55,000,000, which would involve the entry by the County into one or more short-
<br />term installment financing contract(s) with one or more third parties pursuant
<br />to North Carolina General Statutes 5160A-20, as amended, the proceeds of which
<br />would be used to provide interim financing for all or some portion of the
<br />Projects pending execution and delivery of said one or more long-term financing
<br />contract(s) and the related Limited Obligation Bonds and/or Certificates of
<br />Participation, if any, and under said one or more short-term installment
<br />financing contract(s) the County would secure the repayment by the County of
<br />the moneys advanced pursuant to such short-term installment financing
<br />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
<br />Projects are located; and
<br />WHEREAS, as required by North Carolina General Statutes 3160A-20, the
<br />Board of Commissioners has heretofore held the public hearing concerning the
<br />one or more short-term installment financing contract(s) and the one or more
<br />long-term installment financing contract(s) to be executed and delivered by the
<br />County and the transactions contemplated thereby and associated therewith;
<br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows
<br />Section 1. The Board of Commissioners hereby finds and confirms that (i)
<br />the Projects and the financing thereof by one or more short-term contract(s)
<br />and one or more long-term contract(s) is necessary and expedient for the County;
<br />(ii) financing of the Projects by one or more short-term contract(s) and one or
<br />more long-term contract(s), under the circumstances, is preferable to a bond
<br />issue by the County; (iii) the sums to fall due under one or more short-term
<br />contract(s) and one or more long-term contract(s) are adequate and not excessive
<br />for their proposed purpose; (iv) the County's debt management procedures and
<br />policies are good and its debt will continue to be managed in strict compliance
<br />with law; (v) the increase in taxes, if any, necessary to meet the sums to fall
<br />due under one or more short-term contract(s) and one or more long-term
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