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August 20, 2028 (Regular Meeting) Page 3676
<br />UPON MOTION of Commissioner Shue, seconded by Vice Chairman Honeycutt and
<br />unanimously carried, the Board approved the resolution authorizing the tax-
<br />exempt bond financing on behalf of Carolina International School.
<br />Resolution Na. 2018-16
<br />RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $2,600,000 OF THE
<br />PUBLIC FINANCE AUTHORITY EDUCATION REVENUE BONDS (CAROLINA INTERNATIONAL
<br />SCHOOL), SERIES 2018A
<br />WHEREAS, at 6:30 P.M., the Chairman announced that the Board of
<br />Commissioners (the "Board") would proceed to hold a public hearing and would
<br />hear anyone who wished to be heard on the proposed issuance by the Public
<br />Finance Authority (the "Authority"), a unit of government and a body corporate
<br />and politic of the State of Wisconsin, of not exceeding $2,600,000 of its
<br />Education Revenue Bonds (Carolina International School), Series 2018A (the
<br />"Bonds");
<br />WHEREAS, the Authority will loan the proceeds of the Bonds to Carolina
<br />International School, a North Carolina nonprofit corporation (the "Borrower")
<br />and the Borrower will use the proceeds of the loan from the Authority for the
<br />purpose of financing and refinancing the costs of acquiring, constructing,
<br />equipping and improving and operating, as applicable, land and buildings used
<br />or to be used by the Corporation as school facilities located and to be located
<br />at 9545 Poplar Tent Road, Concord, North Carolina (the "Project");
<br />WHEREAS, pursuant to Section 66.0304(11)(a) of the Wisconsin Statutes,
<br />prior to their issuance, bonds issued by the Authority must be approved by the
<br />governing body or highest ranking executive or administrator of the political
<br />jurisdiction within whose boundaries the project is located (the "Project
<br />Jurisdiction");
<br />WHEREAS, the Borrower has requested that the Board approve the financing
<br />of the Project and the issuance of the Bonds in order to satisfy the public
<br />approval requirement of Section 147(f) of the Code and the requirements of
<br />Section 4 of the Amended and Restated Joint Exercise of Powers Agreement
<br />Relating to the Public Finance Authority, dated as of September 28, 2010 (the
<br />"Joint Exercise Agreement") and Section 66.0304(11)(a) of the Wisconsin
<br />Statutes;
<br />WHEREAS, on August 6, 2018, a notice of public hearing has been published
<br />in Independent Tribune, setting forth a general, functional description of the
<br />type and use of the facilities to be financed and refinanced, the maximum
<br />principal amount of the Bonds, the initial owner, operator or manager of the
<br />facilities and the location of the facilities, among other things;
<br />WHEREAS, the names, address and testimony of the persons who were present
<br />and who offered comments on the proposed issuance of the Bonds or who responded
<br />in writing to the notice of public hearing are as follows: None
<br />WHEREAS, the Chairman of the Board inquired elsewhere in and around the
<br />meeting room to determine whether there were any other persons who wished to
<br />speak at the public hearing and the Chairman of the Board determined that no
<br />other persons who wished to speak at the public hearing were found; and
<br />WHEREAS, the purpose of the above-described public hearing and this
<br />resolution is to satisfy the public approval requirement of Section 147(f) of
<br />the Internal Revenue Code of 1986, as amended (the "Code"), in order to qualify
<br />the interest on the Bonds for exclusion from the gross income of the owners
<br />thereof for federal income tax purposes pursuant to the applicable provisions
<br />of the Code;
<br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR THE
<br />COUNTY OF CABARRUS, NORTH CAROLINA:
<br />Section 1. For the sole purpose of qualifying the interest on the Bonds
<br />for exclusion from the gross income of the owners thereof for federal income
<br />tax purposes pursuant to the applicable provisions of the Code, the Board hereby
<br />approves the issuance of the Bonds by the Authority for the purpose of providing
<br />funds to finance and refinance the Project, provided that in no event shall
<br />Cabarrus County, the State of North Carolina or any political subdivision
<br />thereof be liable for such Bonds nor shall the Bonds constitute a debt of
<br />Cabarrus County, the State of North Carolina or any political subdivision
<br />thereof. It is the purpose and intent of the Board that this resolution
<br />constitute approval of the issuance of the Bonds by the applicable elected
<br />representative of the Project Jurisdiction, which is the governmental unit
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