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6 0 <br />no)K -19 PAGE <br />(collectively the "Project"), and under said installment financing contract the County would <br />secure the repayment by the County of the moneys advanced pursuant to such contract by <br />granting a security interest in and lien on all or a portion of the Project; <br />WHEREAS, as part of said proposed plan of financing, the Corporation will execute and <br />deliver one or more series of Certificates of Participation in the installment financing contract in <br />an aggregate principal amount not exceeding $27,500,000 to finance the advancement of moneys <br />to the County pursuant to the installment financing contract between the County and the <br />Corporation; and <br />WHEREAS, North Carolina General Statutes 160A-20, as amended, requires that the <br />Board of Commissioners must hold a public hearing concerning the contract and the transactions <br />contemplated thereby and associated therewith, with notice of said public hearing to be published <br />once at least 10 days before the date of the public hearing; <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) the Project <br />and the financing thereof by the Contract is necessary and expedient for the County; (ii) <br />financing of the Project by the Contract, under the circumstances, is preferable to a bond issue by <br />the County; (iii) the sums to fall due under the Contract are adequate and not excessive for its <br />proposed purpose; (iv) the County's debt management procedures and policies are good and its <br />debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, <br />necessary to meet the sums to fall due under the Contract will not be excessive; and (vi) the <br />County is not in default regarding any of its debt service obligations. <br />Section 2. As required by Section 160A-20 of the North Carolina General Statutes, as <br />amended, a public hearing shall be held by the Board of Commissioners on September 2, 2003 at <br />9:00 a.m., or as soon thereafter as practicable, in the Commissioners' Room, First Floor, Lee <br />County Government Center in Sanford, North Carolina, concerning the proposed execution of an <br />installment financing contract and related documents, the proposed financing of the Project and <br />any other transactions associated therewith. The Clerk to the Board of Commissioners is <br />directed to cause a notice of such public hearing, substantially in the form attached hereto as <br />