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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br /> THE COUNTY OF CABARRUS, NORTH CAROLINA <br /> The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular <br /> session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in <br /> Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on April 18, 2017, with <br /> Stephen M. Morris, Chairman, presiding. The following Commissioners were: <br /> PRESENT: Chairman Stephen M. Morris; Vice Chairman Diane R. Honeycutt and <br /> Commissioners F. Blake Kiger, Elizabeth F. Poole and Lynn W. Shue. <br /> ABSENT: [None.] <br /> ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Senior <br /> Deputy County Manager; Susan B. Fearrington,Finance Director; Richard M. Koch,Esq., County <br /> Attorney; and Megan I.E. Smit, Clerk to the Board. <br /> RESOLUTION RELATING TO LONG-TERM INSTALLMENT CONTRACT <br /> FINANCINGS OF VARIOUS PUBLIC PROJECTS IN AN AGGREGATE <br /> PRINCIPAL AMOUNT UP TO $128,105,000; AUTHORIZING INTERIM <br /> INSTALLMENT CONTRACT FINANCINGS FOR SUCH PROJECTS IN AN <br /> AGGREGATE PRINCIPAL AMOUNT UP TO $128,105,000; AUTHORIZING <br /> THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY <br /> DEVELOPMENT CORPORATION OF ONE OR MORE SERIES OF LIMITED <br /> OBLIGATION BONDS AND/OR CERTIFICATES OF PARTICIPATION <br /> RELATED THERETO AND CALLING REQUIRED PUBLIC HEARING <br /> WHEREAS,the Board of Commissioners desires to undertake a proposed plan of financing <br /> in an aggregate principal amount of up to $128,105,000, which plan would involve the entry by <br /> the County into one or more long-term installment financing contract(s)with the Cabarrus County <br /> Development Corporation(the"Corporation")or one or more other third parties pursuant to North <br /> Carolina General Statutes §160A-20, as amended,the proceeds of which would be used to pay all <br /> or a portion of the costs of (i) constructing and equipping new public school facilities and <br /> expanding,rehabilitating,renovating and equipping existing public school facilities, including but <br /> not limited to, one new high school and one new performance learning center high school, (ii) <br /> acquisition of two parcels of real property containing approximately 25 acres, including all <br /> F-5 Page 102 <br />