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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS,NORTH CAROLINA The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on May 15, 2017, with Stephen M. Morris, Chairman,presiding. The following Commissioners were: PRESENT: Chairman Stephen M.Morris,Vice Chairman Diane R. Honeycutt and Commissioners Blake Kiger, Elizabeth F. Poole and Lynn W. Shue. ABSENT: None. ALSO PRESENT: Michael K. Downs,County Manager; Pamela S. Dubois, Senior Deputy County Manager; Susan B.Fearrington,Finance Director; Richard M. Koch,Esq.,County Attorney; and Megan I.E. Smit,Clerk to the Board. The Chairman announced that this was the date, place and hour fixed by the Board of Commissioners for a public hearing concerning a proposed plan of financing in an aggregate principal amount of up to $128,105,000, which plan would involve the entry by the County into (i) one or more long-term installment financing contract(s) with the Cabarrus County Development Corporation (the "Corporation")or one or more other third parties pursuant to North Carolina General Statutes 160A-20,as amended,the proceeds of which would be used to pay all or a portion of the costs of(a) constructing and equipping new public school facilities and expanding, rehabilitating, renovating and equipping existing public school facilities, including but not limited to, one new high school and one new performance learning center high school, (b) acquisition of two parcels of real property containing approximately 25 acres, including all improvements located thereon, (c)the construction and equipping of a new multi-story parking garage and related facilities on real property owned by the County, (d) the acquisition of any necessary rights-of-way and easements related to each of the foregoing and (e) various real and personal property improvements related to each of the foregoing (collectively, the "Projects"), and under said one or more long-term installment financing contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to such one or more long-term installment financing contract(s) by granting a security interest in and lien on all or some portion of the Projects or all or some portion of the real property upon which the Projects are located and/or (ii) into one or more short-term installment financing contract(s)with one or more third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to provide interim financing for all or some portion of Attachment number 1 \n G-4 Page 242