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EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS The Board of Commissioners for the County of Cabarrus, North Carolina (the " County ") held a regular meeting in the Commissioners Meeting Room of the Cabarrus County Government Center located at 65 Church Street SE, Concord, North Carolina 28026, at 6:30 P.M. on February 15, 2016. The following Commissioners were: Present: Absent: The Chairman held the public hearing described below and introduced the following resolution, a copy of which had been provided to each Commissioner and which was read by its title: RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $125,000,000 OF PUBLIC FINANCE AUTHORITY EDUCATION REVENUE BONDS TO FINANCE CERTAIN COSTS OF VARIOUS PROJECTS ON BEHALF OF THE NORTH CAROLINA CHARTER EDUCATIONAL FOUNDATION, INC. WHEREAS, at P.M., the Chairman announced that the Board of Commissioners (the " Board ') would proceed to hold a public hearing and would hear anyone who wished to be heard on the proposed issuance by the Public Finance Authority (the " Authority '), a unit of government and a body corporate and politic of the State of Wisconsin, of not exceeding $125,000,000 of its revenue bonds in one or more issuances and /or one or more series (the "Bonds "); WHEREAS, the Authority will loan the proceeds of the Bonds to The North Carolina Charter Educational Foundation, Inc. (the " Corporation '), a North Carolina nonprofit corporation and an exempt organization under Section 501(c)(3) of the Internal Revenue Code, Red Apple at Cabarrus, LLC, Red Apple at Cabarrus Upper, LLC and Red Apple at Kannapolis, LLC, each a Florida limited liability company (collectively, with the Corporation, the " Borrowers ") for the purpose of, among other things, (1) financing the acquisition, construction, equipping, and /or any other capital expenditures and related expenses, as applicable, of (a) charter school educational facilities located at 355 Poplar Crossing Drive NW, Concord, North Carolina 28027, within Cabarrus County, referred to as Cabarrus Charter Academy (the " Cabarrus Charter Project "), (b) charter school educational facilities at 7550 Ruben Linker Road W. Concord, North Carolina 28027, within Cabarrus County and referred to as Cabarrus Charter Academy (the " Cabarrus Upper School Project ") and (c) charter school educational facilities at 1911 Concord Lake Road, Kannapolis, North Carolina 28083, within Cabarrus County and referred to as Kannapolis Charter Academy (the " Kannapolis Project and together with the Cabarrus Charter Project and the Cabarrus Upper School Project, the " Projects '), (2) funding capitalized interest in connection therewith, (3) funding any debt service reserve funds and (4) paying certain expenses in connection with the issuance of the Bonds by the Authority; 8102374v4 23840.00011 Attachment number 5 \n G -3 Page 118