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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 January 20, 2015, with Stephen M. Morris, Chairman, presiding. The following Commissioners were: PRESENT: Chairman Stephen M. Morris; Vice Chairman Elizabeth F. Poole and Commissioners Diane R. Honeycutt, Grace M. Mynatt and Lynn W. Shue. ABSENT: [None.] ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Deputy County Manager; 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 refinancing in an aggregate principal amount of up to $211,615,000, which plan would involve the entry by the County into one or more installment financing contracts 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 refinance all or a portion of one or more installment financing contracts previously executed and delivered by the County, which prior installment financing contracts paid all or a portion of the costs of acquiring, constructing and equipping various public facilities and related improvements and costs (collectively the "Projects "), and under said one or more installment financing contracts the County would secure the repayment by the County of the moneys advanced pursuant to such one or more installment financing contracts by granting a security interest in and lien on all or some portion of the Projects and /or in all or some portion of the real property on which the Projects are located, which plan of refinancing was described in the notice of public hearing published in The Independent Tribune on January 7, 2015 (the "Notice "). The Board of Commissioners first ratified and approved the designation of the meeting as a public hearing on the proposed plan of refinancing, the call of the public hearing and publication of the Notice. It was then announced that the Board of Commissioners would immediately hear anyone who might wish to be heard on such matter. Attachment number 1 G -1 Page 126