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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 February 16, 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; Jonathan B. Marshall, Deputy County Manager; Susan B. Fearrington, Finance Director; Richard M. Koch, Esq., County Attorney; and Megan I.E. Smit, Clerk to the Board. RESOLUTION APPROVING REFINANCING OF PRIOR INSTALLMENT FINANCING CONTRACT FINANCINGS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $211,615,000; THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF ONE OR MORE SERIES OF LIMITED OBLIGATION BONDS AND /OR CERTIFICATES OF PARTICIPATION RELATED THERETO; AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Board of Commissioners desires to approve 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 (or amendments to one or more outstanding installment financing contracts) with the Cabarrus County Development Corporation (the "Corporation ") or one or more third parties pursuant to North Carolina General Statutes §160A-20, as amended, the proceeds of which would be used to refinance all or a Attachment number 1 F -6 Page 61