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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 December 14, 2015, with <br />the Chairman, presiding. The following Commissioners were: <br />PRESENT: Stephen M. Morris, Elizabeth F. Poole, Diane R. Honeycutt, Grace M. <br />Mynatt and Lynn W. Shue. <br />ABSENT: [None.] <br />ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Deputy <br />County Manager; Richard M. Koch, Esq., County Attorney and Megan I.E. Smit, Clerk to the <br />• . 11 <br />RESOLUTION RELATING TO LONG -TERM INSTALLMENT CONTRACT <br />FINANCINGS OF VARIOUS PUBLIC SCHOOL PROJECTS IN AN <br />AGGREGATE PRINCIPAL AMOUNT UP TO $112,000,000; AUTHORIZING <br />INTERIM INSTALLMENT CONTRACT FINANCINGS FOR SUCH <br />PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO <br />$112,000,000; AUTHORIZING THE EXECUTION AND DELIVERY BY THE <br />CABARRUS COUNTY DEVELOPMENT CORPORATION OF ONE OR <br />MORE SERIES OF LIMITED OBLIGATION BONDS AND /OR <br />CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING <br />REQUIRED PUBLIC HEARING <br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan of <br />financing in an aggregate principal amount of up to $112,000,000, which plan would involve the <br />entry by the County into one or more long -term installment financing contract(s) with the <br />Cabarrus County Development Corporation (the "Corporation ") or one or more other third <br />parties pursuant to North Carolina General Statutes 160A -20, as amended, the proceeds of which <br />would be used to pay all or a portion of the costs of (i) constructing and equipping new public <br />school facilities and expanding, rehabilitating, renovating and equipping existing public school <br />facilities, including but not limited to one new elementary school and two new middle schools <br />Attachment number 1 \n <br />F -7 Page 237 <br />