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I 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 17, 2014. 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 $39,261,000 OF THE PUBLIC FINANCE AUTHORITY CHARTER SCHOOL REVENUE BONDS TO FINANCE OR REFINANCE CERTAIN COSTS OF VARIOUS PROJECTS ON BEHALF OF VERTEX NON - PROFIT ORGANIZATION 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 $39,261,000 of its Charter School Revenue Bonds in one or more issuances and /or one or more series which may include both senior and subordinate bonds (the "Bonds "); WHEREAS, the Authority will loan the proceeds of the Bonds to Vertex Non - Profit Organization, a Utah non - for - profit corporation and 501(c)(3) organization (the " Borrower "), and the Borrower, pursuant to the plan of finance, will use the proceeds of the loan from the Authority for the purpose of financing and refinancing, as applicable, the eligible costs of the acquisition, construction, reconstruction, renovation, equipping, and /or any other capital expenditures and related expenses, as applicable, of multiple charter school educational facilities, and to fund certain costs of issuance and capitalized interest in connection therewith, to include the charter school located at 7807 Caldwell Road, Harrisburg, North Carolina 28075, with the applicable facility sometimes referred to as A.C.E. Academy (the " A.C.E. Academy Project ") within Cabarrus County; WHEREAS, pursuant to Section 66.0304(11)(a) of the Wisconsin Statutes, prior to their issuance, bonds issued by the Authority must be approved by the governing body or highest ranking executive or administrator of the political jurisdiction within whose boundaries a project is located, which with respect to the A.C.E. Academy Project is Cabarrus County, North Carolina; 3224708v1 23768.00011 Attachment number 1 G -1 Page 113