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EXTRACT FROM MINUTES OF MEETING <br />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 May 19, 2014, with <br />Elizabeth F. Poole, Chairman, presiding. The following Commissioners were: <br />PRESENT: Chairman Elizabeth F. Poole and Commissioners and <br />ABSENT: <br />ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Deputy <br />County Manager; Jonathan B. Marshall, Deputy County Manager; Ann M. Wilson, Finance <br />Director; Richard M. Koch, Esq., County Attorney; and Megan I.E. Smit, Clerk to the Board <br />The Chairman introduced the following resolution, a summary of which had been <br />provided to each Commissioner, a copy of which was available with the Clerk to the Board and <br />which was read by title: <br />RESOLUTION APPROVING THE FILING OF AN APPLICATION <br />WITH THE LOCAL GOVERNMENT COMMISSION WITH RESPECT <br />TO UP TO $34,000,000 GENERAL OBLIGATION SCHOOL BONDS, <br />AUTHORIZING PUBLICATION OF A NOTICE OF INTENT TO FILE <br />SAID APPLICATION AND MAKING CERTAIN FINDINGS <br />RELATED THERETO <br />WHEREAS, the Board of Commissioners of Cabarrus County (the "Board ") has decided <br />to pursue the issuance of general obligation school bonds in the maximum aggregate principal <br />amount of $34,000,000 (the "School Bonds ") under the Local Government Bond Act (the "Act ") <br />to finance, in part, (i) the acquisition, construction, installation and equipping of a new public <br />middle school in Kannapolis within the boundaries of Cabarrus County, to be funded with not <br />more than $23,000,000 of School Bonds proceeds, and (ii) the acquisition, construction, <br />installation and equipping of a new public elementary school to replace the existing Royal Oaks <br />Elementary School, to be funded with not more than $11,000,000 of School Bonds proceeds, <br />including acquisition of necessary land and rights -of -way (the "Public School Projects "); <br />Attachment number 2 <br />G -5 Page 213 <br />