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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 September 20, 2010, <br />with , Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br />* * * * * * * * * * <br />RESOLUTION APPROVING REFINANCING OF PRIOR INSTALLMENT <br />FINANCING CONTRACT FINANCINGS IN AN AGGREGATE PRINCIPAL <br />AMOUNT UP TO $45,000,000 AND THE EXECUTION AND DELIVERY BY <br />THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF <br />CERTIFICATES OF PARTICIPATION AND /OR LIMITED OBLIGATION <br />BONDS RELATED THERETO, AUTHORIZING THE EXECUTION AND <br />DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, <br />AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS <br />WHEREAS, the Board of Commissioners desires to approve a proposed plan of <br />refinancing in an aggregate principal amount of up to $45,000,000, which plan would involve the <br />entry by the County into one or more installment financing contracts (or amendments to one or <br />more outstanding installment financing contracts) with the Cabarrus County Development <br />Corporation (the "Corporation ") pursuant to North Carolina General Statutes 160A -20, as <br />amended, the proceeds of which would be used to refinance all or a portion of one or more <br />Aft number 2 <br />F -10 <br />