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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 _:_ p.m., on October 18, 2010, with , Chairman, presiding. The following Commissioners were: PRESENT: ABSENT: ALSO PRESENT: * * * * * * * * * * RESOLUTION DESIGNATING CABARRUS COUNTY AS A RECOVERY ZONE FOR RECOVERY ZONE BOND PURPOSES WHEREAS, the American Recovery and Reinvestment Act of 2009 (the "Act ") amended the Internal Revenue Code of 1986, as amended (the "Code ") by authorizing the issuance of recovery zone economic development bonds ( "RZED Bonds ") to finance "qualified economic development purposes" (as defined in Section 140OU -2 of the Code) and recovery zone facility bonds ( "RZF Bonds" and, collectively with the RZED Bonds, "Recovery Zone Bonds ") to finance "recovery zone property" (as defined in Section 140OU -3 of the Code), each subject to the limitations set forth in the Code; and WHEREAS, in connection therewith, the Board of Commissioners (the "Board ") of the County of Cabarrus, North Carolina (the "County ") desires to designate the entirety of the County as a "recovery zone" as permitted by and in accordance with the provisions of Section 1400U -1 of the Code, based on the factors set forth in Section 140OU -I of the Code. NOW, THEREFORE, BE IT RESOLVED by the Board, as follows: Section 1. The Board, as permitted by Section 140OU -1 of the Code, hereby designates the entirety of Cabarrus County as a "recovery zone" within the meaning of said Section 140OU -1 of the Code by virtue of having significant poverty, unemployment, rate of home foreclosures or general distress in the County. Section 2. This resolution shall take effect immediately upon its adoption. G -5 Page 547