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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 November 15, 2010, with <br />, Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br />RESOLUTION APPROVING INTERGOVERNMENTAL AGREEMENT <br />BETWEEN THE CITY OF KANNAPOLIS AND THE COUNTY; <br />AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED <br />DOCUMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR <br />CERTAIN OTHER RELATED MATTERS <br />WHEREAS, the City of Kannapolis (the "City ") has notified the County that it plans to <br />approve an installment contract financing plan under North Carolina General Statutes § 160A -20 <br />(the "Act ") which will finance certain public improvements related to the North Carolina <br />Research Campus District (the "District "), and pursuant to which the City will issue either <br />certificates of participation or limited obligation bonds evidencing undivided interests in one or <br />more installment financing contracts to be executed and delivered by the City to provide funding <br />for all or a portion of the costs of such public improvements (the "City Debt "); <br />WHEREAS, since said public improvements will benefit both the City and the County, <br />the County desires to provide financial assistance to the City for the repayment of the City Debt <br />G -3 Page 182 <br />