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WHEREAS, Section 147(f) of the Code requires that the Board of Commissioners <br />approve the plan of financing for the Bond; and <br />WHEREAS, under Section 159C -4 of the Act the issuance of bonds under the Act must <br />be approved by the governing body of the county in which the project to be financed is located; <br />NOW, THEREFORE, the Board of Commissioners of Cabarrus County, meeting in <br />regular session in Concord, North Carolina, on November 15, 2010, does the following: <br />BE IT RESOLVED BY THE BOARD OF COMMISSIONERS FOR CABARRUS <br />COUNTY: <br />1. The proposed "special purpose project" consisting of the acquisition, renovation <br />and equipping of an industrial mall (the "Project "), under the Code, to be owned and operated by <br />Carolina USA Partners, LLC, a North Carolina limited liability company, or an affiliated or <br />related entity, and the issuance of recovery zone facility bonds by the Authority in an amount not <br />to exceed $100,000,000 therefore are hereby approved in principle. <br />2. The Board of Commissioners hereby approves the plan of financing as required <br />by Section 147(f) of the Code. <br />3. The issuance of the Bond in the principal amount of $100,000,000 is hereby <br />approved for purposes of Section 159C -4 of the Act. <br />4. THE BONDS DO NOT CONSTITUTE A DEBT OF THE STATE OF NORTH <br />CAROLINA OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE <br />AUTHORITY OR THE COUNTY, OR A PLEDGE OF THE FAITH AND CREDIT OF THE <br />STATE OF NORTH CAROLINA OR ANY POLITICAL SUBDIVISION THEREOF, <br />INCLUDING THE AUTHORITY OR THE COUNTY. <br />Commissioner <br />and Commissioner _ <br />the following vote: <br />Ayes: Commissioners <br />moved the passage of the foregoing resolution <br />seconded the motion, and the resolution was passed by <br />Nays: <br />Not voting: <br />G -2 <br />Attachment number 1 <br />Page 108 <br />