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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 January 20, 2009, with <br />Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br />* * * * * * * * * * <br />RESOLUTION RELATING TO LONG-TERM INSTALLMENT CONTRACT <br />FINANCINGS OF VARIOUS PUBLIC SCHOOL PROJECTS IN AN <br />AGGREGATE PRINCIPAL AMOUNT UP TO $130,000,000; AUTHORIZING <br />INTERIM INSTALLMENT CONTRACT FINANCINGS FOR SUCH <br />PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO <br />$130,000,000; AUTHORIZING THE EXECUTION AND DELIVERY BY THE <br />CABARRUS COUNTY DEVELOPMENT CORPORATION OF <br />CERTIFICATES OF PARTICIPATION RELATED TO LONG-TERM <br />INSTALLMENT CONTRACT FINANCINGS AND CALLING REQUIRED <br />PUBLIC HEARING <br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan of <br />financing in an aggregate principal amount of up to $130,000,000, which plan would involve the <br />entry by the County into one or more long-term installment financing contract(s) with the <br />Cabarrus County Development Corporation (the "Corporation") or one or more other third <br />parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which <br />would be used to pay all or a portion of the costs of (i) acquiring real property, (ii) constructing <br />and equipping new public school facilities and expanding and renovating existing public school <br />facilities, including but not limited to two new elementary schools, a new middle school, an <br />addition to an existing elementary school and an addition to and renovation of an existing high <br />Item# 15 <br />Attachment number 1 <br />G - 4 Page 196 of 253 <br />