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<br /> <br />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 session <br />in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North <br />Carolina, the regular place of meeting, at 6:30 p.m., on February 16, 2009, with , <br />Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br />* * * * * * * * * * <br />The Chairman announced that this was the date, place and hour fixed by the Board of <br />Commissioners for a public hearing concerning a proposed plan of refinancing in an aggregate principal <br />amount of up to $60,000,000, which plan would involve the entry by the County into one or more <br />installment financing contracts with the Cabarrus County Development Corporation (the "Corporation") <br />pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used <br />to refinance all or a portion of one or more installment financing contracts previously executed and <br />delivered by the County, which prior installment financing contracts paid all or a portion of the costs of <br />acquiring, constructing and equipping various public facilities and related improvements and costs <br />(collectively the "Projects"), and under said one or more installment financing contracts the County <br />would secure the repayment by the County of the moneys advanced pursuant to such one or more <br />installment financing contracts by granting a security interest in and lien on all or some portion of the <br />Projects and in all or some portion of the real property on which the Projects are located, which plan of <br />refinancing was described in the notice of public hearing published in The Independent Tribune on <br />January 23, 2009 (the "Notice"). <br />The Board of Commissioners first ratified and approved the designation of the meeting as a <br />public hearing on the proposed plan of refinancing, the call of the public hearing and publication of the <br />Notice. <br />Item# 15 <br />Attachment number 2 <br />G-1 Page 88 of 133 <br />