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<br />u <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 financing in an aggregate principal <br />amount of up to $130,000,000, which plan would involve the entry by the County into (i) one or more <br />long-term installment financing contract(s) with the Cabarrus County Development Corporation (the <br />"Corporation") or one or more other third parties pursuant to North Carolina General Statutes 160A-20, as <br />amended, the proceeds of which would be used to pay all or a portion of the costs of (a) acquiring real <br />property, (b) constructing and equipping new public school facilities and expanding and renovating <br />existing public school facilities, including but not limited to two new elementary schools, a new middle <br />h <br />l <br />dditi <br />t <br />i <br />ti <br />l <br />h <br />l <br />t <br />d <br />dditi <br />t <br />d <br />ti <br />f <br />i <br />ti <br />hi <br />h <br />sc <br />oo <br />, an a <br />on <br />o an ex <br />s <br />ng e <br />emen <br />ary sc <br />oo <br />an <br />an a <br />on <br />o an <br />renova <br />on o <br />an ex <br />s <br />ng <br />g <br />school, (c) various real and personal property improvements related to the foregoing and (d) a portion of <br />the interest to accrue under the installment financing contract(s) during the construction periods of the <br />foregoing (collectively, the "Projects"), and under said one or more long-term installment financing <br />contract(s) the County would secure the repayment by the County of the moneys advanced pursuant to <br />such one or more long-term installment financing contract(s) by granting a security interest in and lien on <br />all or a portion of the Projects or all or some portion of the real property upon which the Projects are <br />located and (ii) into one or more short-term installment financing contract(s) with one or more third <br />parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would <br />be used to provide interim financing for all or some portion of the Projects pending execution and <br />Item# 16 <br />Attachment number 2 <br />G- 2 Page 74 of 133 <br />