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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS <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 November 16, 2009, with <br />Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <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 $$2,105,434.99, which plan would involve the entry by the County into one or more <br />installment financing contract(s) with the Cabarrus County Development Corporation (the "Corporation") <br />or one or more other third parties pursuant to North Carolina General Statutes 160A-20, as amended, the <br />proceeds of which would be used to pay all or a portion of the costs of (a) acquiring real property, (b) <br />constructing and equipping new public school facilities, (c) renovating, repairing, rehabilitating and <br />equipping existing public school facilities and (d) various real and personal property improvements <br />related to the foregoing (collectively, the "Projects"), and under said one or more 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 installment financing contract(s) by granting a security interest in and lien on all or a <br />portion of the'Projects or all or some portion of the real property upon which the Projects are located, <br />which plan of financing and Project were described in the notice of public hearing published in The <br />Independent Tribune on November 4, 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 financing, the call of the public hearing and publication of the <br />Notice. <br />G-5 <br />Attachment number 1 <br />Page 240 <br />