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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 Cazolina, the regulaz place of meeting, at 6:30 p.m., on May _, 2007, with <br />Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br />* * + * * + <br />RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING <br />FOR PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL <br />AMOUNT UP TO $9,900,000 AND CALLING REQUIRED PUBLIC <br />HEARING <br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan of <br />financing in an aggregate principal amount of up to $9,900,000, which plan would involve the <br />entry by the County into one or more 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 <br />would be used to pay all or a portion of the costs of acquiring real property, constructing, <br />renovating and equipping new public school facilities, expansion or renovation of existing public <br />school facilities, vazious real and personal property improvements related to the foregoing and a <br />portion of the interest to accrue under the installment financing contract(s) during the <br />construction period (collectively the "Project"), and under said one or more installment financing <br />contract(s) the County would secure the repayment by the County of the moneys advanced <br />pursuant to such one or more installment financing contract(s) by granting a security interest in <br />and lien on all or a portion of the Project; and <br />-(o <br />