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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 session <br />in the Historic Courthouse Theatre, 65 Union Street South (2"d Floor), Concord, North Carolina, at 6:30 <br />p.m., on July 23, 2007, with Chairman, presiding. The following <br />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 $8,500,000, which plan would involve the entry by the County into one or more <br />installment financing contract(s) with one or more third parties pursuant to North Carolina General <br />Statutes 160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of <br />acquiring real property, constructing, renovating and equipping new public school facilities, expansion or <br />renovation of existing public school facilities, various real and personal property improvements related to <br />the foregoing and a 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 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 Project, which Project was described in the revised notice of public hearing published in <br />The Indeaendent Tribune on July 9, 2007 (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 />It was then announced that the Board of Commissioners would immediately hear anyone who <br />might wish to be heard on such matter. <br />G-3 <br />