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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 Historic Courthouse Theatre, 65 Union Street South (2"d Floor), Concord, North <br />Carolina„ at _ p.m., on July 23, 2007, with ,Chairman, presiding. <br />The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br /> <br />RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING <br />FOR PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL <br />AMOUNT UP TO $ 47. 00.000 AND AUTHORIZING THE <br />EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN <br />CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER <br />RELATED MATTERS <br />WHEREAS, the Board of Commissioners desires to approve a proposed plan of <br />financing in an aggregate principal amount of up to $ ,7 4003000, which plan would <br />involve the entry by the County into an installment financing contract with Bank <br />of America. N.A, (the "Bank") 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 acquiring <br />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 <br />related to the foregoing and a portion of [he interest to accrue under the installment financing <br />~'~ <br />