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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 Carolina, the regular place of meeting, at 6:30 p.m., on October _, 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 LAW ENFORCEMENT FACILITY PROJECTS AND PUBLIC SCHOOL <br />PROJECTS IN . AN AGGREGATE PRINCIPAL AMOUNT UP TO <br />$145,000,000; THE EXECUTION AND DELIVERY BY THE CABARRUS <br />COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF <br />PARTICIPATION RELATED THERETO AND CALLING REQUIRED <br />PUBLIC HEARING <br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan of <br />financing in an aggregate principal amount of up to $145,000,000, which plan would involve the <br />entry by the County into pne or more installment financing contracts with the Cabarrus County <br />Development Corporation (the "Corporation") pursuant to North Carolina General Statutes <br />160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of <br />(i) acquiring real property„ (ii) constructing, renovating and equipping law enforcement facilities, <br />including, without limitation, along-term housing unit, (iii) constructing and equipping new <br />public school facilities, including, without limitation, a new high school and (iv) various real and <br />personal property improvements related to the foregoing (collectively the "Projects"), and under <br />said one or more installment financing contracts the County would secure the repayment by the <br />~-~ <br />