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EXTRACT FROM NIINU'TES OF BOARD OF COIVIMISSIONER5 OF <br />THE COUNTY OF CABARRUS, NORTH CAROLINA <br />The Board of Commissioners for the County of Cabaaus, 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 November 19, 2007, with <br />Chairman, presiding. The following Commissioners were: <br />PRESENT: <br />ABSENT: <br />ALSO PRESENT: <br />* * * * * ~ * . <br />RESOLUTION RELATING TO REFINANCING OF PRIOR INSTALLMENT <br />FINANCING CONTRACT FINANCINGS OF VARIOUS PUBLIC PROJECTS <br />IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $82,500,000; THE <br />EXECUTION AND DELIVERY BY THE CABARRL'S COUNTY <br />DEVELOPMENT CORPORATION OF ONE OR MORE SERIES OF <br />CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING <br />REQUIRED PUBLIC HEARING <br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan of <br />refinancing in an aggregate principal amount of up to $82,500,000, which plan would involve the <br />entry by the County into one 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 refinance all or a portion of one <br />or more installment financing contracts previously executed and delivered by the County, which <br />prior installment financing contracts paid all or a portion of the costs of acquiring, constructing <br />and equipping various public facilities and related improvements and costs (collectively the <br />"Projects"), and under said one or more installment financing contracts the County would secure <br />the repayment by the County of the moneys advanced pursuant to such one or more installment <br />G-3 <br />