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<br />EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br /> <br />THE COUNTY OF CABARRUS, NORTH CAROLINA <br /> <br />The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular <br /> <br />, <br />session in the Commissioners' Meeting Room in the Cabarrus County Govemmental Center in <br />Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on May 15, 2006, with <br />, Chairman, presiding. The following Commissioners were: <br /> <br />PRESENT: <br /> <br />ABSENT: <br /> <br />ALSO PRESENT: <br /> <br />* * * * * * * * * * <br /> <br />RESOLUTION RELATING TO LONG-TERM INSTALLMENT CONTRACT <br />FINANCING FOR LAW ENFORCEMENT FACILITY PROJECTS IN AN <br />AGGREGATE PRINCIPAL AMOUNT UP TO $90,000,000; INTERIM <br />INSTALLMENT CONTRACT FINANCING FOR SUCH PROJECTS IN AN <br />AGGREGATE PRINCIPAL AMOUNT UP TO $25,000,000; THE EXECUTION <br />AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT <br />CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED TO <br />THE LONG-TERM INSTALLMENT CONTRACT FINANCING AND <br />CALLING REQUIRED PUBLIC HEARING <br /> <br />WHEREAS, the Board of Commissioners desires to undertake a proposed plan of <br />financing in an aggregate principal amount of up to $90,000,000, which plan would involve the <br />entry by the County into a long-term installment financing contract 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 />acquiring real property, constructing, renovating and equipping law enforcement facilities, <br />various real and personal property improvements related to the foregoing and a portion of the <br />interest to accrue under the installment financing contract during the construction period <br />(collectively the "Project"), and under said long-term installment financing contract the County <br /> <br />E-I <br />