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<br />EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br />THE COUNTY OF CABARRUS, NORTH CAROLINA <br /> <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 _ p.m., on August 21, 2006, with <br />, Chairman, presiding. The following Commissioners were: <br /> <br />PRESENT: <br /> <br />ABSENT: <br /> <br />ALSO PRESENT: <br /> <br />* * * * * * * * * * <br /> <br />RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING <br />FOR JAIL ANNEX PROJECT IN AN AGGREGATE PRINCIPAL AMOUNT <br />UP TO $15,000,000 AND AUTHORIZING THE EXECUTION AND <br />DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, <br />AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS <br /> <br />WHEREAS, the Board of Commissioners desires to approve a proposed plan of <br /> <br />financing in an aggregate principal amount of up to $15,000,000, which plan would involve the <br /> <br />entry by the County into an installment financing contract with First Charter Bank (the "Bank") <br /> <br />pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would <br /> <br />be used to pay all or a portion of the costs of design, construction and equipping of a new jail <br /> <br />annex and related improvements (the "Project"), and under said installment financing contract <br /> <br />the County would secure the repayment by the County of the moneys advanced pursuant to such <br /> <br />contract by granting a security interest in and lien on all or a portion of the Project; <br /> <br />t-' <br />