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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 session <br />in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in Concord, North <br />Carolina, the regular place of meeting, at 6:30 p.m., on November 20, 2006, with <br />, Chairman, presiding. The following Commissioners were: <br /> <br />PRESENT: <br /> <br />ABSENT: <br /> <br />ALSO PRESENT: <br /> <br />********** <br /> <br />The Chairman announced that this was the date, place and hour fixed by the Board of <br />Commissioners for a public hearing concerning a proposed revised plan of financing, which plan would <br />involve the entry by the County into (i) a long-term installment financing contract in an aggregate <br />principal amount of up to $101,000,000 with the Cabarrus County Development Corporation pursuant to <br />North Carolina General Statutes Section 160A-20, as amended, the proceeds of which would be used to <br />pay all or a portion of the costs of acquiring real property, constructing, renovating and equipping law <br />enforcement facilities, various real and personal property improvements related to the foregoing and a <br />portion of the 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 would <br />secure the repayment by it of moneys advanced pursuant to such long-term installment financing contract <br />by granting a security interest in and lien on all or a portion of the Project and (ii) one or more short-term <br />installment financing contract(s), in an aggregate amount not to exceed $40,000,000, with one or more <br />third parties pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which <br />one or more short-term installment financing contract(s) would be used to provide interim financing for <br />the Project pending execution and delivery of the long-term financing contract and the related Certificates <br />of Participation, and under said one or more short-term installment financing contract(s) the County <br />would secure the repayment by the County of the moneys advanced pursuant to such short-term <br />installment financing contract(s) by granting a security interest in and lien on all or a portion of the <br /> <br />E-~ <br />