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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 /> <br />session in the Cornmissioners' Meeting Room in the Cabarrus County Governmental Center in <br /> <br />Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on March 21, 2005, with <br /> <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 ROWAN CABARRUS COMMUNITY COLLEGE PROJECTS IN AN <br />AGGREGATE PRINCIPAL AMOUNT UP TO $4,358,000 AND <br />AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED <br />DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR <br />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 $4,358,000, which plan would involve the <br /> <br />entry by the County into an installment financing contract with RBC Centura 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 (i) renovations to the Rowan Cabarrus Cornmunity <br /> <br />College ("RCCC") Business Center, (ii) design and construction of a parking lot on the RCCC <br /> <br />South Campus and (iii) design costs for RCCC's Building 3000 (collectively the "Project"), and <br /> <br />under said installment financing contract the County would secure the repayment by the County <br /> <br />G-~ <br />4 <br />