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EXTRACT FROM MINUTES OF <br /> <br /> MEETING OF THE BOARD OF COMMISSIONERS OF THE <br /> 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 6:30 p.m., on March 15, 2004, with <br /> <br /> , Chairman, presiding. The following Commissioners were: <br /> <br /> PRESENT: <br /> <br />ABSENT: <br /> <br />ALSO PRESENT: <br /> <br /> introduced the following resolution, a summary of which had <br />been provided to each Commissioner, a copy of which was available with the Clerk to the Board <br />and which was read by title: <br /> <br /> RESOLUTION PROVIDING FOR THE ISSUANCE OF UP TO <br /> $40,000,000 GENERAL OBLIGATION REFUNDING BONDS, <br /> SERIES 2004 <br /> <br /> BE IT RESOLVED by the Board of Commissioners of the County'of Cabarrus, North <br />Carolina (the "Issuer"): <br /> <br /> Section 1. The Board has determined and does hereby find, declare and represent: <br /> <br /> (a) That an order (the "Refunding Bond Order") authorizing $69,610,000 Refunding <br />Bonds was adopted by the Board on July 21, 2003, which order has taken effect. <br /> <br /> (b) That $17,490,000 of said Refunding Bonds, designated "General Obligation <br />Refunding Bonds, Series 2003," the proceeds of which were used to refund the Issuer's <br />outstanding Water Bonds, Series 1992, dated April 1, 1992 and Refunding Bonds, Series 1993, <br /> <br /> <br />