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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 Cabarms, 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 April 21, 2003, with <br /> <br /> ., Chairman, presiding. The following Commissioners were: <br /> <br />PRESENT: <br /> <br />ABSENT: <br /> <br />ALSO PRESENT: <br /> <br />RESOLUTION RELATING TO INSTALLMENT CONTRACT FINANCING <br />FOR PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL <br />AMOUNT UP TO $45,000,000; THE EXECUTION AND DELIVERY BY THE <br /> <br />CABARRUS COUNTY DEVELOPMENT CORPORATION OF <br /> <br />CERTIFICATES OF PARTICIPATION RELATED THERETO AND CALLING <br />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 $45,000,000, which plan would involve the <br />entry by the County into an installment financing contract with the Cabarms 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 and equipping new public school facilities, including two <br />new elementary schools and one new middle school, expansion of two existing elementary <br />school facilities, various real and personal property improvements related to the foregoing and a <br /> <br /> <br />