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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br />THE COUNTY OF CABARRUS, NORTH CAROLINA <br /> <br /> The Board of Commissioners of the County of Cabarrus, North Carolina (the "Board"), <br />met in regular session at the Commissioners Meeting Room, 2nd Floor, Cabarrus County <br />Governmental Center, 65 Church Street, S.E. on April 21, 1997 at 6:30 p.m. with Ms. Sue B. <br />Casper, Chairperson presiding. The following Commissioners were: <br /> <br />PRESENT: <br /> <br />ABSENT: <br /> <br />ALSO PRESENT: <br /> <br /> Mrs. Casper stated that pursuant to Chapter 159C of the General Statutes of North <br />Carolina and the regulations thereunder she had been advised that the Authority intended to file <br />an application with the Secretary of the Department of Commerce for approval of an industrial <br />and manufacturing project in Cabarrus County, North Carolina for Fun-Tees, Inc., a North <br />Carolina corporation (the "Company"), consisting of the acquisition and installation of <br />approximately 27 circular knitting machines, storage racks for knitted fabric and related <br />computer equipment for the manufacture of tubular knit fabric at the Company's existing plant <br />location at 245 Manor Avenue, Concord, Cabarms Counmty, North Carolina (the "Project"). All <br />or a portion of the cost of the Project is to be financed by the issuance of not exceeding <br />$1,700,000 aggregate principal amount of qualified small issue industrial revenue bonds of the <br />Authority. Such application for approval cannot, under regulations of the Department of <br />Commerce, be officially received until, among other things, the Board has, by resolution after <br />having held a public hearing, approved the issue of bonds for the proposed Project and approved <br />the Project in principle. <br /> <br />presented to the Board copies of the Authority's resolution <br />approving the Project and the inducement agreement between the Authority and the Company. <br /> then stated that a notice had been published by the Clerk to the Board of <br />Commissioners on April 5, 1997 stating that the Board would hold a public hearing on.July 21, <br />1996 on the proposed revenue bond issue and the Project (the "Notice"). <br /> <br />FSDOCS\BS IkCO KPOKA'I~250692 _ 1 .DOC <br /> <br /> <br />