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A regular meeting of the Board of Commissioners for the <br />County of Cabarrus, North Carolina, was held at 6:30 P.M., on <br />November 18, 1996 in the Commissioners' Meeting Room in the <br />Cabarrus County Governmental Center, in Concord, North Carolina, <br />the regular place of meeting. <br /> <br />Present: chairman Jeffrey L. Barnhart, presiding, and <br />Commissioners <br /> <br />Absent: <br /> <br /> Commissioner introduced the following <br /> <br />resolution, a copy of which had been provided to each <br />Commissioner and which was read by title: <br /> <br /> 'RESOLUTION PROVIDING FOR THE ISSUANCE OF <br /> $49,000,000 <br /> SCHOOL BONDS, SERIES 1997 <br /> <br />BE IT RESOLVED by the Board of Commissioners (the "Board") for <br />the County of Cabarrus, North Carolina (the "Issuer"): <br /> <br /> Section 1. The Board for the Issuer has determined and does <br />hereby find, declare and represent: <br /> <br /> (a) That an order authorizing not exceeding $49,000,000 <br />School Bonds (the ".School Bonds") was adopted by the Board for the <br />Issuer on March 7, 1996, which order was approved by the vote of a <br />majority of the qualified voters of said County who voted thereon <br />at a special referendum duly called and held on May 7, 1996. <br /> <br /> (b) That none of said bonds have been issued ,that no notes <br />have been issued in anticipation of the receipt of the proceeds of <br />the sale of said bonds and that it is necessary to issue at this <br /> <br /> <br />