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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 <br />Carolina, met in regular session at the Commissioners' Meeting <br />Room at the Cabarrus County Governmental Center at 65 Church <br />Street, Sou,th East in Concord, North Carolina, at 6:30 P.M. on <br />April 3, 1995 with Chairman <br />presiding. The following Commissioners were: <br /> <br />PRESENT: <br /> <br />ABSENT: <br /> <br />ALSO PRESENT: <br /> <br /> The Chairman stated that he had been advised that <br />Midland Volunteer Fire Department, Inc. (the "Department") <br />intended to borrow up to $150,000 (the "Loan") from First Charter <br />National Bank to finance the acquisition of a new 1995 Mack fire <br />truck and ancillary and related equipment to be located at 1593 <br />Highway 27 East, Midland, in Cabarrus County, North Carolina (the <br />"Equipment") 28107. The Equipment will be owned and operated by <br />the Department and will be located at the existing fire station <br />owned and operated by the Department. Neither the County nor any <br />agency thereof shall be liable in any event for the repayment of <br />the Loan, the Loan does not constitute an indebtedness of the <br />County or any agency thereof and does not constitute or create in <br />any manner a debt or liability of the County or any agency <br />thereof. <br /> <br /> Under applicable federal income tax laws, the interest on <br />the Loan will not be exempt from federal income taxation unless, <br />among other things, the Board has, by resolution after having <br />held a public hearing, approved the Loan and the proposed <br />Equipment. <br /> <br /> The Chairman then stated that a notice had been <br />published by the Clerk to the Board in The Concord Tribune on <br />March 16 , 1995 stating that the Board would hold a public <br />hearing on April 3, 1995 on the proposed Loan and the Equipment <br />(the "Notice"). <br /> <br /> At P.M. the Chairman announced that the <br />Board would hear anyone who wished to be heard on the <br />advisability of the Loan and the Equipment. <br /> <br /> Mr. , of the Department, <br />gave a brief description of the proposed Equipment. The <br />presiding officer then recognized such persons if any, who <br /> <br /> <br />