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RESOLUTION OF THE C~UNTY COMMISSIONERS OF CABARRUS COUNTY, <br /> NORTH CAROLINA APPROVING BONDS TO BE ISSUED BY CABARRUS COUNTY <br /> HEALTH DEVELOPMENT AUTHORITY, INC. TO FINANCE THE COST OF <br /> ACQUIRING LAND AND CONSTRUCTING AND EQUIPPING A 120 BED NURSING HOME IN <br /> CABARRUS COUNTY AND AGREEING TO ACCEPT A GRANT TO THE COUNTY <br /> OF TITLE TO SUCH PROPERTY UPON RETIREMENT OF SUCH BONDS. <br /> <br /> WHEREAS, Cabarrus County, a political subdivision of the State <br /> <br /> of North Carolina (the "County"), has approved the organization as <br /> a corporation not for profit under and pursuant to the provisions <br /> of Chapter 55 A, of the General StatUtes of North Carolina, as <br /> amended, of Cabarrus County Health Development Autbority, Inc. (the <br /> "Copporation" or the "Authority") for the purpose of making health <br /> facilities ("health facilities" shall hereinafter include n~rsing <br /> homes) available to the citizens and inhabitants of the County <br /> 6hd surrounding areas; and <br /> <br /> WHEREAS, the Authority will acquire certain real property in <br /> <br />the County and construct improvements thereto and equip th~ same <br />and pay the costs of financing, as described in the Indenture <br />hereinafter mentioned, to be operated as a nursing home (the "Project") <br />for leasing to Howell's Child Care Center, Inc., a North Carolina <br />corporation (the '!Lessee"); and <br /> <br /> WHEREAS, in order to finance the costs of the Project and the <br />costs of bond issuance, the Authority proposes to execute and <br />deliver its bonds hereinafter mentioned, which bonds it proposes to <br />secure by its execution and delivery of a mortgage on the Project and <br />a lease of the Project and its pledge of the rentals and revenues to <br />be derived from the leasing and operation of the Project, all in <br />the manner described in such Indenture without liability to the County <br />or the Authority or any member thereof; and <br /> <br /> WHEREAS, the Authority has not made and does not intend to <br /> <br />make any profit by reason of the development, ownership or Operation <br />of the Project or the leasing thereof to the Lessee or others, <br />except to the extent of retirigg such bonds issued to finance its <br />acquisition and construction, or make any profit by reason of any <br />other business or venture in which it may engage, and no part of <br />the Authority's earnings, if any, will ever inure to the benefit of <br />any person, firm or corporation other than the County; and the <br /> <br /> <br />