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Authority's main purpose for existing is to make available in the County health facilities such as 'the Project; and WHEREAS, the transaction comtemp!ates and provides an arrange- ment whereby all the Authority's right, title and interest in and to the Project shall vest in the County'upon retirement of such bonds. NOW, THEREFORE, BE IT RESOLVED by the County Commissioners of Cabarrus County, North Carolina, as ~ollows: SECTION 1. Cabarrus County Health Development Authority, Inc. (th~ "Corporation" of the "Authority") hereby is authorized to issue its First Mortgage Revenue Bonds (the "Bonds"), to b~ dated as of a date to be hereafter selected by the Authority, not to exceed the principal amount of $5,000,000 for a term not to exceed (30) years, bearing interest at such rates as may be determined and payable as to interest and principal on such dates and in substan- tially the form and issued in the manner as provided in an Indenture of Mortgage and Deed of Trust (the "Indenture~'), to be executed between the Authority and a bank as Trustee, secured by a first mortgage on the Project and a lease of the same and a pledge of rentals and revenues to be derived from the leasing and operation of the Project. SECTION 2. The proceeds of the Bonds shall be used to acquire land and to construct and equip a 120 bed nursing home and the costs of issuing such Bonds and related expenses. SECTION 30 The Authority shall not make any profit, by reason of develo~ment~ ownership or operation of the Project or the leasing thereo~ except to the extent of retiring the Bonds issued to linasec the Project, nor shall any profit by made by reason of any other business or venture in which the Authority may engage and no part of the Authority's earnings, if any~ shall ever inure to the benefit of any person, firm or corporation other than tho County; and tile Authority's main purpose for existing is to make available to the citizens and inhabitants of the County, and the surrounding area health facilitieS such as the Project.