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RESOLUTION OF THE COUNTY COMMISSIONERS OF CABARRUS COUNTY, <br /> NORTH CAROLINA APPROVING THE FORMATION OF CABARRUS COUNTY <br /> HEALTH DEVELOPMENT AUTHORITY, .[NC. <br /> <br /> WHEREAS, Cabarrus County, .a political subdivision of the <br /> <br />State of North Carolina (the "County"), recognizes the need of <br />making health facilities ("health facilities" shall hereinafter <br />include nursing homes) available to the citizens and inhabitants <br />of the County and surrounding areas;, and <br /> <br /> WHEREAS, the County desires to have certain of such health <br />facilities financed by means of revenue bonds to be issued by a <br />non'-profit corporation acting as an instrumentality of the County <br />but. without any liability on the part of the County for ally payment <br />of principal Or interest on said Bonds. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the County Conm~issioners of <br />Cabarrus County, North Carolina as follows: <br /> <br /> SECTION 1. The organization of a corporation not for profit <br />under and pursuant to the provision5 of Chapter 55 A of the <br />General Statutes of North Carolina, as amended, of Cabarrus County <br />Health Development Authority, Inc. or such other name as may ultimately <br />be decided upon (the "Authority"), for the purpose of making health <br />facilities available to the citizens and inhabitants of tile County <br />and surrounding areas is hereby authorized and approved and <br />said not for profit corporation shall be considered an instrumentality <br />of Cabarrus County, North Carolina. <br /> <br /> SECTION 2. The Articles of Incorporation for said not for <br /> <br />profit c~rporation (the Authority) which have been exhibited to <br />this meeting are hereby approved, which Articles specifically provide <br />that ~h~ main purpose of said not for profit corporation is to <br />provide a financing vehicle to make health facilities available to <br />the citizens and inhabitants of the County and surrounding areas <br />and further said not for profit corporation shall not make any profit <br />by 'reason of the development, 6wnership or operation of any health <br />facility or the leasing thereof except to the extent of retiring any <br />indebtedness issued to finance the acquisition of such health facility <br />and the costs of issuance of said financing, nor shall any profit be <br /> <br /> <br />