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October 18, 2010 (Regular Meeting) Page 180 UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Poole and unanimously carried, the Board adopted the following resolutions: Resolution No. 2010 -26 RESOLUTION DESIGNATING CABARRUS COUNTY AS A RECOVERY ZONE FOR RECOVERY ZONE BOND PURPOSES WHEREAS, the American Recovery and Reinvestment Act of 2009 (the "Act ") amended the Internal Revenue Code of 1986, as amended (the "Code ") by authorizing the issuance of recovery zone economic development bonds ( "RZED Bonds ") to finance "qualified economic development purposes" (as defined in Section 140OU -2 of the Code) and recovery zone facility bonds ( "RZF Bonds" and, collectively with the RZED Bonds, "Recovery Zone Bonds ") to finance "recovery zone property" (as defined in Section 140OU -3 of the Code), each subject to the limitations set forth in the Code; and WHEREAS, in connection therewith, the Board of Commissioners (the "Board ") of the County of Cabarrus, North Carolina (the "County ") desires to designate the entirety of the County as a "recovery zone" as permitted by and in accordance with the provisions of Section 140OU -1 of the Code, based on the factors set forth in Section 140OU -I of the Code. NOW, THEREFORE, BE IT RESOLVED by the Board, as follows: Section 1. The Board, as permitted by Section 140OU -1 of the Code, hereby designates the entirety of Cabarrus County as a "recovery zone" within the meaning of said Section 140OU -1 of the Code by virtue of having significant poverty, unemployment, rate of home foreclosures or general distress in the County. Section 2. This resolution shall take effect immediately upon its adoption. Thereupon, upon motion of Commissioner Carruth, seconded by Commissioner Poole, the foregoing resolution entitled "RESOLUTION DESIGNATING CABARRUS COUNTY AS A RECOVERY ZONE FOR RECOVERY ZONE BOND PURPOSES," was adopted and passed by the following vote: AYES: Chairman White, Vice Chairman Poole and Commissioners Robert W. Carruth and Coy C. Privette NOES: None. ABSENT: Commissioner Grace Mynatt Resolution No. 2010 -27 RESOLUTION REQUESTING REALLOCATION OF RECOVERY ZONE BOND AUTHORITY TO CABARRUS COUNTY WHEREAS, the American Recovery and Reinvestment Act of 2009 (the "Act ") amended the Internal Revenue Code of 1986, as amended (the "Code ") by authorizing the issuance of recovery zone economic development bonds ( "RZED Bonds ") to finance "qualified economic development purposes" (as defined in Section 140OU -2 of the Code) and recovery zone facility bonds ( "RZF Bonds" and, collectively with the RZED Bonds, "Recovery Zone Bonds ") to finance "recovery zone property" (as defined in Section 140OU -3 of the Code), each subject to the limitations set forth in the Code; WHEREAS, the Board of Commissioners (the "Board ") of the County of Cabarrus, North Carolina (the "County "), by resolution adopted on October 18, 2010, has designated the entirety of the County as a "recovery zone" in accordance with the provisions of Section 140OU -1 of the Code; WHEREAS, the County, through the issuance of RZF Bonds, desires to assist a private corporation with financing a portion of the costs of acquisition, rehabilitation, improvement and renovation of an existing facility located in the County and various related improvements thereto, including, without limitation, the acquisition and installation of machinery and equipment related thereto (the "Project "), which collectively is expected to cost approximately $750,000,000; WHEREAS, the County has no existing allocation of RZF Bond authority;