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August 18, 2008 (Regular Meeting) Page 944 that the housing unit was going to be constructed on was included in the recorded deed; now that the financing is separate, that parcel of land needs to be pulled out to use as collateral for the financing of the jail housing unit. She stated that a resolution needs to be adopted to reflect this transaction. UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Juba with Chairman White, Vice Chairman Juba and Commissioner Carruth voting for and Commissioner Privette voting against, the Board adopted the following resolution: Resolution No. 2008-16 RESOLUTION APPROVING AMENDMENT OF EXISTING DEED OF TRUST SECURING PRIOR INSTALLMENT CONTRACT FINANCING AND RELATED CABARRUS COUNTY DEVELOPMENT CORPORATION CERTIFICATES OF PARTICIPATION, SERIES 2007, AUTHORIZING THE EXECUTION AND DELIVERY OE RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED NATTERS WHEREAS, the Cabarrus County Development Corporation (the "Corporation") has previously executed and delivered the Certificates of Participation (County of Cabarrus, North Carolina Installment Financing Contract), Series 2007, dated as of February 22, 2007, (the "2007 Certificates"), which 2007 Certificates evidence proportionate undivided interests in the right to receive certain revenues pursuant to an Installment Financing Contract, dated as of February 1, 2007 (the "Contract"), between the Corporation and the County of Cabarrus, North Carolina (the "County"). WHEREAS, as part of said prior financing, the County also entered into a Deed of Trust and Security Agreement, dated as of February 1, 2007 (the "Deed of Trust"), granting a security interest in and lien on the real property described in Exhibit A to said Deed of Trust in order to secure the repayment by the County of the moneys advanced pursuant to the Contract; WHEREAS, the legal description of the real property set forth in Exhibit A to said Deed of Trust (the "Legal Description") erroneously included therein approximately 2.11 acres of real property that was not supposed to be part of the real property subject to the Deed of Trust (and essentially consisting of the real property on which the long-term housing unit will be situated); WHEREAS, the Official Statement for the 2007 Certificates correctly describes the real property that was intended to be subject to the Deed of Trust; WHEREAS, the County desires to correct the Deed of Trust to remove said approximately 2.11 acres from the Legal Description; WHEREAS, Ambac Assurance Corporation ("Ambac") has issued a financial guaranty insurance policy with respect to the 2007 Certificates and Ambac is willing to consent to the correction of the Legal Description as described herein; and WHEREAS, the Board of Commissioners desires to approve the correction of the Legal Description as described herein and to authorize other actions in connection therewith; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. The correction of the Legal Description by eliminating therefrom the approximately 2.11 acres erroneously included therein is hereby approved. All actions taken by or on behalf of the County to date to effectuate said correction of the Legal Description are hereby ratified, approved and authorized. Section 2. The Chairman of the Board of Commissioners, the County Manager, the Director of Finance and the County Attorney are hereby authorized to take any and all such further action, including approval of modifications to the Deed of Trust, and to execute and deliver for and on behalf of the County such documents and certificates (including, without limitation, financing statements and other documents and agreements as they may deem necessary or advisable to carry out the intent of this resolution and to effect the correction of the Legal Description. The County Clerk is hereby authorized to affix the seal of the County to such documents and