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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH CAROLINA The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular session in the Commissioners' Meeting Room in the Cabanus County Governmental Center in Concord, North Carolina, the regular place of meeting, at 6:30 p.m, on February 19, 2018, with Stephen M. Morris, Chairman, presiding. The following Commissioners were: PRESENT: Chairman Stephen M. Morris, Vice Chairman Diane R. Honeycutt and Commissioners Blake Kiger, Elizabeth F. Poole and Lynn W. Shue. ABSENT: [None.] ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Senior Deputy County Manager; Susan B. Fearrington, Finance Director; Richard M. Koch, Esq., County Attorney; and Terri Lea Hugie, Clerk to the Board. RESOLUTION APPROVING SUBSTITUTION/MODIFICATION OF THE COLLATERAL SECURING THE CABARRUS COUNTY DEVELOPMENT CORPORATION TAXABLE LIMITED OBLIGATION QUALFIED SCHOOL CONSTRUCTION BONDS (COUNTY OF CABARRUS, NORTH CAROLINA INSTALLMENT FINANCING CONTRACT), SERIES 2011A; AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH; AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Cabamrus County Development Corporation (the "Corporation") has heretofore executed and delivered its Taxable Limited Obligation Qualified School Construction Bonds (County of Cabarrus, North Carolina Installment Financing Contract), Series 2011A (the "2011A LOBS"), under an Indenture of Trust, dated as of March 1, 2011 (the "2011A Indenture"), between the Corporation and Regions Bank, as bond trustee (the 2011A Bond Trustee"); WHEREAS, the proceeds of the 2011A LOBS were loaned from the Corporation to the County pursuant to an Installment Financing Contract entered into under NCGS Section 160A- 20 between the County and the Corporation, dated as of March 1, 2011 (the "2011A Contract"), Attachment number 1 \n F-11 Page 132