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EXTRACT FROM MINUTES OF BOARD OF COMMISSIONERS OF <br />THE COUNTY OF CABARRUS, NORTH CAROLINA <br />The Board of Commissioners for the County of Cabarrus, North Carolina, met in regular <br />session in the Commissioners' Meeting Room in the Cabarrus County Governmental Center in <br />Concord, North Carolina, the regular place of meeting, at 6:30 p.m, on July 17, 2018, with Stephen <br />M. Morris, Chairman, presiding. The following Commissioners were: <br />PRESENT: Chairman Stephen M. Morris; Vice Chairman Diane R. Honeycutt and <br />Commissioners F. Blake Kiger, Elizabeth F. Poole and Lynn W. Shue. <br />ABSENT: [None.] <br />ALSO PRESENT: Michael K. Downs, County Manager; Pamela S. Dubois, Senior <br />Deputy County Manager; Susan B. Fearrington, Finance Director; [Catherine Barr], Esq., County <br />Attorney; and Lauren Linker, Clerk to the Board. <br />Commissioner introduced the following resolution, a summary of <br />which had been provided to each Commissioner, a copy of which was available with the Clerk to <br />the Board and which was read by title: <br />RESOLUTION APPROVING LEASE FINANCING OF CERTAIN <br />EQUIPMENT; THE EXECUTION AND DELIVERY THEREOF; AND <br />PROVIDING FOR CERTAIN OTHER RELATED MATTERS <br />WHEREAS, the County of Cabanas, North Carolina (the "County") is a validly existing <br />political subdivision of the State of North Carolina, existing as such under and by virtue of the <br />Constitution, statutes and laws of the State of North Carolina (the "State"); <br />WHEREAS, the County has the power, pursuant to § 160A-20 of the General Statutes of <br />North Carolina to (1)purchase real and personal property, (2) enter into installment financing <br />contracts in order to finance and refinance the purchase of real and personal property used, or to <br />be used, for public purposes and (3) grant a security interest in some or all of the property <br />purchased to secure repayment of the purchase price; <br />F-6 Page 71 <br />