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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 <br />Concord, North Carolina, the regular place of meeting, at 6:30 p.m., on March 21, 2021, with <br />Stephen M. Morris, Chairman, presiding. The following Commissioners were: <br />PRESENT: Chairman Stephen M. Morris; Vice Chairman F. Blake Kiger and <br />Commissioners Diane R. Honeycutt, Barbara Strang and Lynn W. Shue. <br />ABSENT: \[None.\] <br />ALSO PRESENT: Michael K. Downs, County Manager; Wendi Heglar, Finance Director; <br />Richard M. Koch, Esq., County Attorney; and Lauren Linker, Clerk to the Board. <br />* * * * * <br />Chairman Stephen M. Morris introduced the following resolution, and its title was read: <br />RESOLUTION DECLARING OFFICIAL INTENT TO REIMBURSE <br />EXPENDITURES WITH PROCEEDS OF DEBT PURSUANT TO UNITED STATES <br />DEPARTMENT OF TREASURY REGULATIONS <br /> BE IT RESOLVED by the Board of Commissioners of Cabarrus County: <br /> 1. The Board hereby finds, determines and declares as follows: <br /> (a) Treasury Regulations Section 1.150- <br />the United States Department of Treasury on June 18, 1993, prescribes certain specific procedures <br />applicable to certain obligations issued by the County after June 30, 1993, including, without <br />limitation, a requirement that the County timely declare its official intent to reimburse certain <br />expenditures with the proceeds of debt to be issued thereafter by the County. <br /> (b) The County has advanced and/or will advance its own funds to pay certain <br />g, in whole or in part, (i) the <br />design, acquisition, construction, installation and equipping of a new public elementary school, <br />including the acquisition of necessary land, easements and rights-of-way, (ii) site development, <br />(iii) any and all related utilities relocation and (iv) various real and/or personal property <br />improvements related to any of the foregoing (collectively, Project. <br /> (c) The funds heretofore advanced or to be advanced by the County to pay the <br />Original Expenditures are or will be available only on a temporary basis, and do not consist of <br />funds that were otherwise earmarked or intended to be used by the County to permanently finance <br />the Original Expenditures. <br /> (d) As of the date hereof, the County reasonably expects that it will reimburse <br />itself for such Original Expenditures with the proceeds of debt to be incurred by the County, and <br /> <br />