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AG 2003 07 21
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AG 2003 07 21
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Last modified
3/3/2006 9:37:57 AM
Creation date
11/27/2017 11:41:27 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/2003
Board
Board of Commissioners
Meeting Type
Regular
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to Purchase the Leased Property, the Board of Education hereby agrees to use the Leased <br />Property for public school purposes in fulfillment of its obligation, shared by the County, <br />to provide for elementary and secondary education in the County. In addition, in <br />consideration of its rights under this Lease, the Board of Education undertakes the <br />obligations imposed on it hereunder, including those imposed by Section 8.1. <br /> <br /> 6.2 Payments. In partial consideration for its acquisition of rights to use the <br />Leased Property during the Lease Term and its option to purchase the Leased Property, <br />the Board of Education hereby agrees to pay to the County annual rent in the amount of <br />One Dollar ($1.00) payable in advance on the Closing Date (receipt of which is hereby <br />acknowledged) and on the first day of each Lease Year thereafter. The County and the <br />Board of Education acknowledge their understanding that although the County's <br />financing of the Leased Property and providing the Leased Property to the Board of <br />Education for use is of substantial value to the Board of Education, any payment by the <br />Board of Education of a market value rent would represent simply an accounting <br />transaction, because the Board of Education's funding is primarily provided through the <br />County. <br /> <br />ARTICLE VII <br /> <br />CONSTRUCTION AND OTHER ACCOMPLISHMENT OF <br />SCHOOL FACILITY AND CERTAIN RELATED COVENANTS <br /> <br />Section 7.1 Construction and Other Accomplishment of the Facilities. <br /> <br /> The County has provided in the Agency Agreement for the construction and other <br />accomplishment of the Facilities by the Board of Education as the County's agent. The <br />Board of Education represents that it has reviewed all provisions concerning the <br />construction and other accomplishment of the Facilities in the Financial Contract and <br />hereby approves such provisions. The Board of Education shall take possession of the <br />Leased Property on the date of delivery of this Lease. Title to the Leased Property shall <br />be held by the County, subject only to Permitted Encumbrances. <br /> <br />Section 7.2 Maintenance, Repair, Taxes and Assessments. <br /> <br /> (a) Maintenance; Repair. The Board of Education shall use, or cause to be <br />used, the Leased Property in a careful and proper manner, in compliance with all <br />applicable laws and regulations, and, at its sole expense, shall service, repair, maintain <br />and insure, or cause to be serviced, repaired, maintained and insured, the Leased Property <br />so as to keep the Leased Property in good condition, repair, appearance and working <br />order for the purposes intended, ordinary wear and tear excepted. <br /> <br /> <br />
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