AG 2003 07 21 - Laserfiche WebLink

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AGENCY AGREEMENT THIS AGENCY AGREEMENT, dated as of the __ day of July, 2003, by and between the KANNAPOLIS CITY BOARD OF EDUCATION (the "Board"), and the COUNTY OF CABARRUS, NORTH CAROLINA, a political subdivision duly organized and existing under and by virtue of the Constitution and laws of the State of North Carolina (the "County"); WITNESSETH: that- WHEREAS, at the request of the Board, the County plans to enter into an Installment Financing Contract (the "Installment Agreement") (N.C.G.S. Subsection 160A-20) to finance all or a portion of the costs of constructing and equipping one (1) middle school (commonly known as the new "Kannapolis Middle School") and constructing and equipping two (2) elementary schools (commonly known as "Shadybrook Elementary School" and "Fred L. Wilson Elementary School," respectively) (cumulatively'the "Facilities") upon real property described in Exhibit A hereto (the "Sites"), together with any additions, modifications, attachments, replacements and parts thereof (the "Project"); and WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and entering into of this Agency Agreement do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the parties hereto are now duly authorized to execute and enter into this Agency Agreement; NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF THE MUTUAL AGREEMENTS AND COVENANTS CONTAINED HEREIN AND FOR OTHER VALUABLE CONSIDERATION, THE PARTIES HERETO DO HEREBY AGREE AS FOLLOWS: Section I. Board to Act as Agent of the County; Indemnification. The County hereby irrevocably appoints the Board as its agent in connection with the construction and other accomplishment of the Project. The Board, as the agent of the County for the foregoing purpose, shall cause the Facilities to be completed on or before the date or dates set forth in the respective construction documents and otherwise in accordance with the respective construction documents and the Installment Agreement and any applicable requirements of governmental authorities and law. The County and the Board agree that all amounts received by either of them as refunds of State of North Carolina sales tax with respect to expenditures made in connection with the Project will be deposited in the Acquisition and Construction Fund (as defined in the Indenture).