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North Carolina <br /> <br />Cabarrus County <br /> <br />Agreement <br /> <br />This agreement is made this the 172 day of November, 1997 by and between cabarms <br />County, a political subdivision of North Carolina (the County) and the Kannapolis City <br />Board of Education, a school administrative unit of North Carolina (the Board of <br />Education). <br /> <br />Witnesseth: <br /> <br />This agreement is entered into pursuant to Article 20 of Chapter 160A of the North <br />Carolina General Statutes, Interlocal Cooperation, Part 1, G.S. 160A-460 et seq and is <br />for the joint exercise of powers as provided herein. <br /> <br />Now, Therefore, the County and Board of Education agree as follows: <br /> <br />(1) The purpose of the agreement is to allow the County to submit refund claims to the <br />State of North Carolina under G.S. 105-164.14 and other applicable laws for sales taxes <br />paid to the State by the County ~)n personal property purchased by the County for the <br />Board of Education for the construction and equipping of school buildings for the benefit <br />of the Board of Education on real property owned by the County, and receive refunds of <br />such sales taxes paid by the County. <br /> <br />(2) As authorized by G.S. 153A-158.1(d), the Board of Education will convey to the <br />County by deed fee simple title to the real property sites set forth in Exhibit A attached <br />hereto and incorporated for the purpose of erection of school buildings or additions to <br />school buildings upon these sites. The contracts for the erection of school buildings or <br />additions to school buildings shall be entered into and administered by the Board of <br />Education, including architect contracts and personal property acquisition associated with <br />and to be used in the constructed school buildings or additions. The Board of Education <br />shall act as the County's designated representative for this purpose with full authorization <br />until the completion of the school buildings and acquisition of personal property for the <br />sites. <br /> <br />(3) The deeds from the Board of Education to the County of the real property described <br />in Exhibit A shall each contain automatic title reverter clauses whereby the title to the <br />real property site automatically reverts by operation of law to the Board of Education <br />upon substantial completion of the construction on each site as approved in writing by the <br />architect, the contractor and the Board of Education for all of the respective trades for <br />which construction contracts have been made for the site. <br /> <br />(4) The County Finance Director and the School Finance Officer are authorized to agree <br />as to the method of making periodic payments to the construction contractors for work <br /> <br />C- t <br /> <br /> <br />