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and Mount Pleasant and together with Concord and Cabarrus County, <br />the "Jurisdictions"), shall each adopt a resolution signifying <br />their intent to create a regional water and sewer authority, <br />under the provisions of N.C.G.S. 162A-3 (hereinafter the "Water <br />and Sewer Authority of Cabarrus County" or the "Authority"), <br />which resolution shall substantially conform to Exhibit A and <br />shall initiate those procedures required to establish the <br />Authority as generally outlined and sequenced in Exhibit B. <br /> <br /> 5. Water and Sewer Authority Participation. In accordance <br />with Paragraph 4 above, Concord and Cabarrus County agree that <br />they: <br /> <br /> (a) shall execute those documents deemed necessary <br /> or appropriate by counsel for Concord and Cabarrus <br /> County to establish the Authority, including those <br /> Articles of Incorporation substantially in the form set <br /> forth as Exhibit C; <br /> <br /> (b) along with the other Jurisdictions who choose <br /> to join the Authority, shall proceed in good faith to <br /> prepare, approve and execute operating agreements with <br /> the Authority which are contemplated to include those <br /> terms and conditions generally outlined in that <br /> feasibility study therefor prepared by J. N. Pease & <br /> Associates and Ernst & Young dated June, 1990, (the <br /> "Pease Study"), with the goal of executing such <br /> operating agreements on or before June 30, 1992. <br /> <br /> To the extent permitted by law and subject to existing <br />obligations and couenants of the Authority, any Jurisdiction <br />joining the Authority may petition for its dissolution if the <br />Capital Improvements Program, as generally outlined in the Pease <br />Study, is not substantially underway within twenty (20) years <br />from tke date the Authority is created; and, in the event of such <br />dissolution, the assets originally transferred to the Authority <br /> <br /> <br />