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NORTH C~.ROLINA <br /> <br />CABARRU S COUNTY <br /> <br />C O N T_R A C T <br /> <br /> DRAFT <br />3:00 P.M. <br /> <br /> THIS CONTRACT, made and entered into effective the 1st day of <br />June, 1992, by and between CABARRUS COUNTY, a body politic and <br />political subdivision of the State of North Carolina, hereinafter <br />referred to as "CABARRUS", and the FRIENDS OF THE CABARRUS- <br />KANNAPOLIS LIBRARY, INC., a non-profit corporation of Cabarru~ <br />County, North Carolina, hereinafter referred to a~ the "FRIENDS OF <br />THE LIBRARY"; <br /> <br /> W I T N E S S E T H: that -- <br /> <br /> W~EREAS, the FRIENDS OF THE LIBRARY i~ a not-for-profit <br />corporation established to promote, support, develop and coordinate <br />library and related services associated with the Cannon ~emorial <br />Library in the City of Kannapoli$, North Carolina; and <br /> <br /> WHEREAS, in a codicil to her Last Will and Testament dated <br />December 21, 1984, the late Margaret McConnell Holt bequeathed to <br />CABARRUS a distributive share of her estate, the current net value <br />of which is Thirty Thousand Six Hundred Fifty-Three and 00/100 <br />Dollars ($30,653.00) (the "Holt Bequest"), among othe~'things,'"for <br />the purpose of establizhing and maintaining an art collection to be <br />known az the "Don $. and Margaret M. Holt Art Collection"... <br />(presumably in the Kannapolis branch of the Cannon Memorial Library <br />in that it is the only public library in Kannapolis, North <br />Carolina),... (and to).., use this bequest in such a manner that <br />the Don S. and Margaret M. Holt Art Collection (the "Molt <br />Collection") and the Holt Bequest may further art education for all <br />citizens of Cabarrus County; and <br /> <br /> <br />