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2. The FRIENDS OF. TH~ LIBRARY shall maintain the Holt <br />Collection previously established in %he Kannapolis branch of the <br />Cannon Memorial Library and shall continue to promote, support, <br />develop, coordinate and further art education for all citizens of <br />Cabarrus county for the benefit of the citizens and residents o~ <br />Cabarrus County as contemplated by the Holt Bequest. <br /> <br /> 3. CABARRUS hereby appropriates and pays to the FRIENDS OF <br />THE LIBRARY the sum of Thirty Thousand Six Hundred Fifty-Three and <br />00/100 Dollars ($30,653.00), the net amount remaining from the Holt <br />Bequest in a single lump sum. <br /> <br /> 4. Within ninety (90) days of the end of its current fiscal <br />year and thereafter', within ninety (90) days of the end of any <br />subsequent fiscal year in which the FRIENDS OF THE LIBRARY shell <br />continue to administer all or any portion of the funds of the Holt <br />Bequest, the FRIENDS OF THE LIBRARY shall undergo an audit of its <br />operations conducted by a certified public accountant, and shall <br />submit a copy of the report of this audit to CABARRUS. In <br />addition, in the event that all or any part of the Holt Bequest <br />herein is retained by the FRIENDS oP THE LIBRARY for any fiscal <br />year subsequent to July 1, 1992, for any such fiscal year of the <br />FRIENDS OF THE LIBRARY, the FRIENDS OF THE LIBRARY shall submit to <br />CABAk%US: (a) a report of the activities and programs sponsored by <br />the FRIENDS OF TH~ LIBRARY with the Holt Bequest funds for the <br />prior fiscal year; and (b) the proposed budget of the FRIENDS OF <br />THE LIBRA. RY for the expenditure of remaining Holt Bequest funds for <br />the next subsequent fiscal year. <br /> <br />AH~8]~qdl~OWBW IqONNUD WOkl.4 6£:B0 E66. I/gE/S0 <br /> S - <br /> <br /> <br />