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THIS AGREEMENT of Interlocal Cooperation pursuant to <br />Article 20 of Chapter 160A of the General Statutes of North <br />Carolina, made and entered into as of the day of <br /> , 1989, by and between the TOWN OF MOUNT PLEASANT, a <br />municipal subdivision of the State of North Carolina <br />(.hereinafter referred to as the "Town"), and the CO~ OF <br />CABARRUS, a governmental subdivision of the State of North <br />Carolina (hereinafter referred to as the "County"). <br /> <br /> W I T N E S S E T H: <br /> <br /> WHEREAS, the Town has constructed a dam and impoundment <br />facility (the "Facility") known as the "Black Run Creek <br />Impoundment" located southwest of the intersection of State <br />Road 2426 and State Road 2416 in Cabarrus County, North <br />Carolina on real property more specifically described on <br />Exhibit A attached hereto and incorporated herein by reference <br />(the "Facility Site"; the Facility and the Facility Site being <br />hereinafter sometimes collectively referred to as the <br />"Project"); and <br /> <br /> WHEREAS, the Town has caused to be created a North <br />Carolina non-profit corporation named the Black Run Creek <br />Development Authority, Inc. (the "Authority"); and <br /> <br /> W~U~J%S, in order to finance a portion of the costs of the <br />acquisition, construction, installation and equipping of the <br />Project, First Union National Bank (the "Bank") loaned to the <br />Authority the sum of Six Hundred Thousand Dollars <br />($600,000) (the "Loan"); and <br /> <br /> W~EAS, the obligation of the Authority to repay the Loan <br />is evidenced by the Note of the Authority, dated March , <br />1988, payable to the order of the Bank, in the principal amount <br />of Six Hundred Thousand Dollars ($600,000)(the "Note"); and <br /> <br /> WHEREAS, in order that the interest payable by the <br />Authority to the Bank on the Note might be exempt from Federal <br />income taxation, it was necessary that the Town and the County <br />convey to the Authority all of their right, title and interest <br />in and to the Project; and <br /> <br /> WHEREAS, after the Note has been paid in full by the <br />Authority, the Authority will reconvey to the Town all of its <br />right, title and interest in and to the Project; <br /> <br /> W~KKAS, the Town and the County have previously entered <br />into three (3) Agreements with respect to the Project, with the <br />first Agreement bearing the date November 5~ 1984 (the "1984 <br />Agreement"), the second Agreement bearing the date September 2, <br /> <br /> <br />