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395
<br />
<br /> The Board of Commissioners for the County of Cabarrus met in recessed
<br />session at the Cabarrus County General Services Building on Thursday, June 9,
<br />1988, at 3:30 P.M.
<br /> Present - Chairman: James W. Lentz
<br /> Commissioners: Kenneth F. Payne
<br /> William G. Hamby, Jr.
<br /> Martha H. Melvin
<br /> R. Giles Moss
<br /> Mr. Fletcher L. Hartsell, Jr., County Attorney, presented for the
<br />Board's consideration a Resolution of Cabarrus County, North Carolina Approv-
<br />ing the Governmental Facilities Lease Agreement and Related Matters.
<br /> UPON MOTION of Commissioner Melvin, seconded by Commissioner Payne with
<br />Commissioners Melvin and Payne and Chairman Lentz voting for and
<br />Commissioners Moss and Hamby voting against, the Board adopted the following
<br />Resolution.
<br />
<br /> RESOLUTION OF
<br /> CABARRUS COUNTY, NORTH CAROLINA
<br />APPROVING THE GOVERNMENTAL FACILITIES LEASE AGREEMENT
<br />AND RELATED MATTERS
<br />
<br /> WHEREAS, Cabarrus County, North Carolina (the "County") is a duly and
<br />regularly created, organized and existing political subdivision of the State
<br />of North Carolina, existing as such under and by virtue of the Constitution,
<br />statutes and laws of the State of North Carolina;
<br /> W~HEREAS, on June 6, 1988, the Board of Commissioners of the County
<br />adopted a Capital Project ordinance;
<br /> WHEREAS, the Board of Commissioners of the County wish to elaborate upon
<br />that Capital Project ordinance by adopting this resolution;
<br /> WHEREAS, the County has the power, pursuant to North Carolina General
<br />Statutes, to enter into lease agreements to convey leasehold interests in the
<br />real property owned by the County and to enter into lease agreements with
<br />option to purchase in order to obtain the use of real property used, or to be
<br />used, for public purposes;
<br /> WHEREAS, the County has determined, and hereby determines, that it is in
<br />the best interests of the County to enter into an Administrative Complex
<br />Lease Agreement (the "Lease") with Wachovia Bank and Trust Company, N.A. (the
<br />"Lessor"), and an Agency Agreement (the "Agency Agreement") with the Lessor,
<br />to make available to the County the Administrative Complex, to provide for
<br />the construction, acquisition, improvement and equipping of the Administra-
<br />tive Complex by the Lessor and for the leasing by the County from the Lessor
<br />of the Administrative Complex.
<br /> WHEREAS, the obligation of the County to make lease payments under the
<br />Lease shall constitute a limited obligation payable from revenues of the
<br />County not derived from the exercise of its taxing power;
<br /> WHEREAS, the taxing power of the County will not be pledged directly or
<br />indirectly to secure any monies due to the Lessor; and
<br /> WHEREAS, the Lessor desires to lease the Administrative Complex to the
<br />County pursuant to the terms and conditions set forth in the letters from the
<br />Lessor, dated April 22, 1988, and June 7, 1988, and cumulatively attached
<br />hereto marked Exhibit A (the "Wachovia Letter").
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
<br />COUNTY OF CABARRUS, NORTH CAROLINA, AS FOLLOWS:
<br /> Section 1. That all previous actions of the County in effectuating the
<br />proposed leasing are hereby approved, ratified and authorized.
<br /> Section 2. That the CoUnty approves the leasing of the Administrative
<br />Complex from the Lessor pursuant to and in accordance with the terms of the
<br />Wachovia Letter.
<br /> Section 3. That the County Manager of the County is hereby designated
<br />as the County's representative to act on behalf of the County in connection
<br />with the transactions contemplated by the Wachovia Letter, and the County
<br />Manager of the County, or the Finance Director of the County as his designee,
<br />is authorized and directed to proceed with the planning and the negotiation
<br />of a lease with option to purchase of the Administrative Complex in accor-
<br />dance with the Wachovia Letter, and to seek opinions as a matter of law from
<br />the County Attorney, which the County Attorney is authorized to furnish on
<br />behalf of the County, and opinions of law from such other attorneys for all
<br />documents contemplated hereby as required by law.
<br />
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