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<br />
<br /> The Board of Commissioners for the County of Cabarrus met in recessed
<br />session at the County Courthouse in Concord, North Carolina, on Tuesday,
<br />June 28, 1988, at 1:00 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 /> Chairman Lentz recessed the meeting until the arrival of Commissioner
<br />Payne. Commissioner Payne arrived at 1:20 P.M. and the meeting was recon-
<br />vened.
<br /> Mr. Fletcher L. Hartsell, Jr., County Attorney, reviewed the status of
<br />the Cabarrus County Governmental Center and presented a proposed resolution
<br />approving the County Facilities Lease Agreement and related matters. He
<br />reported that a hearing on a pending motion in the litigation regarding the
<br />Governmental Center was scheduled for 3:00 P.M. on this date before the
<br />Honorable Robert Collier, Superior Court Judge, in Salisbury. Mr. Hartsell
<br />pointed out that the transaction with Wachovia Bank and Trust Company, N.A.,
<br />could not be finalized until all litigation is settled. He also noted that
<br />the current financing arrangements with Wachovia expire on July 1, 1988.
<br /> UPON MOTION of Commissioner Melvin, seconded by Commissioner Payne with
<br />Commissioners Melvin and Payne and Chairman Lentz voting for and Commissioners
<br />Hamby and Moss voting against, the Board adopted the following resolution.
<br />
<br /> RESOLUTION OF
<br />THE COUNTY OF CABARRUS, NORTH CAROLINA
<br />APPROVING THE COUNTY FACILITIES LEASE AGREEMENT
<br /> AND RELATED MATTERS
<br />
<br /> WHEREAS, the County of Cabarrus, North Carolina (the "County") is a duly
<br />and regularly created, organized and existing body politic and corporate of
<br />the State of North Carolina, existing as a political subdivision under and by
<br />virtue of the Constitution, statutes and laws of the State of North Carolina;
<br />
<br /> WHEREAS, the County owns certain properties (the "Demised Premises"), a
<br />legal description thereof being contained in Exhibit A attached hereto, and
<br />has determined that the Demised Premises will not be needed by the County in
<br />its present form for at least ten years.
<br />
<br /> WHEREAS, the County has the power, pursuant to North Carolina General
<br />Statutes, to enter into lease agreements with option to purchase in order to
<br />obtain the use of property used, or to be used, for public purposes;
<br />
<br /> WHEREAS, the County has determined, and hereby determines, that it is in
<br />the best interests of the County to enter into a County Facilities Lease
<br />Agreement dated as of July 1, 1988 (the "Lease") with Wachovia Bank and Trust
<br />Company, N.A., as lessor (the "Lessor"), the Agency Agreement dated as of
<br />July 1, 1988 (the "Agency Agreement") with the Lessor, and the Ground Lease
<br />Agreement dated as of July 1, 1988 (the "Ground Lease") with the Lessor, to
<br />make available to the County a certain administrative complex (the "County
<br />Facilities"), to provide for the construction, acquisition, improvement and
<br />equipping of the County Facilities by the Lessor and for the leasing by the
<br />County from the Lessor of the County Facilities;
<br />
<br /> WHEREAS, the obligation of the County to pay Base Rentals and Additional
<br />Rentals (both as defined in the Lease) shall constitute a limited obligation
<br />payable from revenues of the County not derived from the exercise of its
<br />taxing power;
<br />
<br /> WHEREAS, the taxing power of the County is not pledged directly or
<br />indirectly to secure any moneys due to the Lessor; and
<br />
<br /> WHEREAS, the Lessor desires to lease the County Facilities to the County
<br />pursuant to the terms and conditions of and for the purposes set forth in the
<br />Lease;
<br />
<br /> WHEREAS, there has been presented to the Board of County Commissioners
<br />of the County the following documents (collectively, the "instruments"),
<br />
<br />
<br />
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