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March 21, 2005 (Regular Meeting) Page 123 representatives of Ferris, the County believes that such a relationship would be advantageous for both the County and the Underwriting Team. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH CAROLINA, AS FOLLOWS, Section 1. Appointment of Underwriting Team. The Board hereby appoints {a} UBS to serve as the book-running senior manager and Ferris as the co-manager for all negotiated governmental Debt Instruments issued by or on behalf of the County and (b) UBS and Ferris to serve jointly as its financial advisor for all competitively sold governmental Debt Instruments. Section 2. Term of Appointment. The term of this appointment shall be from the Effective Date of this Resolution through December 31, 2007, with two mutual one-year options ending, respectively, December 31, 2008 and 2009. Section 3. Compensation. The Underwriting Team shall be compensated for their efforts from proceeds of the governmental Debt Instruments related to such efforts on terms as follows: $5.50 per bond plus reasonable expenses as Agreed to by the County Manager and/or Deputy County Manager. Section 4. Further Actions. Under the authority of Section 153A-449 of the General Statutes of North Carolina, as amended, the County Manager, the Chairman, the Finance Officer of the County, the County Attorney and the Clerk to the Board are hereby authorized to reduce the terms of this appointment to writing, such agreement to be executed by the County Manager and the Chairman of the Board, approved by the County Attorney and witnessed by the Clerk to the Board Section 5. Repealer. All motions, orders, resolutions, ordinances and parts thereof, in conflict with this Resolution are hereby repealed. Section 6. Severabili ty. If any section, phrase or provision of this Resolution is for any reason declared to be invalid, such declaration shall not affect the validity of the remainder of the sections, phrases or provisions of this Resolution. Section 7. Effective Date. the date of its adoption. This Resolution shall become effective on PASSED, ADOPTED AND APPROVED this 21't day of March, 2005. (F-19) Raceways on April Proposed Ordinance Amending Section 46-3 (Operation of Vehicles on or Drag-Strips) of the Code of Ordinances - Setting a Public Hearing 18 at 6:30 p.m. Section 46-3 of the Cabarrus County Code of Ordinances requires that all activities at a raceway or dragstrip end at 12: 00 midnight. A proposed amendment to Section 46-3 would allow the time to be extended to the hour of 1:00 a.m. in cases of inclement weather. UPON MOTION of Commissioner Privette, seconded by Vice Chairman Carruth and unanimously carried, the Board scheduled a public hearing on April 18, 2005 at 6:30 p.m. to consider the proposed Ordinance amending Section 46-3 (Operation of Vehicles on Raceways or Drag-Strips) of the Code of Ordinances to extend the hour of operation to 1:00 a.m. in cases of inclement weather. (F-20) Consent Agreement between the Cabarrus County Board of Commissioners and Beazer Homes Corp. for the Mountain Laurel Subdivision Beazer Homes corporation is developing the Mountain Laurel Subdivision consisting of 76 single family lots on approximately 25.62 acres in the City of Concord. The Concord Planning and Zoning commission granted plat approval at its October 19, 2004 meeting. The developer has agreed to enter into a Consent Agreement with the County and donate $1,008.00 per lot to advance the adequacy of public schools. UPON MOTION of Commissioner Privette, seconded by Vice Chairman Carruth and unanimously carried, the Board approved the Consent Agreement between Cabarrus County and Beazer Homes Corporation for the Mountain Laurel Subdivision, including the payment of $1,008.00 per unit to advance school adequacy. Further, the Board authorized the County Manager to execute the Consent Agreement on behalf of Cabarrus County.