BC 1999 06 21 - Laserfiche WebLink

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258 UPON MOTION of Chairman Barnhart, seconded by Commissioner Casper with Chairman Barnhart and Commissioners Casper, Carpenter and Privette voting for and Commissioner Fennel voting against, the Board approved the following Agency Agreement between Cabarrus County and the Cabarrus County Board of Education and authorized the Chairman to execute the Agreement on behalf of the County. AGENCY AGREEMENT THIS AGENCY AGREEMENT, dated as of 1999, by and between the CABARRUS COUNTY BOARD OF EDUCATION (the "Board"), and the COUNTY OF CABARRUS, NORTH CAROLINA, a political subdivision duly organized and existing under and by virtue of the Constitution and laws of the State of North Carolina (the "County"); WITNESSETH: that WHEREAS, at the request of the Board, the County plans to enter into an Installment Financing Contract (the "Installment Agreement") (N.C.G.S. Subsection 160A-20) to finance all or a portion of the costs of the acquisition of the real property for and the construction of certain improvements upon the real property described in Exhibit A hereto the ("Project"), which Project is to be used to provide school facilities now commonly known as the "Southwest Cabarru$ High School"; 'and WHEREAS, all acts, conditions and things required by law to exist, to have happened and to have been performed precedent to and in connection with the execution and entering into of this Agency Agreement do exist, have happened and have been performed in regular and due time, form and manner as required by law, and the parties hereto are now duly authorized to execute and enter into this Agency Agreement; NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF THE MUTUAL AGREEMENTS AND COVENANTS CONTAINED HEREIN AND FOR OTHER VALUABLE CONSIDERATION, THE PARTIES HERETO DO HEREBY AGREE AS FOLLOWS: Section 1.. Board to Act as Aqent of the County The County hereby irrevocably appoints the Board as its agent in connection with the construction of the Project. The Board, as the agent of the County for the foregoing purpose, shall cause the construction of the Project to be completed on or before the completion date set forth in the Installment Agreement and otherwise in accordance with the Installment Agreement and any applicable requirements of governmental authorities and law. The County shall at all times be the Owner of the Project and any and all materials to be incorporated therein. Section II. Project Description. The Board shall have the right to make any changes in the description of the Project or of any component or components thereof with the prior written consent of the County; provided, however, that any such change shall not alter the public purpose of the Project and that any increase in the cost of the project resulting from such a change shall to the extent the increased cost exceeds the total balance in the Acquisition and Construction Fund [as defined in the Installment Agreement and in the Indenture of Trust between Cabarrus County Development Corporation and First Citizens Bank and Trust Company as Trustee (the "Trust Agreement")], including any estimated investment income thereon, be payable solely from other funds of the Board, which shall be transferred to the Trustee for deposit to the credit of the Acquisition and Construction Fund prior to the approval of any such changes to the Project. Section III. Board's Riqht to Enforce Contracts. The County hereby assigns to the Board as the County's agent for the purposes of this Agreement all of its rights and powers under all purchase orders and contracts as it enters into with respect to the Project, and the Board shall have the right to enforce in its own name or the name of the County such purchase orders or contracts; provided, however, that the assignment by the County shall not prevent the County from asserting said rights and powers in its own behalf. Section IV. Construction Conferences. The Board hereby agrees that it will provide to the County Manager timely notice of all conferences with representatives of the architects, contractors and vendors with respect to the Project and that the County Manager or his designee shall have the right to attend all such conferences. Section V. Compliance with Trust Aqreement and Installment Aqreement. The Board agrees that it will. faithfully discharge all duties imposed on the County by the Trust Agreement and the Installment Agreement with respect to the construction of the Project and the operation, maintenance and insuring of the Facility and the Real Property (as defined in the Installment Agreement). Section VI. Compliance with Requisition Procedure. The Board agrees that it will comply with the requisition procedure for the payment of Project Costs (both as defined in the Installment Agreement