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413 <br /> <br />Chairman Barnhart read the following Press Statement. <br /> <br />I am delighted to be here this evening with fellow Board <br />members and staff from the County. <br /> For those here tonight in the audience, I have in my hands a <br />Letter of Intent between the County of Cabarrus and the City of <br />Concord. <br /> Through positive negotiation and intergovernmental <br />cooperation, Cabarrus County and the City of Concord are pleased to <br />announce that effective July 1, 1995 their water and sewer utilities <br />will be merged. <br /> While the actual agreement is yet to be finalized, the general <br />terms of the proposed agreement are: <br />To allow customers in areas to be annexed to have an equal <br />rate and for current City residents and residents outside the <br />City to have a more stabilized rate. <br />- Ail Cabarrus County water and sewer employees will receive <br /> lateral transfers to the City of Concord. <br />- The County will retain Black Run (Mt. Pleasant Reservoir), <br /> Coddle Creek Reservoir and Muddy Creek Waste Water Treatment <br /> Plant. <br />- Terms also identify future plans to transfer wholesale water <br /> treatment operations (water plants) to WASACC. <br /> Terms include provisions which will allow Kannapolis to <br /> purchase lines in and around the City of Kannapolis. <br />- The City of Concord will pay off the balance of general <br /> obligation debt of the lines that the City purchases. <br /> The City of Concord will transfer property of Lake Concord, <br /> which lies between the cities of Concord and Kannapolis, to <br /> the County. <br /> While much work is to be done, this agreement represents a <br />huge stride in accomplishing utility efficiency through <br />intergovernmental cooperation. <br /> This consolidation will create one of the largest public <br />utility providers in the state serving 20,000 households and <br />businesses. <br /> <br /> UPON MOTION of Chairman Barnhart, seconded by Commissioner Fennel with <br />Chairman Barnhart and Commissioners Fennel, Casper and Niblock voting for, the <br />Board moved to approve the following Letter of Intent. <br /> <br />May 11, 1995 <br /> <br />County of Cabarrus <br />65 Church Street SE <br />Concord, North Carolina 28025 <br />Attention: Chairman of the Board of Commissioners <br /> Re: Acquisition of Water and Sewer System <br />Dear Mr. Chairman: <br /> This letter sets forth our mutual intention that, subject to <br />the successful negotiation and execution of a definitive agreement <br />(the "Purchase Agreement") covering the matters referred to in this <br />Letter of Intent, the City of Concord of the State of North Carolina <br />(the "City") will acquire the water and sewer operations (the <br />"System") of the County of Cabarrus of the State of North Carolina <br />(the "County") and the Water and Sewer District of Cabarrus County <br />(the "District" and, together with the County, the "Sellers"). Such <br />acquisition, together with the transactions referred to herein <br />(except for paragraph 4(c)) are referred to herein as the <br />"Transactions." The following is a summary of the principal terms <br />and conditions of the Transactions: <br /> <br />1. Structure: The City will acquire all of the assets (the <br />"Purchased Assets") of the System, including (i) all of the assets <br />of the District, including two water tanks, water and sewer pumping <br />stations, water and sewer distribution lines and customer deposits <br />and (ii) all of the County's water and sewer distribution lines, <br />except for and expressly excluding the Excluded Assets (as defined <br />below). The City will not acquire the following assets of the <br /> <br /> <br />