BC 1995 06 26 - Laserfiche WebLink

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485 construction of a public housing complex. Health Board for execution by its Chairman. of this property on December 19, 1994. The deed must also be sent to the The Board had authorized the sale UPON MOTION of Commissioner Fennel, seconded by Commissioner Niblock with Commissioners Fennel, Niblock and Casper and Chairman Barnhart voting for, the Board authorized the Chairman to execute the deed for the sale of property behind the Health Department to the City of Concord. Asset Purchase Agreement Mr. Hartsell reviewed the proposed Asset Purchase Agreement with the City of Concord relative to the merger of the city and county utility departments and the acquisition of Lake Concord by Cabarrus County. He reported that the City of Concord will be responsible for the cost of remediation work at Lake Concord prior to and up to 120 days after the closing. It was also noted that the City has agreed to repurchase the timber deed for the northern area of the Lake Concord property. UPON MOTION of Commissioner Fennel, seconded by Commissioner Niblock with Commissioners Fennel, Niblock and Casper and Chairman Barnhart voting for, the Board adopted the following resolution. RESOLUTION OF THE COUNTY OF CABARRUS, NORTH CAROLINA, AUTHORIZING THE EXECUTION, DELIVERY AND PERFORMANCE OF THE ASSET PURCHASE AGREEMENT WITH THE CITY OF CONCORD, NORTH CAROLINA AND THE WATER AND SEWER DISTRICT OF CABARRUS COUNTY] AND CERTAIN RELATED MATTERS Commissioner Fennel moved that the following resolution be adopted, seconded by Commissioner Niblock. RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF CABARRUS, NORTH CAROLINA, AUTHORIZING THE EXECUTION, DELIVERY AND PERFORMANCE OF AN ASSET PURCHASE AGREEMENT WITH THE CITY OF CONCORD, NORTH CAROLINAAND THE WATER AND SEWER DISTRICT OF CABARRUS COUNTY. WHEREAS, the Board of Commissioners (the "Board") of the County of Cabarrus, North Carolina (the "County") hereby determines that it is in the best interests of the County to sell certain assets of the water and sewer system of the County and of the Water and Sewer District of Cabarrus County (the "District") (the County and the District are sometimes hereinafter collectively referred to as the "Sellers") in consideration for the payment by the City of Concord, North Carolina (the "City") of the sum of $3,887,946.94, the assumption by the City of certain specified obligations of the Sellers and the transfer by the City of Lake Concord to the County pursuant to the Asset Purchase Agreement to be entered into between the City and the Sellers (the "Asset Purchase Agreement"). NOW, THEREFORE BE IT RESOLVED BY THE BOARD AS FOLLOWS: Section 1. That the Board hereby approves the sale by the County of the County's portion of the Purchased Assets (capitalized terms used herein that are not defined are used herein as defined in the Asset Purchase Agreement) to the City upon the terms and subject to the conditions of the Asset Purchase Agreement. Section 2. That the Chairman of the Board of Commissioners, the County Manager, the Finance Director, and the Clerk to the Board of Commissioners, be and they hereby are, authorized and empowered, as their positions authorize, to negotiate, execute, deliver and perform, in the name and on behalf of the County, the Asset Purchase Agreement, in substantially the form and content presented to the Board, but with such changes, modifications, additions or deletions therein as the County Manager shall deem necessary, desirable or appropriate, the Chairman's execution thereof to constitute conclusive evidence of the County's approval of any and all such changes, modifications, additions or deletions therein. Section 3. That the Chairman of the Board of Commissioners, the County Manager, the Finance Director, and the Clerk to the Board