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488 The Board of Commissioners for the County of Cabarrus met in recessed session in the Multi-Purpose Room at the Cabarrus County Governmental Center in Concord, North Carolina on Thursday, June 29, 1995, at 8:00 A.M. Present Chairman: Jeffrey L. Barnhart Vice-Chairman: Arne L. Fennel Commissioners: Sue B. Casper Dr. Franklin C. Niblock, Jr. Kenneth Olio-Mills Also present were Mr. John V. Witherspoon, County Manager; Mr. Fletcher L. Hartsell, Jr., County Attorney; Mr. John Day, Budget Officer/Area Manager; Mr. Gerald Newton, Planning and Development Area Manager; Mr. Don Moorhead, Personnel Director; Mr. Blair Bennett, Finance Director; and Mrs. Frankie F. Bonds, Clerk to the Board. Chairman Barnhart called the meeting to order at 8:00 A.M. Members of the Kannapolis City Council were also present for the meeting; namely, Mayor Richard Anderson and Council Members Harold D. Holbrook, Helen Beaver, R, Derwood Bost, Kenneth B. Geathers, Phil Meacham, and Robert S. Misenheimer. Also present were Mr. Gene McCombs, Kannapolis City Manager; Mr. Walter M. Safrit, II, City Attorney; and Ms. Bridgette Laws, City Clerk. 'Mayor Anderson called the City Council meeting to order. Mr. Hartsell briefly reviewed the latest draft of the Asset Purchase Agreement with the City of Kannapolis, stating that the Agreement is not yet ready for execution. However, he advised that the proposed Resolutions could be adopted at this time authorizing final negotiations and execution of the finalized Agreement. UPON MOTION of Commissioner Niblock, seconded by Commissioner Fennel and unanimously carried, 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 OFKANNAPOLIS, NORTH CAROLINA AND THE WATER AND SEWER DISTRICT OF CABARRUS COUNTY; AND CERTAIN RELATED MATTERS Commissioner Niblock moved that the following resolution be adopted, seconded by Commissioner Fennel: 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 KANNAPOLIS, NORTH CAROLINA AND 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 Kannapolis, North Carolina (the "City") of the sum of $686,108.28 to the County, the assumption by the City of certain specified obligations of the Sellers and the payment by the City to the County pursuant to the Asset Purchase Agreement to be entered into between the City and the Sellers (the "Asset Purchase Agreement") of the sum of $390,000.00, as a contribution to the expense of the development of a public park at Lake Concord (the "Park Development Contribution"). 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.