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490
<br />
<br />5.1.4.1 For Phase II Planting Coordination during January-March
<br />1994, payment shall be a LUMP SUM of Twenty-Eight Thousand, Five
<br />Hundred and 00/100 Dollars ($28,500.00). (See paragraph 1.6.4.1,
<br />page 7)
<br /> IN WITNESS WHEREOF, the parties hereto have executed this
<br />Agreement as of the day and year first written above.
<br />
<br />Witness:
<br />/s/ Frankie F. Bonds
<br />
<br />Witness:
<br />/s/ Brenda L, Stewart
<br />
<br />EXECUTION
<br />"OWNER"
<br />CABARRUS COUNTY, NORTH CAROLINA
<br />By: /s/ Jeffrey L, Barnhart
<br />Name: Jeffrey L. Barnhart
<br />Title: Chairman, Board of Commissioners
<br />Address: P. O. Box 707
<br /> Concord, NC 28026-0707
<br />
<br />"ENGINEER"
<br />HDR ENGINEERING, INC. OF
<br />NORTH CAROLINA
<br />By: /s/ Robert C. Sallach
<br />Name: Robert C. Sallach
<br />Title: Senior Vice President
<br />Address: 128 S. Tryon Street. Ste. 1400
<br />Charlotte. NC 28202-5001
<br />
<br />Lifting of Water Restrictions
<br />
<br /> Mr. Henry Waldroup, Utilities Director, reported that the City of Concord
<br />has lifted its mandatory restrictions on the use of water. The County and the
<br />District will do likewise.
<br />
<br />Annual Audit Presentation
<br />
<br /> Mr. Blair Bennett, Finance Director, presented an overview of the Cabarrus
<br />County Audit for the Fiscal Year ended June 30, 1993.
<br />
<br />Wachovta Funding for Governmental Center - Mr, Blair Bennett
<br />
<br /> Mr. Bennett updated the Board on the Wachovia Funding for the Governmental
<br />Center.
<br />
<br /> UPON MOTION of Commissioner Fennel, seconded by Commissioner Payne and
<br />unanimously carried, the Board approved the acceptance of the commitment letter
<br />from Wachovia Bank of North Carolina, N.A. dated December 17, 1993 and addressed
<br />to Mr. Blair Bennett, Finance Director, as follows:
<br />
<br />RE:
<br />
<br />$8,500,000 Bank Loan/Finance Lease
<br />Letter Dated April 22, 1988
<br />
<br />Amendment to Commitment
<br />
<br />Dear Mr. Bennett:
<br />On April 22, 1988 Wachovia Bank of North Carolina N.A. (the "Bank")
<br />formerly known as Wachovia Bank and Trust Company, N.A., extended a
<br />commitment to provide financing in the form of a 160A-19 lease in
<br />the amount of $8,500,000 to Cabarrus County. This commitment letter
<br />amends the commitment letter dated April 22, 1988. The interest
<br />rate on the 160A-19 lease is currently 7.15%. Due to the county
<br />refunding bonds in excess of $10,000,000 in 1993 and due to the
<br />possible issuance of schools bonds in 1994 in excess of $10,000,000
<br />this rate of 5.15% is a non-bank qualified rate. To partially
<br />offset the increased rate from that of a bank qualified rate,
<br />Wachovia agrees to reduce the prepayment penalty from 2% ($92,700)
<br />to 1.5% ($68,400). The total savings realized by Cabarrus County
<br />over the remaining 4 1/2 years will be $160,846.25.
<br />1) Amount. The Bank agrees to continue financing the principal
<br /> amount due which after January 1, 1994 will be $4,560,000. In
<br /> addition, the Bank agrees to increase the amount of principal
<br /> by the cost of issuance ($3,250), the prepayment penalty
<br /> ($68,400) and contingency ($3,350.00). Therefore, the total
<br /> amount being financed will be $4,635,000.
<br />
<br />
<br />
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