AG 2018 02 19 - Laserfiche WebLink

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and such proceeds have heretofore been used by the County to provide financing for various public school projects; WHEREAS, in order to secure the obligations of the County under the 2011A Contract, the County also entered into a Deed of Trust, Security Agreement and Fixture Filing, dated as of March 1, 20119 (the "2011A Deed of Trust"), with the deed of trust trustee named therein, for the benefit of the Corporation and the 2011A Bond Trustee, as the assignee of the Corporation (collectively, the Corporation and the 2011A Bond Trustee are referred to herein as the `Beneficiary"); WHEREAS, the only property, both initially and currently, posted as collateral under the 2011A Deed of Trust is the site of Mount Pleasant Middle School, including all improvements thereon (the "MPMS Site"), the legal description of which is attached hereto as Appendix A; WHEREAS, the MPMS Site is no longer being used as a public school facility by the Cabarrus County Board of Education; WHEREAS, the County desires to obtain a release of the MPMS Site from the lien of the 2011A Deed of Trust and sell the MPMS Site to a private purchaser free and clear of the lien of the 2011A Deed of Trust; WHEREAS, NCGS Section 160A-20 requires that some portion or all of the property financed with the proceeds of the 2011A LOBS be pledged as collateral under the 2011A Deed of Trust at all times; WHEREAS, the 2011A Deed of Trust provides a process whereby substitute property can be pledged as additional collateral under the 2011A Deed of Trust and the MPMS Site can thereafter be released from the lien of the 2011A Deed of Trust; WHEREAS, a portion of the proceeds of the 2011A LOBS was expended on improvements to the site of the Winecoff Elementary School (the "WE Site"), the legal description of which is attached hereto as Appendix B; 2 Attachment number 1 \n F-11 Page 133