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428 <br /> <br /> The Board of Commissioners for the County of Cabarrus met in recessed <br />session in the Multipurpose Room at the Cabarrus County Governmental Center in <br />Concord, North Carolina on Wednesday, May 17, 1995, at 5:30 P.M. <br /> <br />Present - Chairman: Jeffrey L. Barnhart <br /> Vice-Chairman: Arne L. Fennel <br /> Commissioners: Sue B. Casper <br /> Dr. Franklin C. Niblock, Jr. <br /> Kenneth Olio-Mills <br /> <br /> Also present were Mr. John V. Witherspoon, County Manager;.Mr. John Day, <br />Budget Officer/Area Manager; Mr. Don Moorhead, Personnel Director; and Mrs. <br />Frankie F. Bonds, Clerk to the Board. <br /> <br /> Chairman Barnhart called to order the meeting of the Board of Commissioners <br />and the Water and Sewer District at 5:30 P.M. <br /> <br /> Also present were the following members of the Kannapolts City Council: <br />Mayor Richard Anderson and Council Members Harold D..~Hqlbrook, Helen Be.aver, R. <br />Derwood Bost, Kenneth B. Geathers, and Robert S. Misenheimer. Also present were <br />Mr. Gene McCombs, Kannapolis City Manager; Mr. Walter M. Safrit, II, City <br />Attorney; and Ms. Bridgette Laws, Kannapolis City Clerk. <br /> <br /> Members of the Board and the Kannapolis City Council discussed the proposed <br />Letter of Intent for the City of Kannapolis to acquire water and sewer lines from <br />the County. Briefly discussed were such items as the coordination of work by the <br />City and County to extend water and sewer lines t° the Shoe Show project, the <br />continuation of the FishertownCommunity Development project, and the water rates <br />for those residents located outside the City of Kannapolls. <br /> <br /> UPON MOTION of Chairman Barnhart, seconded by Commissioner Fennel and <br />unanimously carried, the Board adopted the following Letter of Intent. <br /> <br /> Dated May 17, 1995 <br /> May 17, 1995 <br />County of Cabarrus <br />65 Church Street SE <br />Concord, North Carolina 28025 <br />Attention: Chairman of the Board of Commissioners <br /> <br /> Draft 6 <br />4:45 p.m. <br /> <br />Re: Acquisition of Water and Sewer System <br /> <br />Dear Mr. Chairman: <br /> <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 Kannapolis of the State of North <br />Carolina (the "City") will acquire that portion of the water and <br />sewer operations (the ~System") of the County of Cabarrus of the <br />State of North Carolina (the "County") and the Water and Sewer <br />District of Cabarrus County (the "District~) and, together with the <br />County, the USellers~) located north of Interstate Highway 85 and <br />west of U.S. Highway 29, outside the current limits of the City of <br />Concord. Such acquisition, together with the transactions referred <br />to herein (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 /> 1. Structure: The City will acquire all of the assets (the <br />"Purchased Assets") of the System, including (i) ~certain assets of <br />the District, including one water tank, water and sewer ipumping <br />stations, water and sewer lines and customer deposits and (ii) <br />certain of the County's water and sewer distribution lines, except <br />for and expressly excluding the Excluded Assets (as defined below). <br />The City will not acquire the following assets of the Sellers <br />(collectively, the Excluded Assets"): (i) permits and licenses, <br />(ii) any assets or liabilities relating to ~ the Coddle Creek <br />facilities and (iii) cash and investments (except for customer <br /> <br /> <br />