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266 <br /> <br /> The Board of Commissioners for the County of Cabarrus met in recessed <br />session in the Commissioners' Conference Room at the Cabarrus County Governmental <br />Center in Concord, North Carolina, on Monday, April 26, 1993, at 7:00 P.M. <br /> <br />Present - Chairman: Carolyn B. Carpenter <br /> Vice-Chairman: Kenneth F. Payne <br /> Commissioners: Jeffrey L. Barnhart <br /> Sue B. Casper <br /> Arne L. Fennel <br /> <br /> Also present were Mr. John V. Witherspoon, County Manager; Mr. Fletcher L. <br />Hartsell, Jr., County Attorney; and Mrs. Frankie F. Bonds, Clerk to the Board. <br /> <br />Chairman Carpenter called the meeting to order at 7:00 P.M. <br /> <br />A.L. Brown High School Renovation Project <br /> <br /> Mr. Hartsell presented a Lease and Agency Agreement for finalization of the <br />financing for the A. L. Brown High School renovation project. <br /> <br /> UPON MOTION of Commissioner Barnhart, seconded by Chairman Carpenter and <br />unanimously carried, the Board approved the Lease between Cabarrus County and the <br />Kannapolis Board of Education for A. L. Brown High School. The County had <br />previously entered into an Installment Purchase Contract dated April 1, 1993 with <br />Wachovia Bank of North Carolina to provide for the financing of the renovation <br />and construction project for A. L. Brown High School. The term of the lease <br />shall commence on the "Closing Date" of April 1, 1993 and will end upon the <br />termination of the Financial Contract or an event of default and termination by <br />the County as set forth in Article XII of the Lease. The Lease is on file in the <br />office of .the County Manager. <br /> <br /> UPON MOTION of Commissioner Barnhart, seconded by Commissioner Fennel and <br />unanimously carried, the Board approved the following Agency Agreement between <br />the Kannapolis Board of Education and Cabarrus County. <br /> <br />AGENCY AGREEMENT <br /> <br /> This AGENCY AGREEMENT, dated as of April 1, 1993, by and between the <br />KANNAPOLIS BOARD OF EDUCATION (the "Board"), and the COUNTY OF CABARRUS, NORTH <br />CAROLINA, a political subdivision duly organized and existing under and by virtue <br />of the Constitution and laws of the State of North Carolina (the "County"); <br /> W I T N E S S E T H: that-- <br /> WHEREAS, the County has entered into an Installment Purchase Contract (the <br />"Installment Agreement") dated as of the date hereof, with Wachovia Bank of North <br />Carolina, National Association, a national banking association (the "Bank"), <br />whereby the County has agreed to construct, or cause to be constructed, the <br />Project (as defined in the InstaLlment Agreement) upon Real Property described <br />in Exhibit~A hereto (they"Real Property"), and the Bank has agreed to finance the <br />Project through the Installment Agreement and the Escrow Agreement secured by a <br />Deed of Trust upon Real Property dated as of April 1, 1993, to The Fidelity <br />Company, a North Carolina corporation, as Trustee for the Bank; <br /> WHEREAS, all acts, conditions and things required by law to exist, to have <br />happened and to have been performed precedent to and in connection with the <br />execution and entering into of this Agency Agreement do exist, have happened and <br />have been performed in regular and due time, form and manner as required by law, <br />and the parties hereto are now duly authorized to execute and enter into this <br />Agency Agreement; <br /> NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND OF THE MUTUAL <br />AGREEMENTS AND COVENANTS CONTAINED HEREIN AND FOR OTHER VALUABLE CONSIDERATION, <br />THE PARTIES HERETO DO HEREBY AGREE AS FOLLOWS: <br /> SECTION I. Board to Act as Agent of the County. <br /> The County hereby irrevocably appoints the Board as its agent in connection <br />with the construction of the Project. The Board, as the agent of the County for <br />the foregoing purpose, shall cause the construction of the Project to be <br />completed on or before the completion date set forth in the Installment Agreement <br />and otherwise in accordance with the Installment Agreement and any applicable <br />requirements of governmental authorities and law. <br /> <br /> <br />