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AGREEMENT CONCERNING THE ACQUISITION, <br /> CONSTRUCTION AND EQUIPPING OF <br /> IMPROVEMENTS FOR THE CHAPEL HILL-CARRBORO CITY SCHOOLS <br /> THIS AGREEMENT, dated as of January _, 1995, and entered into <br /> by and between The Chapel Hill-Carrboro City Board of Education, a <br /> body corporate which has general control and supervision of all <br /> matters pertaining to the public schools in the Chapel Hill- <br /> Carrboro City Schools, its respective school administrative unit, <br /> and is duly organized and existing under the laws of the State of <br /> North Carolina (the "Board of Education") , and the County of <br /> Orange, North Carolina, a political subdivision of the State of <br /> North Carolina (the "County") , <br /> W I T N E S S E T H : <br /> WHEREAS, the County and the Board of Education have previously <br /> determined to cooperate in a plan for the acquisition, <br /> construction, equipping and financing of a project which each has <br /> found to be necessary and desirable to provide for improved public <br /> school facilities and improved public education in the County; and <br /> WHEREAS, such project consists of a new elementary school for <br /> use by the Chapel Hill-Carrboro City Schools, including parking <br /> areas, sidewalks and other appurtenant facilities, landscaping and <br /> other related site work (such school and other facilities and <br /> improvements being herein collectively called the "Improvements") , <br /> on a site adjacent to the site of McDougle Middle School as more <br /> particularly described in Exhibit A to the Installment Purchase <br /> Contract hereinafter described (the "Site") ; and <br /> WHEREAS, in furtherance of such plan, the Board of Education <br /> is authorized to sell the Site to the County for any price <br /> negotiated between them; and <br /> WHEREAS, in furtherance of such plan, the County is authorized <br /> to acquire, construct and equip real and personal property <br /> consisting of the Site and the Improvements or otherwise make <br /> available such property for use by the Chapel Hill-Carrboro City <br /> Schools and to lease and sell such property to the Board of <br /> Education; and <br /> WHEREAS, the County is also authorized to finance the <br /> acquisition, construction and equipping of the Improvements on the <br /> Site by contracts that create in the Site and the Improvements and <br /> certain related property a security interest to secure repayment of <br /> moneys made available for such purpose; and <br /> BWNY/133962.2/15880/00013/1537 December 14, 1994 <br />