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3 <br /> and financing of a project which each has found to be necessary and <br /> desirable to provide for improved public school facilities and <br /> 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 /> 2 <br />