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5 <br />SHLF draft of December 7 2005 <br />INTERLOCAL AGREEMENT CONCERNING <br />CAPITAL PROJECTS FOR PUBLIC SCHOOLS <br />This Interlocal Agreement is dated as of .January 1, 2006, and is by and <br />between ORANGE COUNTY, NORTH CAROLINA (the "County"), and THE <br />ORANGE COUNTY BOARD OF EDUCATION (the "School Board"), and <br />provides as follows: <br />The Corurty and the School Board have agreed on an arrangement to <br />facilitate their cooperation in certain projects for additions, improvements, <br />renovations and repairs to School Board property. <br />Under this arrangement, the School Board will transfer property to the <br />County, The School Board will then lease the property hack from the County, The <br />School Board, on the County's behalf, will arrange for contracts for the <br />contemplated projects, The County will disburse fiords to conhactors, <br />This arrangement is intended to be flexible and to include a wide range of <br />capital projects for public schools operated by the School Board, <br />Capitalized tenvs used in this Agreement and not otherwise defined have the <br />meanings set forth in Exhibit A, <br />Now, therefore, for and in consideration of the mutual promises in this <br />Agreement, the parties agree as follows: <br />1. The School Board will convey Contract Piroperty to the County <br />Whenever the School Board determines that it would be in the School <br />Board's interest in carrying out a Project for some of the School Board's property <br />to become Conriact Property subject to the terns of this Agreement, the School <br />Board will convey such proper°ty to the County pursuant to the following <br />provisions: <br />a) The School Board will publish a notice of public hearing, in <br />substantially the fonlr of Exhibit B, at least ten days prior to the hearing date, As <br />~~aaz~i <br />