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8 <br />WHEREAS, the BOARD OF COMMISSIONERS and the BOARD OF <br />EDUCATION have approved a funding mechanism to fund high school <br />#3 which reconciles the gap between the total estimated expected <br />cost of high school #3 with the funding previously identified; <br />and <br />WHEREAS, the BOARD OF COMMISSIONERS and the BOARD OF <br />EDUCATION desire to enter into this Interlocal Agreement to set <br />forth the respective undertakings and responsibility of each <br />party; and <br />WHEREAS, the BOARD OF COMMISSIONERS and the BOARD OF <br />EDUCATION have each approved this Interlocal Agreement and have <br />' caused such approval to be reflected in the respective minutes <br />of each governing board. <br />• NOW THEREFORE, pursuant to North Carolina ~Oeneral Statute <br />§§ 160A-461 and 115C-431, the BOARD OF EDUCATION and the BOARD <br />OF COMMISSIONERS agree as follows: <br />1. THE PURPOSE: The parties enter into this Interlocal <br />Agreement to establish a funding mechanism: (1) for the purchase <br />by the BOARD OF EDUCATION by eminent domain or otherwise of <br />properties identified as making up the site for high school #3, <br />which site is abutting Rock Haven, Ray and Smith Level Roads <br />south of Carrboro and Chapel Hill and (2) for the appropriation <br />from the BOARD OF COMMISSIONERS to the BOARD OF EDUCATION's <br />school capital expense fund of the funds for the completion of <br />5 <br />