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BDOK '~ ~4GE 2'~2 The Chairman thereupon declared sai3 I4otion carried, such rules auapended, and unanimous consent given for the immediate consideration of said Resolution. Commissioner 47ard moved that the foregoing resolution be adopted as introduced and read, which I4otion was seconded by Commiasior_er Walker an3 upon roll call the "ayes" and "Nays' were as follows: AYES: NAYS; s 0 -The Chairman thereupon declared said Matian carried and said Resolution adopted, A copy of the Cooperation Agreement between Orange County Housing Authority and Orange County, North Carolina was presented by Mr, Porterfield, Chairman Smith inouired of the County Attorney as to his opinion relative to the Cooperation agreement, Discussion ensued on paragraph si:~ of the agreement, Upon motion of Commissioner Walker, aecondad by Commissioner Bennett, it was moved and unanimously adopted that Chairman Smith be authorized to sign the Cooperation Agreement upon the proviso that paragraph six of the agreement be deleted. COOPERATIDN AGREEMENT TRIS AGREEMENT entered into this ){_th daq of May, 1970, by and between DRANGE COWTY HDUSING AUTHORITY (herein called the "Local Authority") and ORANGE COUNTY, NORTH CAROLINA (herein called the "Municipality"). WIT?dESSETfI In consideration of the mutual covenants hereinafter set forth, the parties hereto do agree as follows: 1, Whenever used in this Agraemant; (a) Tha term "Project" shall mean any low-rant housing hereafter developed as an entity b the Local Authority with financial assistance of the UNITED STATES OP' AMERICA herein called the Government''), excluding, however, any low-rent housing projevt heretofore covered by any contract for loans and annual contributions. (b) The term "Taxing Hody" shall mean the State or any political subdivision or taxing unit thereof in which a Project is situated and which would have authority to assess or levy real or personal property taxes or to certify such taxes to a taxing body or public officer to be levied for its use and benefit with respect to a Project if it were not exempt from taxation. (c) The term "Shelter Rent" shall mean the total of all charges to all tenants of a Project fox dwelling rents and nondwelling yenta (excluding all other income of such Project), less the cost to the local Authority of all dwelling and non dwelling utilities. (d) The term "Slum" shall mean any area where dwellings predominate which, by reason of dilapidation, overcrowding, faulty arrangement or design, lack of ventilation, light or sanitation facilities, yr anq vombination of these factors, are determintal to safetq, health. or morals. 2. The Local Authority shall endeavor (a) to secure a contract or contracts with the Government for loans and annual contributiens covering one or more Projects comprising approximately 500 units of low-rent housing and (b) to develops and administer such Project or Projects, each of which shall be located within the corporate limits of the Municipality, The obligations of the parties hereto shall apply to each such Project, 3. (a) IInder the constitution and statutes of the State of North Carolina, all Projects are exempt from all real and personal property texas levied or imposed by any Taxing Body, With respect to any Project, so long as either (1) such Project is owned by a public body or governmental agency and is used for 1ow- rent housing purposes; or (11) any contract between the Local Authority and the Government for loans or annual contributions or both, in connection with such Project remains in force and effect; or (111j any bonds issued in connection with such Project or any monies due to the Government in connection with such Project remains unpaid, whichever period is the longest, the Municipality agrees that it will not levy or impose any real or personal property taxes upon such Project or upon the Local Authority with respect thereto. During such period, the Local P_uthority shall make annual payments (herein called "payments in Lieu of Taxes") in lieu of ouch taxes and in payment for the public services and facilities furnished from time to time without other coat or charge for or with respect to such Projects,