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BK:00027 PG:0336 <br />4. The County shall certify that there are no grants or loan obligations that exist on the <br />system, which obligate performance or other assurances, and that the City shall not be <br />required to perform any act for any third party after acquiring the system. <br />5. The City and Lee County agree that this transaction shall not be necessary to be reviewed <br />or approved by the Local Government Commission due to the exceptions contained in <br />NCGA 159 -153 (interlocal agreement of two government entities) NCGS 159 -148 (less <br />than 5 years) and 160A -20 (capital asset financed by the asset itself). <br />6. The governing boards of the County and City have adopted a resolution ratifying this <br />Agreement which resolutions were spread upon their respective minutes. <br />7. Upon completion of the transfer of the system, the November 6, 2001 agreement shall <br />terminate in accordance with its terms. <br />IN WITNESS WHEREOF, the City of Sanford and the County of Lee have caused this <br />instrument to be duly executed, attested by its respective clerk, and its seal affixed all by <br />authority of its respective governing bodies, first duly given, the day and year first above written. <br />County of Lee <br />Attest: <br />a 1 M. Lee, & Cleri 4tota Board <br />Attest: <br />Amy Dalrymple, Chair <br />Board of Commissioners <br />City of Sanford <br />T. Chet Mann, Mayor <br />Bonnie Davis, City Clerk <br />