Agenda Package - 05-03-10 - Laserfiche WebLink

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G4!~ • such allocation must be approved by the North Carolina Department of Public Instruction. (ii) 95% or more of the proceeds of the QZAB Component shall be used to rehabilitate, repair or equip a "qualified zone academy" within the meaning of Section 54E of the Code; (iii) the Facilities constitute a public school or academic program within a public school which is established by and operated under a local education agency of the County to provide education and training below the post secondary level and is located in an empowerment or enterprise community or there is a reasonable expectation that as of the date of Closing that at least 35% of the students attending the school or participating in the program will be eligible for free or reduced cost lunch programs under the school lunch program established under the National School Lunch Act; and (iv) the County or the Lee County Board of Education has received written commitments from private entities to make qualified contributions (as defined in Section 54E of the Code) having a present value of not less than 10% of the proceeds of the QZAB Component with respect to the Facilities. (v) The County hereby represents, warrants and covenants that (A) all applicable state and local law requirements governing conflicts of interest are and will be satisfied with respect to the QZAB Component and (b) if the Secretary of the United States • Treasury prescribes additional conflicts of interest rules governing the appropriate Members of Congress, Federal, State and local officials, and their spouses, such additional rules will be satisfied with respect to the QZAB Component. (c) With respect to the RZEDB Component: (i) The County has heretofore declared the entire geographical territory of the County to be a "recovery zone" under the Code and has received $12,000,000 of recovery zone economic development bond allocation from the State for purposes of financing the Facilities. (ii) The County covenants to do and perform all acts and things permitted by law in order to comply with the provisions of the Code in order to assure that this Agreement and the obligation of the County to pay the Installment Payments hereunder with respect to the RZED13 Component continue to constitute a "recovery zone economic development bond" under Section 140OU-2 of the Code so that the County will be permitted to continue to file for and collect interest subsidy payments from the United States Treasury associated therewith. (d) The County covenants that it will comply with the provisions of Subchapter IV of chapter 31 of title 40, United States Code (the "Davis-Bacon Act") with respect to the public Facilities financed with the Amounts Advanced under this Agreement to the extent required by Section 1601 of the American Recovery and Reinvestment Act of 2009. 0