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035 <br />ecox I8 PAGF 688 <br />STATE OF NORTH CAROLINA <br />COUNTY OF LEE AGREEMENT <br />THIS AGREEMENT, made and entered into this 5' day of November, 2001, by <br />and between the County of Lee, one of the counties of the State of North Carolina and a <br />body both politic and corporate, and the Lee County Board of Education, a body <br />corporate under the laws of the State of North Carolina. <br />WITNESSETH: <br />WHEREAS, the General Assembly of North Carolina passed the Public School <br />Building Bond Act of 1996 to provide for the issuance of state bonds to be used for <br />grants to counties for qualified public school capital outlay projects; and <br />WHEREAS, the distribution of the allocation of said grants is subject to certain <br />match requirements which Lee County has fulfilled; and <br />WHEREAS, Lee County received an allocation of $8,473,841.00 and has <br />received and expended $5,473,841.00 leaving $3,000,000.00 which is eligible for <br />distribution; and <br />WHEREAS, the Board of Commissioners on behalf of Lee County and the Lee <br />County Board of Education have agreed as how the receipt and expenditure of said funds <br />shall be handled. <br />NOW, THEREFORE, it is mutually agreed between the parties hereto as follows: <br />1. The Lee County Board of Education will make application for payment of <br />the $3,000,000.00 to an account established by Lee County for a capital reserve fund. <br />2. Lee County will establish a capital reserve fund in accordance with N.C. <br />Gen. Stat. Section 159-18 through Section 159-23. <br />3. The resolution or ordinance adopted by the Board of Commissioners shall <br />state that the purposes for which the fund is created is for new construction of public <br />school buildings, for the purchase of land for school sites, for renovations, and for debt <br />service for new construction of public school buildings. <br />