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024 <br />BOX "_8 sac 6~8 <br />STATE OF NORTH CAROLINA ) <br />AGREEMENT <br />COUNTY OF LEE ) <br />THIS AGREEMENT, made and entered into this day of <br />2001, by and between the County of Lee, one of the counties of the State of North <br />Carolina and a body both politic and corporate, and The Lee County Board of Education, <br />a body 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. §159-18 through §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, and for debt service for new <br />construction of public school buildings. <br />4. The foregoing action will be taken with all possible dispatch in order that <br />the funds may be received and invested for the benefit of the purposes of the capital <br />reserve fund. <br />IN WITNESS WHEREOF, the Lee County Board of Education has had this <br />instrument executed by its Chairman and Secretary to the Board and the County of Lee <br />