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5 <br /> Under the financing plan, the Bank will make funds available to the County for <br /> use on Project costs. The County will repay the amount advanced, with interest, over time. <br /> The County will grant to the Bank a mortgage-type interest in the new County office <br /> building, the new library and the County's interest in the Gateway Center to secure the <br /> County's repayment obligation. <br /> 2. Direction To Execute Documents -- The Board authorizes and directs the <br /> Board's Chair, the County Manager and the County Finance Officer, or any of them, to <br /> act on the County's behalf and execute and deliver all appropriate Agreements and other <br /> documents (the "Agreements") for the proposed financing. It is the Board's <br /> understanding that the Agreements will be in forms acceptable to the North Carolina <br /> Local Government Commission, and substantially similar to those used by the Bank in <br /> similar financings provided to the County and other North Carolina local governments. <br /> The execution and delivery of any document by an authorized County officer will <br /> be conclusive evidence of the approval of the final form of such document. The <br /> Agreements in final form, however, must provide (a) for the amount financed not to <br /> exceed $30,917,000, (b) for a financing term not to extend beyond December 31, 2024, <br /> and (c) for annual interest rates not to exceed the applicable rates stated in the Bank's <br /> proposal (in the absence of a default, or a change in tax status). <br /> 3. Authorization to Officers To Complete Closing — The Board authorizes <br /> and directs the Finance Officer and all other County officers and employees to take all <br /> proper steps to complete the financing pursuant to the Agreements and as contemplated <br /> by this resolution. The Board authorizes and directs the Finance Officer to hold executed <br /> copies of all documents and instruments authorized or permitted by this resolution in <br /> escrow on the County's behalf until the conditions for their delivery have been completed <br /> to such officer's satisfaction, and thereupon to release the executed copies of such <br /> documents and instruments for delivery to the appropriate persons or organizations. <br /> Without limiting the generality of the foregoing, the Board specifically authorizes <br /> the Finance Officer to approve changes to any documents previously signed by County <br /> officers or employees, provided that such changes do not conflict with this resolution or <br /> substantially alter the intent of the document from that expressed in the form originally <br /> signed. The Finance Officer's authorization of the release of any such document for <br /> delivery will constitute conclusive evidence of such officer's approval of any such <br /> changes. <br /> In addition, the Finance Officer is authorized and directed to take all appropriate <br /> steps for the efficient and convenient carrying out of the County's on-going <br /> responsibilities under the Agreements. This authorization includes, without limitation, <br /> contracting with third parties for reports and calculations that may be required under the <br />