Minutes - 19931116 - Laserfiche WebLink

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through the operation of the Project for the benefit of County residents and other persons visiting the County; WHEREAS, the obligation of the County to make payments under the Agreement shall constitute a valid, binding and legally enforceable contractual obligation of the County to the payment of which the County is obligated to appropriate funds in each year thereof, and payable from the County's funds and from the earnings and all income received by the County from whatever source derived unless the use of such funds are restricted other than by action of the Board of Commissioners of the County ar the use thereof is otherwise restricted by law, and enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors' rights heretofore or hereafter enacted or by equitable principles; WHEREAS, there have been presented to the Board of Commissioners of the County (the "Board") the following documents (collectively, the "Instruments"), copies of which are attached hereto, which the County proposes to approve, enter into and deliver to effectuate the proposed purchase financing: (1) the form of the Agreement; and (2) the form of the Indenture; and WHEREAS, it appears that each of the Instruments is in appropriate form and is an appropriate instrument for the purposes intended; WHEREAS, the net sums to fall under the Agreement will not exceed $400,000 in each year for 10 years and can be included in the County's budget; WHEREAS, it is reasonable to conclude that the payments under the Agreement are not excessive for the stated purpose and no increase in the property tax rate will be required to raise funds to fall due under the contract in each fiscal year during the term of the Agreement; WHEREAS, the County Attorney is of the opinion that this transaction is authorized by law and is a purpose for which public funds may be expended pursuant to the Constitution and Laws of the State; WHEREAS, the County's budget process and Annual Budget Ordinance are in compliance with the Local Government Budget and Fiscal Control Act, and external auditors have determined that the County has conformed with generally accepted accounting principles in preparing its Annual Budget Ordinance; WHEREAS, past audit reports of the County indicate that its debt management and contract obligation payment policies have been carried out in strict compliance with the law, and the County has not been censured by the North Carolina Local Government Commission (the "LGC"), external auditors, or any other regulatory agencies in connection with such management; WHEREAS, the County is not in default in meeting any of its debt service or contract obligations; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE COUNTY OF ORANGE, NORTH CAROLINA, AS FOLLOWS: Section 1. That all actions of the County in effectuating the Project are hereby approved, ratified and authorized pursuant to and in accordance with the transactions contemplated by the Instruments. Section 2. That the form and content of the Agreement are in all respects authorized, approved and confirmed, and the County Manager or his designee and the County Clerk are authorized, empowered and directed to