Orange County NC Website
Browse       Search
8 <br />and all such changes, modifications, additions or deletions, and that from and <br />after the execution and delivery of the Agreement, the County Manager and the <br />County Clerk or their respective designees are hereby authorized, empowered <br />and directed to do all such acts and things and to execute all such documents- <br />as may be necessary to carry out and comply with the provisions of the <br />Agreement as executed. <br />Section 3. That the County acknowledges that its payments under the <br />Agreement constitute a valid, binding and legally enforceable contractual <br />obligation of the County-to the payment of which the County is obligated to <br />appropriate funds in each year thereof, and payable from the County's general <br />fund and from the earnings and all income received by the County from whatever <br />source derived unless the use of such funds are restricted other than by <br />action of the Board of Commissioners of the County or the use thereof is <br />otherwise restricted by law, and enforceable in accordance with its terms, <br />except as such enforceability may be -limited by applicable bankruptcy; <br />insolvency, reorganization, moratorium or other laws relating to or affecting <br />generally the enforcement of creditors' rights heretofore or hereafter enacted <br />or by equitable principles. <br />Section 4. That the County approves the issuance of the Bonds by the <br />Corporation and agrees to accept title to the Project, including the. land on <br />which it is located as described in the Deed of Trust from the Corporation to <br />the Deed of Trust trustee named therein, on the payment in full of the <br />principal of and interest on the Bonds and the discharge of the lien of the <br />Indenture. <br />Section 5. That the County .Manager is hereby designated as the <br />County's representative to act on behalf of the County in connection with the <br />transactions contemplated by the Instruments, and the County Manager is <br />authorized and directed to proceed in accordance with the Instruments, and to <br />seek opinions on matters of law from the County Attorney, which the County <br />Attorney is authorized to furnish on behalf of the County, and opinions of law <br />from such other attorneys for all documents contemplated hereby as required <br />by law. The County Manager is hereby authorized to designate one or more <br />employees of the County to take all actions which the County Manager is <br />authorized to perform under this Resolution, and the County Manager or his <br />designees are in all respects authorized on behalf of the County to supply all <br />information pertaining to the County for use in the transactions contemplated <br />by the Instruments. The County Clerk and the County Manager are authorized <br />to execute and deliver for and on behalf of the County any and all additional <br />certificates, documents, opinions or other papers and perform all other acts <br />as may be required by the Instruments or as they may deem necessary or <br />appropriate in order to implement and carry out the intent and purposes of <br />this Resolution. <br />Section 6. That if any section, phrase or provision of this <br />Resolution is for any reason declared to be invalid, such declaration shall <br />not affect the validity of the remainder of the sections, phrases or <br />provisions of this Resolution. <br />Section 7. That all motions, orders, resolutions, ordinances and <br />