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2008-093 Finance- Installment Financing Contract RBC Bank purchase of Solid Waste Equipment
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2008-093 Finance- Installment Financing Contract RBC Bank purchase of Solid Waste Equipment
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Last modified
8/13/2012 11:49:10 AM
Creation date
4/20/2010 10:36:05 AM
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BOCC
Date
8/19/2008
Meeting Type
Regular Meeting
Document Type
Contract
Agenda Item
4mm
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Agenda - 08-19-2008- 4mm
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\Board of County Commissioners\BOCC Agendas\2000's\2008\Agenda - 08-19-2008
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(c) When it receives the notification specified in part (a) of this section, the <br />County shall send a written acknowledgement of the same to the Bank and shall record <br />the assignment in the County's "book entry system". <br />(d) The Bank shall require each of its assignees (1) to conform to the <br />notification requirements of this section in the event of further assignments, and (2) to <br />require such conformity from that assign's assignees. <br />(e) The County shall execute, at the Bank's request, a notice of assignment <br />and other related documents that are reasonably necessary to protect the security interest <br />in the Equipment or in this Contract and to maintain those security interests in perfected <br />form. <br />After the giving of notice described above to the County, the County shall thereafter <br />make all .payments in accordance with the notice to the assignee named therein and shall, if <br />so requested, acknowledge such assignment in writing, but such acknowledgement shall in <br />no way be deemed necessary to make the assignment effective. Notwithstanding any <br />provision of this Section 12.2, in no event will the County at any time be required to make <br />any Installment Payment on any single payment date to more than one payee. <br />SECTION 13. LIMITED OBLIGATION OF THE COUNTY <br />NO PROVISION OF THIS .CONTRACT SHALL BE CONSTRUED OR <br />INTERPRETED AS CREATING A PLEDGE OF THE FAITH AND CREDIT OF THE <br />COUNTY WITHIN. THE MEANING OF ANY CONSTITUTIONAL DEBT <br />LIMITATION. NO PROVISION OF THIS CONTRACT SHALL BE CONSTRUED OR <br />INTERPRETED AS CREATING A DELEGATION OF GOVERNMENTAL POWERS <br />NOR AS A DONATION BY OR A LENDING OF THE CREDIT OF THE COUNTY <br />WITHIN THE MEANING OF THE CONSTITUTION OF THE STATE OF NORTH <br />CAROLINA. THIS CONTRACT SHALL NOT DIRECTLY OR INDIRECTLY OR <br />CONTINGENTLY OBLIGATE THE COUNTY TO MAKE ANY PAYMENTS <br />BEYOND THOSE APPROPRIATED IN THE SOLE DISCRETION OF THE COUNTY <br />FOR ANY FISCAL YEAR IN WHICH .THIS AGREEMENT IS IN EFFECT; <br />PROVIDED, HOWEVER, ANY FAILURE OR REFUSAL BY THE COUNTY TO <br />APPROPRIATE FUNDS, WHICH RESULTS IN THE FAILURE BI' THE COUNTY TO <br />MAKE ANY PAYMENT COMING DUE HEREUNDER WILL IN NO WAY OBVIATE <br />THE OCCURRENCE OF THE EVENT OF DEFAULT RESULTING FROM SUCH <br />NONPAYMENT. NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST <br />THE COUNTY IN ANY ACTION FOR BREACH OF A CONTRACTUAL <br />OBLIGATION UNDER THIS CONTRACT, AND THE TAXING POWER OF THE <br />COUNTY IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY OR <br />CONTINGENTLY TO SECURE ANY MONEYS DUE UNDER THIS CONTRACT. <br />No provision of this Contract shall be construed to pledge or to create a lien on any <br />class or source of the County's moneys other than the account with. the Bank established <br />pursuant to Section 2 of this Contract. To the extent of any conflict between this Section <br />and any other provision of this Contract, this Section shall take priority. <br />13 <br />
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