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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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RES-2007-037 Resolution Providing Final Approval for County Installment Financing
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Last modified
8/3/2012 9:37:52 AM
Creation date
5/20/2010 8:46:10 AM
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BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
5a
Document Relationships
Agenda - 05-03-2007-5a
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\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
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27 <br />(a) has been made in accordance with the terms hereof (whether at maturity, upon <br />prepayment or otherwise) or (b) has been provided for by depositing with. a <br />Qualified Agent (1) cash sufficient to make such payment or (2) Federal Securities <br />maturing as to principal and interest in such amounts and at such times as will <br />insure, without reinvestment, the availability of sufficient moneys to make such <br />payment (which will be evidenced by a certificate, in form satisfactory to <br />SunTrust, of a firm of independent certified public accountants or similar experts <br />reasonably acceptable to SunTrust) and which are not subject to redemption or <br />purchase prior to maturity at the option of anyone other than the holder. When the <br />County's repayment obligations for the Amount Advanced are deemed paid under <br />this Section, the County's repayment obligations under this Contract will be <br />payable solely-from the cash or Federal Securities deposited pursuant to' (b) above, <br />and SunTrust will provide for the release of the lien and cancellation of the Deed <br />of Trust as provided in the Deed of Trust. <br />No deposit under (b) above will be made until the County has furnished <br />SunTrust a written opinion of an attorney or firm of attorneys nationally- <br />recognized on the subject of state and local government debt obligations acceptable <br />to SunTrust to the effect that the deposit of such cash or Federal Securities wIll not <br />cause the County's repayment obligations under this Contract to become "arbitrage <br />bonds" within the meaning of the Code. <br />Notwithstanding any provision of this Agreement to the contrary, any <br />Qualified Agent under this Section will dispose of moneys held by it for any <br />repayment of any portion of the Amount Advanced (whether principal, interest or <br />prepayment premium as provided for in Section 2.3) left unclaimed for five years <br />after the date the principal component of such repayment becomes due in <br />accordance with N.C. Gen. Stat. Sec. 116B-51 or any successor provision. The <br />persons entitled to such payment will thereafter be entitled to look only to their <br />remedies under N.C. Gen. Stat. Chapter 116B or any. successor provision, and all <br />liability of the County and any such escrow agent with respect to such moneys will <br />cease. <br />13.2. Notices. <br />(a) Any communication provided for in this Contract must be in writing. <br />(b) Any communication under this Contract will be sufficiently given and <br />deemed given when delivered by hand or on the date shown as the date of delivery <br />on a United States Postal Service return receipt, if addressed as follows: <br />97562v1 27 <br />
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