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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
Metadata
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Template:
BOCC
Date
5/3/2007
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
5a
Document Relationships
Agenda - 05-03-2007-5a
(Linked To)
Path:
\Board of County Commissioners\BOCC Agendas\2000's\2007\Agenda - 05-03-2007
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8 <br />INSTALLMENT FINANCING CONTRACT <br />THIS INSTALLMENT FINANCING CONTRACT (the "Contract") is <br />dated as of June 1,.2007, and is between ORANGE COUNTY, NORTH <br />CAROLINA, a political subdivision of the State of North Carolina (the "County"), <br />and SUNTRUST LEASING CORPORATION ("SunTrust"). <br />RECITALS• <br />The County desires to obtain funds to enable the County to acquire, <br />construct and improve certain school facilities and to provide for certain other <br />public improvements, as well as to pay fmancing costs and other related costs. <br />SunTnxst has agreed to advance funds to the County for such purpose. <br />This Contract provides for SunTrust's obligation to advance the funds, and <br />the County's obligation to repay the funds with interest. In accordance with the <br />County's authority under Section 160A-20 of the North Carolina General Statutes, <br />the County will secure its obligations under this Contract by a security interest in <br />the Pledged Facilities and the Pledged Sites (each as defined in Exhibit A). <br />Unless the context clearly requires otherwise, capitalized terms used in this <br />Contract and not otherwise defined will have the meanings set forth in Exhibit A. <br />NOW, THEREFORE, for and in consideration of the mutual promises and <br />covenants contained in this Contract, the parties agree as follows: <br />ARTICLE I <br />ADVANCE <br />SunTrust advances [$50,057,000] (the "Amount Advanced") to the County, <br />and the County accepts the Amount Advanced. SunTrust is advancing the Amount <br />Advanced by depositing the Advance as provided in the Project Fund Agreement. <br />The County will use the Amount Advanced to pay Project Costs as provided <br />in this Contract and in the Project Fund Agreement. <br />97562v1 g <br />
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