RES-2006-007 Final Approval of terms & conditions for Meadowlands Building acquisition & financing

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(c) The estimated sums to fall due under the proposed financing contract are adequate and not excessive for the proposed purpose. Although the financing rate contemplated by the Contract may exceed financing rates otherwise available to the County, the advantageous purchase price offsets any detriment from the financing rate. In addition, the financing rate and owner financing are key business considerations for the seller in the negotiations for the County's acquisition of a most desirable building. (d) As confirmed to the Board at this meeting by the County's Finance Officer, (I) the County's debt management procedures and policies are sound and in compliance with law, and (ii) the County is not in default under any of its debt service obligations. (e) Although the County expects that there will be from time to time tax increases associated with the County's overall capital investment program, any tax increase attributable to the current proposed financing will be minimal and appropriate under all the circumstances (f) The County Attorney is of the opinion that the proposed project is authorized by law and is a purpose for which public funds of the County may be expended pursuant to the Constitution and laws of North Carolina BE IT FURTHER RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Proceed with Financing -The County confirms its plans to undertake and finance the acquisition of the Meadowlands Building. The County will carry out the plan with owner financing, and generally as described in the draft Sales Contract. The Board approves the Sales Contract and the Financing Agreement in the forms provided, and the Sales Contract and the Financing Agreement in final form must be in substantially the forms presented. 2. Direction To Execute Documents -- The Board authorizes and directs the Board's Chair, the County Manager and the County Finance Officer to act on the County's behalf and to execute and deliver all appropriate documents (the "Documents") for the proposed financing, including the Sales Contract and the Financing Agreement in their final forms. The execution and delivery of any Document by an authorized officer will be conclusive evidence of his approval of the final form of such Document. The Documents in final form, however, must be consistent with the financing plan described in this resolution. 3. Authorization to Finance Officer To Complete Closing - The Board authorizes and directs the Finance Officer to hold executed copies of all financing documents authorized or permitted by this resolution in escrow on the County's behalf until the conditions for their delivery have been completed to such officer's satisfaction, and thereupon to release the executed copies of such documents for delivery to the appropriate persons or organizations.