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3- ~ ~ <br />STATE OF NORTH CAROLINA <br />COUNTY OF ORANGE <br />RESOLUTION TO ACQUIRE <br />REAL PROPERTY/ COUNTY <br />WHEREAS, North Carolina General Statutes § 122C-147 provides that the <br />authority to hold title to real property and the authority to acquire the same may be <br />held by an area mental health, development disabilities and substance abuse <br />authority, upon the consent of the boards of county commissioners of all counties <br />which comprise the authority; and <br />WHEREAS, North Carolina General Statutes § 122C-147(c) further provides this <br />consent shall be ratified by resolution of each affected board of county commissioners <br />and may specify any necessary or proper conditions for the consent, including, but <br />not limited to, provisions for distribution of the proceeds in the event of disposition of <br />the property by an area authority; and <br />WHEREAS, the Area Board of Orange Person Chatham Mental Health, <br />Developmental Disabilities and Substance Abuse Services (hereinafter referred to as <br />~~OPC") at a Board Meeting held on June 27, 2006, adopted a motion to accept a <br />proposed conveyance of title of a tract or parcel of land situated in Orange and Person <br />Counties, North Carolina, (hereinafter referred to as "the Properties") more <br />particularly described in Deed Book 1056, Page 58 in the Orange County Registry and <br />in Deed Book 899, Page 351 of the Chatham County Registry, said description being <br />attached as Exhibits A and B and incorporated herein by reference, and <br />WHEREAS, OPC desires to enter into a Financing Agreement by and between <br />OPC and Wachovia Bank, N.A., a North Carolina banking corporation, that provides <br />for, inter alia, a conveyance by OPC of the Property as described in Exhibits A and B <br />attached hereto, to a Trustee for Wachovia Bank, N.A., as security for a loan in the <br />amount of Four Hundred Twenty- One Thousand Dollars ($421,000.00); and <br />WHEREAS, the payments required to repay the advance made pursuant to the <br />Financing Agreement call for an amortization period of approximately fifteen (15) <br />years, payments are monthly in arrears in the amount of $3,305.17, and a portion of <br />each payment is paid as and represents payment of interest at an annual interest rate <br />of 4.89%; and <br />WHEREAS, OPC , at an Area Board Meeting held on June 27, 2006, adopted a <br />motion (a copy of which is attached hereto as Exhibits A and B and incorporated <br />herein by reference) recommending to the respective Boards of .Commissioners of <br />Orange, Person and Chatham Counties that in the event of disposition by OPC of the <br />real property hereinabove referred to, any and all proceeds shall be used by OPC for. <br />purposes authorized under Article 4 of Chapter 122C of the General Statutes of North <br />Carolina, .or in the event of dissolution of OPC ,any and all proceeds from the <br />disposition of the real property hereinabove referred to shall be distributed to and <br />among Orange, Person and Chatham Counties according to the percentage that the <br />