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population of each county bears to the total population of the combined said three (3) <br />counties. <br />NOW, THEREFORE, BE IT RESOLVED, that the Orange County Board of <br />Commissioners hereby authorizes OPC to acquire the real property hereinabove <br />referred to and to hold title to the same, by entering into a Financing Agreement with <br />Wachovia Bank, N.A. that provides for a conveyance by OPC of the real property <br />hereinabove referred to, to a Trustee for Wachovia Bank, N.A., as security for a loan <br />in the amount of Four Hundred Twenty- One Thousand Dollars ($421,000.00), with <br />the payments being required to repay the advance calling for an amortization period <br />of approximately fifteen (15) years and monthly payments in arrears in the amount of <br />$3,305.17, with a portion of each payment representing payment of interest- at an <br />annual interest rate of 4.89%; and <br />BE IT FURTHER RESOLVED, that in the event of disposition of the real property <br />herein referred to by OPC, any and all proceeds shall be used by OPC for purposes <br />authorized under Article 4 of Chapter 122C of the General Statutes of North Carolina, <br />or in the event of dissolution of OPC, any and all proceeds from the disposition of real <br />property hereinabove referred to shall be distributed to and among Orange, Person <br />and Chatham Counties according to the percentage of the combined population of <br />said three (3) counties. <br />IN WITNESS WHEREOF, the undersigned Orange County Board of <br />Comm' sinners h ve executed this Resolution to be effective as of the day of <br />2006. <br />Orange County Board of Commissior~rs <br />By: <br />ATTEST: <br />Clerk of Board <br />u~~~~ <br />~o~~~/, <br />