RES-2006-105 Resolution Authorizing Installment Financing Agreement for Equipment Purchases

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. ,,a ~ la ~e 3 RESOLUTION AUTHORIZING INSTALLMENT FINANCING AGREEMENT FOR EQUIPMENT PURCHASES WHEREAS: Orange County ("County") has previously approved the purchase of equipment for use by County's Solid Waste Department and directed the Finance Director to seek financing for the purchases; WHEREAS, County has solicited competitive proposals from banks to provide the desired installment financing, and Banc of America Public Capital Corp. (the "Bank") has submitted the best proposal. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina ("the Board"), as follows: 1. Determination To Proceed with Financing -County confirms its financing plans for the equipment purchases. County will carry out the financing .plan with installment financing from the Bank, in accordance with the financing documents received from the Bank. 2. Direction To Execute Documents -The Board authorizes and directs the Board's Chair, the County Manager, the County Finance Director and the County Attorney to act on County's behalf and execute and deliver all appropriate documents (the "Documents") for the proposed financing. It is the Board's understanding that the Documents will be in form substantially similar to those accompanying this Resolution and that the Documents are similar to those used in other. financings provided to County and other North Carolina local governments. The execution and delivery of any document by an authorized officer will be conclusive evidence of such officer's 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 and be https://10.253.0.7/e~cchange/gwilderMbox/Re: FW: SAMPLE DOCUM~NTS AND CREDIT OFFICER CONTACT INFO.EMLl multipart xF8FF 2_Resol for Solid Waste Equip Financing.doc/C58EA28C-18C0-4a97-9AF2-036E93DDAFB3/Resol for Solid Waste Equip Financing.doc?attach=l