2006 S Finance - Equipment Installment Financing Agreement

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,- g~ EQUIPMENT INSTALLMENT FINANCING AGREEMENT This Equipment Installment Financing Agreement (the "Agreement's dated as of February 9, 2007, and entered into between Banc of America Public Capital Corp, a Kansas corporation ("Lender', and Orange County, North Carolina, a body corporate and politic existing under the laws of the State of North Carolina ("Purchaser'. WITNESSETH: WHEREAS, Purchaser is a duly and validly created, organized and existing public body politic, duly created..and existing-under and by virtue of the Constitution and laws of the State of North Carolina; and WHEREAS, Purchaser has the power, pursuant to Section 160A-20 of the General Statutes of North Carolina, to enter into installment contracts to finance the purchase of personal property, including property to be affixed or attached to real estate as fixtures; and WHEREAS, Purchaser has requested Lender to advance certain funds to enable Purchaser to finance the purchase and installation of certain Equipment described herein and Purchaser desires to obtain such advance from Lender and to purchase and install the Equipment pursuant to the terms and conditions set -forth herein; :axed WHEREAS, Purchaser is authorized under the constitution and laws of the State to enter into this Agreement hereto for the purposes set forth herein; and WHEREAS, the governing body of Purchaser has authorized the execution and delivery of this Agreement pursuant to a resolution adopted by the governing boazd of Purchaser on December 12 , ~ 20 06; and WHEREAS, the obligation of Purchaser to make Installment Payments (as hereinafter defined) and other payments required under this Agreement shall constitute a limited obligation payable solely from currently budgeted appropriations of Purchaser and shall- not constitute a pledge of the faith and credit of Purchaser within the meaning of any constitutional debt limitation or as otherwise prohibited by the North Carolina Constitution; and WHEREAS, in order to further secure the obligations of Purchaser hereunder, Purchaser desires to grant a security interest in the Equipment for the benefit of Lender; and WHEREAS, no deficiency judgment may be rendered against Purchaser in any action for breach of a contractual obligation under this Agreement, and the taxing power of Purchaser is not and may not be pledged in any way, directly or indirectly or contingently to secure any moneys due under this Agreement; and NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, and in consideration of the premises hereinafter contained, the parties hereby agree as follows: #76569842 (BAPCC/N Carolina Installment Purch Agmt)