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<br />RESOLUTION AUTHORIZING INSTALLMENT FINANCING <br />AGREEMENT FOR EQUIPMENT PURCHASES <br />WHEREAS: <br />Orange County ("County") has previously approved the purchase of equipment for use by <br />County's Solid Waste Department and directed the Finance Director to seek financing for the <br />purchases; <br />WHEREAS, County has solicited competitive proposals from banks to provide the <br />desired installment financing, and Banc of America Public Capital Corp. (the "Bank") has <br />submitted the best proposal. <br />BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, <br />North Carolina ("the Board"), as follows: <br />1. Determination To Proceed with Financing -County confirms its financing <br />plans for the equipment purchases. County will carry out the fmancing plan with installment <br />financing from the Bank, in accordance with the f nancing documents received from the Bank. <br />2. Direction To Execute Documents -The Board authorizes and directs the <br />Board's Chair, the County Manager, the County Finance Director and the County Attorney to act <br />on County's behalf and execute and deliver all appropriate documents (the "Documents") for the <br />proposed financing. It is the Board's understanding that the Documents will be ~ in form <br />substantially similar to those accompanying this Resolution and that the Documents are similar <br />to those used in other financings provided to County and other North Carolina local <br />governments. <br />The execution and delivery of any document by an authorized officer will be conclusive <br />evidence of such officer's approval of the final form of such document. The Documents in final <br />form, however, must be consistent with the financing plan described in this Resolution and be <br />C:\Documents and Settingsbhavious\L.ocal Settings\Temporary Intemet~iles\OLKB4\IZesol for Solid Waste Equip Financing.doc <br />