Orange County NC Website
Browse       Search
(c) When it receives the notification specified in part (a) of this section, the <br />County shall send a written acknowledgement of the same to the Bank and shall record <br />the assignment in the County 's "book entry system". <br />(d) The Bank shall require each of its assignees (1) to conform to the <br />notification requirements of this section in the event of further assignments, and (2) to <br />require such conformity from that assign's assignees. <br />(e) The County shall execute, at the Bank's request, a notice of assignment <br />and other related documents that are reasonably necessary to protect the security interest <br />in the Equipment or in this Contract and to maintain those security interests in perfected <br />form. <br />After the giving of notice described above to the County ,the County shall <br />thereafter make all payments in accordance with the notice to the assignee named therein <br />and shall, if so requested, acknowledge such assignment in writing, but such <br />acknowledgement shall in no way be deemed necessary to make the assignment effective. <br />SECTION 13. LIMITED OBLIGATION OF THE COUNTY <br />NO PROVISION OF THIS CONTRACT SHALL BE CONSTRUED OR <br />INTERPRETED AS CREATING A PLEDGE OF THE FAITH AND CREDIT OF THE <br />COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL DEBT <br />LIMITATION. NO PROVISION OF THIS CONTRACT SHALL BE CONSTRUED OR <br />INTERPRETED AS CREATING A DELEGATION OF GOVERNMENTAL POWERS <br />NOR AS A DONATION BY OR A LENDING OF THE CREDIT OF THE COUNTY <br />WITHIN THE MEANING OF THE CONSTITUTION OF THE STATE OF NORTH <br />CAROLINA. THIS CONTRACT SHALL NOT DIRECTLY OR INDIRECTLY OR <br />CONTINGENTLY OBLIGATE THE COUNTY TO MAKE ANY PAYMENTS <br />BEYOND THOSE APPROPRIATED IN THE SOLE DISCRETION OF THE COUNTY <br />FOR ANY FISCAL YEAR IN WHICH THIS AGREEMENT IS IN EFFECT; <br />PROVIDED, HOWEVER, ANY FAILURE OR REFUSAL BY THE COUNTY TO <br />APPROPRIATE FUNDS, WHICH RESULTS IN THE FAILURE BY THE COUNTY TO <br />MAKE ANY PAYMENT COMING DUE HEREUNDER WILL IN NO WAY OBVIATE <br />THE OCCURRENCE OF THE EVENT OF DEFAULT RESULTING FROM SUCH <br />NONPAYMENT. NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST <br />THE COUNTY IN ANY ACTION FOR BREACH OF A CONTRACTUAL <br />OBLIGATION UNDER THIS CONTRACT, AND THE TAXING POWER OF THE <br />COUNTY IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR INDIRECTLY OR <br />CONTINGENTLY TO SECURE ANY MONEYS DUE UNDER THIS CONTRACT. <br />The County may at the end of any fiscal year terminate its future Installment <br />Payment obligations under this Contract if the County has not appropriated sufficient funds <br />to make the next fiscal year's scheduled Installment Payments; however, during each fiscal <br />year, the County shall exercise its best efforts to appropriate funds for Installment Payments <br />due in the next fiscal year. If the County elects to terminate this Contract for such reason, it <br />shall deliver the Equipment, at its own expense, to any location within the State of North <br />13 <br />