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<br />(7) The County has obtained the proper authorization to execute and deliver the <br />Contract and all related documents necessary to complete the transaction contemplated thereby. <br />(8) The Contract has been duly authorized, executed and delivered by the County . <br />Assuming the due authorization, execution and delivery of such agreement. by the Bank, such <br />agreement constitutes a legal, valid and binding agreement of the County enforceable against the <br />County in accordance with its terms. Such obligation does not constitute a pledge of the faith and <br />credit of the State of North Carolina or of any county, city or other political subdivision of the Sate, <br />including the County . The rights and enforceability of the obligations of the County under such <br />agreement may be limited or otherwise affected by (a) bankruptcy, insolvency, reorganization, <br />moratorium or other laws affecting the rights of creditors generally and (b) principles of equity, <br />whether considered at law or in equity. <br />There has been no material adverse change in the financial condition of the County since <br />the date of the last annual financial statement of the County provided to the Bank. <br />IN WITNESS WHEREOF, I have duly executed this certificate and have affixed to it the <br />seal of County of Orange on this ~_ day of u-~~- 20~I Sl <br />t/~~-- <br />