|
WHEREAS, there have been presented for consideration by the County copies of the following documents
<br />relating to this matter:
<br />(a) a form of a deed from Duke University to the County for the purchase of the Property; and
<br />(b) a draft of an Installment Purchase Promissory Note under which Duke University would "advance" funds for
<br />the acquisition of the Property and the County would be obligated to make installment payments (as defined
<br />therein) to repay the funds advanced to it; and
<br />(c) a draft of an Installment Purchase Deed of Trust which the County would execute and deliver to a trustee for
<br />the benefit of Duke University and which would encumber the Property as security for the County's
<br />obligation to repay the funds advanced to it pursuant to the Installment Purchase Promissory Note; and
<br />(d) a draft of the Clean Water Management Trust Fund Grant Agreement under which the Clean Water
<br />Management Trust Fund would provide $143,000 to the County for the acquisition of the Property and to
<br />ensure the conservation of the riparian buffer area of the property and related draft Temporary Conservation
<br />Easement and draft Permanent Conservation Easement to ensure the permanent conservation of the
<br />riparian buffer area; no, therefore,
<br />BE IT RESOLVED by the Board of Commissioners for the County of Orange:
<br />Section 1. The Board of Commissioners for the County of Orange, North Carolina (the "Board of
<br />Commissioners"} hereby finds and determines in connection with the proposed Installment Purchase that (a) the
<br />proposed Installment Purchase Promissory Note is necessary or expedient far the County, (b} the proposed
<br />Installment Purchase Promissory Note, under current circumstances, is preferable to a bond issue of the County for
<br />financing the acquisition of the purchase of the Property, (c) the sums to fall due under the proposed Installment
<br />Purchase Promissory Note are adequate and not excessive for its proposed purpose, (d} the County's debt
<br />management procedures and policies are good and its debt will continue to be managed in strict compliance with law,
<br />(e) although the taxing power of the County is not and may not be pledged directly or indirectly to secure any sums to
<br />fall due under the proposed Installment Purchase Promissory Note, the proceeds of taxes might be used to meet the
<br />sums to fall due under the proposed Installment Purchase Promissory Note and any increase in taxes necessary to
<br />meet such sums will not be excessive and (f) the County is not in default regarding any of its debt service obligations.
<br />Section 2. The Board of Commissioners hereby further finds and determines that it is in the best interest of the
<br />County to enter into the Installment Purchase Promissory Note, the Installment Purchase Deed of Trust, the Clean
<br />Water Management Trust Fund Grant Agreement, the Temporary Conservation Easement and the Conservation
<br />Easement in order to execute the plan for the acquisition of the Property and the financing thereof as described above.
<br />Section 3. The terms and provisions of the deed, the Installment Purchase Promissory Note, the Installment
<br />Purchase Deed of Trust, the Clean Water Management Trust Fund Grant Agreement, and the Temporary and
<br />Permanent Conservation Easement Agreements are hereby approved in all respects and the Chair of the Board of
<br />Commissioners, the County Manager of the County, the Finance Director of the County, and the Clerk to the Board of
<br />Commissioners are hereby authorized and directed to execute and deliver the documents, as may be applicable, in
<br />substantially the forms presented to the County, together with such additions, changes, modifications, and deletions as
<br />they, with the advice of counsel, may deem necessary and appropriate, and such execution and delivery shall be
<br />conclusive evidence of the approval and authorization thereof by the Board of Commissioners and the County;
<br />provided, however, that the County Manager or the Finance Director of the County or his respective designee shall
<br />determine that the provisions of the Installment Purchase Promissory Note and the Installment Purchase Deed of
<br />Trust are consistent with the provisions of the Option to Purchase Agreement except as those agreements may vary
<br />the terms of the Purchase Promissory Note the final installment payment is due not late than January 31, 2002, the
<br />maximum stated interest rate with respect to the Installment Payments does not exceed 5.00% per annum and the
<br />aggregate amount of the principal components of the Installment Payments does not exceed $279,900.
<br />Section 4. The Board of Commissioners hereby approves, ratifies, and confirms the actions of the County
<br />Manager, the Finance Director, and the County Attorney of the County in connection with this matter.
<br />Section 5. The officers and employees of the County are authorized and directed (without limitation except as
<br />may be expressly set forth herein} to take such other actions and to execute and deliver such other documents,
<br />certificates, undertakings, agreements, or other instruments as they, with the advice of counsel, may deem necessary
<br />or appropriate to effectuate the transactions contemplated by the agreements recited herein.
<br />Section 6. This resolution shall take effect immediately upon its passage.
<br />VOTE: UNANIMOUS
<br />8. ITEMS FOR DECISION -CONSENT AGENDA
<br />A motion was made by Commissioner Halkiotis, seconded by Commissioner Gordon to approve those items
<br />on the consent agenda as stated below:
<br />
|