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WHEREAS, the , County has determined to proceed with the <br /> proposed financing of the purchase of the Property and to <br /> approve agreements providing for the installment payment with <br /> respect thereto; and <br /> WHEREAS, there have been presented for consideration by the <br /> County copies of the following documents relating to this <br /> matter: <br /> (a) a form of a deed from Duke University to the County <br /> for the purchase of the Property; and <br /> (b) a draft of an Installment Purchase Promissory Note <br /> under which Duke University would "advance" funds for the <br /> acquisition of the Property and the County would be obligated to <br /> make installment payments (as defined therein) to repay the <br /> funds advanced to it; and <br /> (c) a draft of an Installment Purchase Deed of Trust which <br /> the County would execute and deliver to a trustee for the <br /> benefit of Duke University and which would encumber the Property <br /> as security for the County' s obligation to repay the funds <br /> advanced to it pursuant to the Installment Purchase Promissory <br /> Note; and <br /> (d) a draft of the Clean Water Management Trust Fund Grant <br /> Agreement under which the Clean Water Management Trust fund <br /> would provide $143, 000 to the County for the acquisition of the <br /> Property and to ensure the conservation of the riparian buffer <br /> area of the property and related draft Temporary Conservation <br /> Easement and draft Permanent Conservation Easement to ensure the <br /> permanent conservation of the riparian buffer area; now, <br /> therefore, <br /> BE IT RESOLVED by the Board of Commissioners for the County <br /> of Orange: <br /> Section 1 , The Board of Commissioners for the County of <br /> Orange, North Carolina (the "Board of Commissioners") hereby <br /> finds and determines in connection with the proposed Installment <br /> Purchase that (a) the proposed Installment Purchase Promissory <br /> Note is necessary or expedient for the County, (b) the proposed <br /> Installment Purchase Promissory Note, under, current <br /> circumstances, is preferable to a bond issue of the County for <br /> financing the acquisition of the purchase of the Property, (c) <br /> the sums to fall due under the proposed Installment Purchase <br /> Promissory Note are adequate and not excessive for its proposed <br /> 3 <br />