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-R lam. 1 ct 9 <br /> EXHIBIT A <br /> RESOLUTION PROVIDING FINAL APPROVAL OF TERMS AND DOCUMENTS FOR <br /> SECOND PHASE OF SOUTHERN VILLAGE EL.EM_F,NTARY SCHOOL. FINANCING <br /> WHEREAS: <br /> The Board of Commissioners of Orange County, North Carolina (the "County"), has <br /> previously approved and determined to undertake a plan for the construction, acquisition and <br /> financing(the "Project")of a new elementary school in the County. <br /> There has been presented to this meeting a draft dated March 10, 1997, of a Modification <br /> Agreement to be dated as of March 1, 1997, from the County to a deed of trust trustee for the <br /> benefit of BB&T Governmental Finance ("BB&TGF"), providing for BB&TGF to finance the <br /> County's undertaking of the Project, a copy of which shall be filed with the County's permanent <br /> records. <br /> Such documents appear to be in forms appropriate for completing the financing portion of <br /> the Project. <br /> BE IT THEREFORE RESOLVED by the Orange County Board of Commissioners, <br /> as follows: <br /> 1. The County hereby confirms its decision to complete the financing of the Project <br /> through BB&TGF in accordance with the plan of financing described in the Agreement. <br /> 2. The Chair and Vice Chair of the County's Board of Commissioners, or either of <br /> them, are hereby authorized and directed to execute the Agreement and deliver the same to the <br /> appropriate counterparties, and the Clerk to this Board (or any assistant clerk) is hereby <br /> authorized and directed to affix the County's seal to the Agreement and to attest the same (when <br /> the seal and such second signature is required by the final form of any document). The <br /> Agreement shall be in substantially the form submitted to this meeting, which is hereby <br /> approved, with such changes as may be approved by the Chair or Vice Chair, such officer's <br /> execution to constitute conclusive evidence of such officer's approval of any such changes. The <br /> Agreement in final form, however, must provide for the amount now to be advanced to the <br /> County not to exceed $9,000,000, for a nominal annual interest rate (in the absence of default or <br /> change in tax status) not to exceed 4.92%, and for a term not to exceed fifteen years from <br /> closing. <br /> 3. The County's payment of Installment Payments, as defined in the Agreement, <br /> shall be subject to annual appropriation of funds by the Board of Commissioners. The County <br /> shall not be obligated to make any payments under the Agreement beyond those for which funds <br /> have been appropriated in the County's sole discretion during the County's then-current fiscal <br />