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2 <br /> Resolution Providing Final Approval of Terms and Documents <br /> Related to Financing for Skills Development Celiter Improvements <br /> WHEREAS: <br /> The Board of Commissioners (the `Board") of Orange County, North Carolina (the <br /> "County"), has previously approved and determined to undertake a plan for renovations (the <br /> "Project")to the County's"Skills Development Center." <br /> There has been presented to this meeting a draft dated November 24, 1997, of a <br /> Modification Agreement (the "Agreement") to be dated as of December 1, 1997, from the <br /> County to a deed of trust trustee for the benefit of NationsBank, N.A. ("NationsBank"), <br /> providing for NationsBank to finance the County's undertaking of the Project, a copy of which <br /> draft shall be filed with the County's permanent records. <br /> Such document appears to be in a form appropriate for the contemplated purpose and for <br /> the Board's approval. <br /> BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange <br /> County, North Carolina, as follows: <br /> 1. The County hereby determines to finance the Project through NationsBank in <br /> 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. The <br /> Agreement shall he in substantially the forni 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 advanced to the County not to <br /> exceed $780,000, for a nominal annual interest rate (in the absence of default or change in tax <br /> status) not to exceed 5.03%, and for a term not to exceed eleven years from closing. <br /> 3. The County's payment of Exempt Payments, as defined in the Agreement, shall be <br /> subject to annual appropriation of funds by the Board of Commissioners. The County shall not <br /> be obligated to make any payments under the Agreement beyond those for which funds have <br /> been appropriated in the County's sole discretion during the County's then-current fiscal year. <br /> The Agreement shall not constitute a pledge of the County's full faith and credit. Neither the <br /> County's full faith and credit nor its taxing power is pledged directly, indirectly or contingently <br /> to secure any moneys due under the Agreement. <br /> tj • d EESS-68b-6i6 <br /> •�� dnssa� •W s.�ago� dLZ =Zi L6 SZ ^ON <br />