RES-1997-062 Resolution Providing Final Approval of Terms and Documents Related to Financing for Skills Development Center Improvements

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M 2 f � Resolution Providing Final Approval of Terms and Documeuts , Related to Financing for Skills Development Center Improvements WHEREAS: The Board of Commissioners (the "Board") of Orange County, North Carolina (the "County"), has previously approved and determined to undertake a plan for renovations (the "Project") to the County's"Skills Development Center." There has been presented to this meeting a draft dated November 24, 1997, of a Modification Agreement (the "Agreement") to be dated as of December 1, 1997, from the County to a deed of trust trustee for the benefit of NationsBank, N.A. ("NationsBank"), providing for NationsBank to finance the County's undertaking of the Project, a copy of which draft shall be filed with the County's permanent records. Such document appears to be in a form appropriate for the contemplated purpose and for the Board's approval. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County,North Carolina, as follows: 1. The County hereby determines to finance the Project through NationsBank in accordance with the plan of financing described in the Agreement. 2. The Chair and Vice Chair of the County's Board of Commissioners, or either of them, are hereby authorized and directed to execute the Agreement and deliver the same to the appropriate counterparties, and the Clerk to this Board (or any assistant clerk) is hereby authorized and directed to affix the County's seal to the Agreement and to attest the same. The Agreement shall be in substantially the form submitted to this meeting, which is hereby approved, with such changes as may be approved by the Chair or Vice Chair, such officer's execution to constitute conclusive evidence of such officer's approval of any such changes. The Agreement in final form, however, must provide for the amount advanced to the County not to exceed $780,000, for a nominal annual interest rate (in the absence of default or change in tax status) not to exceed 5.03%, and for a term not to exceed eleven years from closing. 3. The County's payment of Exempt Payments, as defined in the Agreement, shall be subject to annual appropriation of funds by the Board of Commissioners. The County shall not be obligated to make any payments under the Agreement beyond those for which funds have been appropriated in the County's sole discretion during the County's then-current fiscal year. The Agreement shall not constitute a pledge of the County's full faith and credit. Neither the County's full faith and credit nor its taxing power is pledged directly, indirectly or contingently to secure any moneys due under the Agreement. •�E dnssaE •W ��agoZi dLZ =Zt LG SZ ^ON � j • d EE6S-68b-6i6 _ --