Orange County NC Website
Browse       Search
3 <br /> j <br /> Ile <br /> T-Rd Cr1UMLW HAS MESH P.M Aummm <br /> tN TM YA W=- mxs=m BY <br /> Tt3 LW-AL GcvEiryirrr aucat:•A,.,u <br /> Cr—tcedt T. Cluvi w <br /> Ei=c:Cftic:z <br /> NoaTS CARO.LINX CObtMTZa-rY ACE(VI Y CENTER <br /> OaA-NGZ COUN-rY FACa rrM3/SZRYXMs AGRY-FNMNT <br /> 7WS A GREMWENT(the "Agrttraens") made and eru.°red into as of dt a 1st day of Nlarch, 1994, <br /> by acd beEweea OiLANG8 Courrry Com.%,lJNrrY ACrIV= COR-PORATtON (the "Corporadoa"), a <br /> ianprofit corporadoa duly in,comorared under the laws of the State of North Carolina, and the CocNTY <br /> of Ox xcoz, NORTH CAROLINA (the "County'), a body politic and corporate existing under North <br /> Carolina law; <br /> W ITN ESSETM <br /> WHEREAS,tbA-.Board of Cammissioaers of the Comfy of Orange, North Carolina(the "Board") <br /> bas deterrnined dhat there is a nrxd for a public swimming pool accessible to all residents of the County; <br /> and - <br /> WH"cRE-iS, the Board has evaluated several options for providing a public swimming pool <br /> xcessible to all reside= of the County; acrd <br /> WRx--RZ4S, the Board has appropriated an initial amount of funding fbr the cons=ctica of a <br /> public swimming pool facility is the County's 1993-95 Capital lmproverrntc Plan; and <br /> WEEZE lS, the Corporation is a nonprofit orgmizstioa authorized to own, operate and manage <br /> ;tecreadanal actividcs in the County; and <br /> WI EREAS, the Corporation has proposed the eonsauctioa of a-Cotnmuaty A.ctivicy Center <br /> ("CAC"), which would iaciude three swimming pools (the 'CAC Pools') and other facilities, inducting <br /> as ice rink; and <br /> tiV ERP.dS, a= Corporation proposes to finance construction of the CAC through a "63-20' <br /> 5n2acing(the'corporation,£t ag')in which rile Corporation would issue its awn corporate debt(the <br /> '1994.Bonds') undcr an Iade=re of Trust dated as of March 1, 1994 (the. 'Indenture*) beswem the <br /> Corpo�an and First Union Nadonal Bank of North Carolina and the County arauld not be liable far any <br /> payment of that debt; and <br /> ,due to economics of scale and other fsators, the Corporadon would be able w provide <br /> znd maintain the CAC Pools on a more efff6mx basis than the County cculd if die County were To build <br /> and operate its own pool; and <br />