Orange County NC Website
Browse       Search
Tats mss:tumoraA.s KESH MMAwrrat <br /> EN TM VAN M- 2�ay <br /> r�L -&L CcvEi vyFlxr aucaer Amo <br /> F'SCAL CCW=L AQ• <br /> K.—merit T. Cluvioui <br /> Fix=c=Ct:iar <br /> NOSTE CAROLINA COMMUMTY Am= CENTER <br /> Qe W(M COtnr-rr FAC XrrES/SZRV= AGRELN>ENT <br /> THIS AGP-PEWEYT(the "Agte.nat") =de and ant°red.inw as of the lst day of M=ch, 1994, <br /> .by arri becweea 0R.A2NGE COUNTY Coltisxxx4rrY ACrlvriY COR203ATLON (the "Corporadoa'), a <br /> 20aprofit cocporadoa duly incorporated under the laws of the Statc of Hersh Caralina, and the CocN-ry <br /> Of ObL Near, )!TORTS CAROLINA (the "County'), a body palitic and corporate existing ucdcr North <br /> Carolina taw: <br /> WITNESSETH: <br /> WHERVIIS, the Board of Cnrnmissioners of the Comity of Orange, North Carolina(the "Board") <br /> has determined that there is a need for a public swimtaiav pool accessible to all residents of the County; <br /> and - <br /> WIME4S, the Board has evaluated several options for providing a public swimming pool <br /> a=tssible to all resideurs of the County; and <br /> WREEPERS, the Board has appropriated an initial amount of&-r-ding for the constructioa of a <br /> public swinuning pool facility in the County's 1993-98 Capital Improvc:=ts Plea; and <br /> WHEREAS, the Corporation is a nonprofit organization authcdz--d to own, operate and massage <br /> *r==d=W activities in ttte County; and <br /> FaMZ .tS, the Corporation has proposed the construction of a Community Activity Center <br /> ('CAC"). which would include three swimming pools (the 'CAC Pools") and other facilities, including <br /> sa ice rink; and <br /> VA7EREAS, the Corporation proposes to finance construction of the CAC thteugh a *63-20' <br /> tiaancing(the"Corporation Finamdsig1)in which the Corporation would issue its own corporate debt(the <br /> '19%Bonds") i art Iade=re or Tnust dated as of Match 1, 1994 (the 'Indectu ) between the <br /> Corpandoon and First Union lNtadonal Bark of North C=ina and the County would not be liable for any <br /> payment of that debt; and <br /> %EER .S due to ocarsosnirs of scale Sad other factors, the Corporation would be able to provide <br /> and maintain the CAC Poais on a more efficiaat basis tbarc the County could if the County were to build <br /> and operate its own pool; and <br />