Orange County NC Website
Browse       Search
14 <br /> amount of up to $5 , 500 , 000 for the purpose of paying all or <br /> a portion of the cost of the Project. <br /> (b) That it will, at the proper time, and subject in <br /> all respects to .t;he prior advice, consent and approval of <br /> the Company, submit such applications , adopt such <br /> proceedings and authorize the execution of such documents as <br /> may be necessary and advisable for the authorization, sale <br /> and issuance of its bonds and the Acquisition of the <br /> Project, all as authorized by the Act and mutually <br /> satisfactory to the Authority and the Company. The bonds <br /> shall not be deemed to constitute a debt or a pledge of the <br /> faith or credit of the State of North Carolina or any <br /> political subdivision or agency thereof, but such bonds <br /> shall be payable solely from the payments to be provided <br /> (directly or indirectly) by the Company. The bonds issued <br /> shall be in such aggregate principal amount, shall bear <br /> interest at such rate or rates, shall be payable at such <br /> times and places, shall be in such forms and denominations , <br /> shall be sold in such manner and at such time or times , <br /> shall have such. provisions for redemption, shall be <br /> executed, and shall be secured as hereafter may be requested <br /> by the Company and fixed by the Authority, all on terms <br /> mutually satisfactory to the Authority and the Company. <br /> 3 . UNDERTAKINGS ON THE PART OF THE COMPANY. Subject to <br /> the conditions hereinabove- and hereinafter stated, the Company <br /> agrees as follows : <br /> (a) That it will generally arrange for, manage and <br /> carry out the Acquisition of the Project for and on behalf <br /> of the Authority. <br /> (b) That it will cooperate with the Authority in <br /> making arrangements for the sale and issuance of the bonds <br /> in an aggregate principal amount of up to $5 , 500, 000 and <br /> that to the extent that the proceeds derived from the sale <br /> of the bonds are not sufficient to complete the Project, the <br /> Company will supply all additional funds which are necessary <br /> for the completion of the Project. , <br /> (c) That contemporaneously with the delivery of the <br /> bonds, the Company will enter into a loan agreement, lease <br /> or other financing agreements, and such guaranties and <br /> related agreements as shall be necessary and appropriate so <br /> that the Company will be obligated to pay for the account of <br /> the Authority .sums sufficient in the aggregate to pay the <br /> principal of and interest and redemption premium, if any, on <br /> the bonds when and as the same shall become due and payable . <br /> (d) That it will take such further action and adopt <br /> such proceedings as may be required �o implement its <br /> undertakings hereunder. <br /> 3 <br />