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a <br /> 2 <br /> Document Approval Resolution -- <br /> Southern Vigaee Elementary FInancine <br /> RESOLUTION PROVIDING FINAL APPROVAL OF TERMS AND DOCUMENT'S <br /> FAR SOUTHERN VILLAGE LA&AffLSMY FINANCING PROJECT <br /> WHEREAS- <br /> The Board of Commissioners of Orange County, North Carolina (the "County"), has <br /> previously approved and determined to undertake a plan for the construction, acquisition and <br /> financing (the "Project") of a new elementary school in the County (the "New School"). <br /> There have been presented the draft agreements listed on Exhibit A (the "Agreements") <br /> related to the County's undertaking the Project, copies of which shall be filed with the County's <br /> permanent records. <br /> Such documents appear to be in forms appropriate for carrying out the Project. <br /> BE IT THEREFORE RESOLVED by the Orange County Board of Commissioners: <br /> 1. The County hereby confirms its decision to finance the Project through BB&T <br /> Leasing Corporation ("BB&TLC") in accordance with the plan of financing described in the <br /> Agreements. <br /> Z. The Chairman and Vice Chairman of the County's Board of Commissioners, or <br /> either of them, are hereby authorized and directed to execute the Agreements and deliver the <br /> same to the appropriate counterparties, and the Clerk to this Board (or any assistant clerk) is <br /> hereby authorized and directed to affix the County's seal to the Agreements and to attest the <br /> same (when the seal and such second signature is required by the final form of any documn O. <br /> The Agreements shall be in substantially the forms submitted to this meeting, which are hereby <br /> approved, with such changes as may be approved by the Chairman or Vice Chairman, such <br /> officer's execution to constitute conclusive evidence of such officer's approval of any such <br /> changes. The Agreements m final form, however, must provide for the amount now to be <br /> advanced to the County not to exceed $5,400,000, for a nominal amwal hUrest rate (in the <br /> absence of defou or change in tax starts) not to exceed 4.92%, and for a term not to exceed <br /> fifteen years ftem closing. <br /> 3. The County's payment of InstaHment Payments, as defined in the Financing <br /> Agreement, shall be subject to annual appropriation of funds by the Board of Commissioners. <br /> The County shall not be obligated to make any payments under the Financing Agreement beyond <br /> those for which funds have been appropriated in the County's sole discretion during the County's <br /> then-current fiscal year. The Financing Agreement shall not constitute a pledge of the County's <br /> w«:29e21 <br />