Orange County NC Website
Browse       Search
9 <br /> TERMS: Equal payments of principal and interest shall be due semi- <br /> annually beginning on July 15, 1996. See attached <br /> amortization schedules for payment amounts. <br /> FEE: The Bank's standard fee of 1% will be waived. <br /> MATURITY: 15 Year Amortization January 15, 2011 <br /> 10 Year Amortization January 15, 2006 <br /> SECURITY: A first security interest in the land and buildings of the Jail <br /> j being financed and as described in the Orange County <br /> t Installment Financing Proposal dated October 11, 1995. <br /> CONDITIONS TO <br /> FIRST ADVANCE: Prior to making the first advance to the Borrower, the <br /> following precedent conditions shall have occurred: <br /> (A) The Bank shall have received, duly executed, all <br /> promissory notes, loan agreements, deeds of trust, security <br /> agreements, financing statements, borrowing authorization <br /> documents and resolutions, and other documents necessary or <br /> advisable in connection with the loan, all of which shall be in <br /> ,= form and substance satisfactory to Orange County, and to the <br /> Bank and its counsel. A complete legal description of the <br /> collateral will be sent to the Bank by January 15, 1996, if this <br /> commitment is accepted. It should also be noted that the Bank <br /> will not require a new survey, appraisal, or environmental <br /> report to be obtained; however, the Bank would like copies of <br /> these items if they are available. <br /> (B) The Bank shall have received the written opinion of <br /> Borrower's counsel as to the validity and enforceability of the <br /> loan documents and such other matters as the Bank may <br /> reasonably require. The Bank shall also have received the <br /> opinion of Borrower's counsel that all security interest in <br /> collateral constitutes a first priority lien. <br /> OTHER CONDITIONS: This financing commitment is made under provisions of North <br /> Carolina General Statute 160A-20, and is subject to approval <br /> by the Local Government Commission. <br /> �1 <br /> This financing commitment is contingent upon Orange <br /> County's qualification as a small issuer pursuant to IRS <br /> Section 265 (b) 3. If Orange County should issue more than <br /> $10,000,000.00 in tax-exempt obligations during the calendar <br /> year 1996, the Bank will adjust its interest rate on this credit <br /> facility to the extent necessary to produce the same yield to the <br />