Orange County NC Website
Browse       Search
' 3 <br /> AMENDED RESOLUTION OF <br /> THE COUNTY OF ORANGE, NORTH CAROLINA <br /> APPROVING A FACILITIES/SERVICES AGREEMENT <br /> AND RELATED MATTERS <br /> WHEREAS, the County of Orange, North Carolina (the "County") is a validly existing political <br /> subdivision of the State of North Carolina, existing as such under and by virtue of the Constitution, <br /> statutes and laws of the State of North Carolina (the "State"); <br /> WHEREAS, the County has the power, pursuant to North Carolina General Statutes, to(i)provide <br /> community activity facilities used, or to be used, for public purposes and (ii) enter into contracts with <br /> respect to the provision of such facilities; <br /> WHEREAS, pursuant to a certain Indenture of Trust dated as of March 1, 1994(the "Indenture"), <br /> between Orange County Community Activity Corporation(the "Corporation") and First Union National <br /> Bank of North Carolina, as trustee (the "Trustee"), the Corporation will issue its Orange County <br /> Community Activity Center Revenue Bonds, Series 1994A and Series 1994B (collectively, the "Bonds") <br /> and apply the proceeds thereof to the acquisition, construction and equipping of a public ice hockey rink, <br /> two swimming pools and related facilities to be located in the County (the "Project"); <br /> WHEREAS, the County has determined that it is in the best interest of the County that, instead <br /> of building and operating its own swimming pool, the County contract with the Corporation pursuant to <br /> a Facilities/Services Agreement dated as of March 1, 1994 (the "Agreement") between the County and <br /> the Corporation to provide public swimming pools and management services through the operation of the <br /> Project for the benefit of County residents and other persons visiting the County; <br /> WHEREAS, the obligation of the County to make payments under the Agreement shall constitute <br /> a valid, binding and legally enforceable contractual obligation of the County to the payment of which the <br /> County is obligated to appropriate funds in each year thereof, and payable from the County's general fund <br /> and from the earnings and all income received by the County from whatever source derived unless the <br /> use of such funds are restricted other than by action of the Board of Commissioners of the County or the <br /> use thereof is otherwise restricted by law, and enforceable in accordance with its terms, except as such <br /> enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other <br /> laws relating to or affecting generally the enforcement of creditors' rights heretofore or hereafter enacted <br /> or by equitable principles; <br /> WHEREAS, there have been presented to the Board of Commissioners of the County (the <br /> "Board") the following documents (collectively, the "Instruments"), copies of which are attached hereto, <br /> which the County proposes to approve, enter into and deliver to effectuate the proposed purchase <br /> financing: <br /> (1) the form of the Agreement; and <br /> (2) the form of the Indenture. <br /> mun34243\93cls.trs <br />