Orange County NC Website
Browse       Search
THE Cm rAumpiiT HAs BEEN PR&ALIDum <br /> IN MM MANNER R.SC HD BY <br /> TLM LOCAL GcvEka dE2rr Rvoaer AND <br /> F=-AL CONTIML ACT. <br /> Kcz=dt T. Chaview <br /> F7nanac bffi=r <br /> NQATH CAROLINA COMMUMTY ACnVM CENTER <br /> WGEt COUNTY FACRITE S/SERVIM AGREEMENT <br /> THIS AGREEMENT(the "Agrmecnent") made and entered into as of the 1st day of March, 1994, <br /> by and between ORANGE CouNVTY Commul`!m Ac•rivrrY CoRIORATIoN (the "Corporation"), a <br /> amprofit corporation duly incorporated under the laws of the State of North Carolina, and the CouNTY <br /> OF ORANGE, NORTH CARomm (the "County"), a body politic and corporate existing under North <br /> Carolina law: <br /> WITNESSETH: <br /> WRENS,the Board of Commissioners of the County of Orange, North Carolina(the "Board") <br /> has determined that there is a need for a public swvnmiag pool accessible to all residents of the County; <br /> and - <br /> WI; REAS, the Board has evaluated several options for providing a public swimming pool <br /> accessible to all residents of the County; and <br /> WRM?FAS, the Board has appropriated an initial amount of funding for the construction of a <br /> public swimming pool facility in the County's 1993-98 Capital Improvements plan; and <br /> IVHBMS, the Corporation is a nonprofit organization authorized to own, operate and manage <br /> iecreadonal activities in tho County; and <br /> WHLREAS, the Corporation has proposed the construction of a Community Activity Center <br /> ("CAC"), which would include three swimming pools (the "CAC 1?ooIs") and other facilities, including <br /> an ice rink; and <br /> WF.I'E?RAs, the Corporation proposes to finance construction of the CAC through a "63-20" <br /> 5mncing(the"Corporation Fin; ncing")in which the Corporation would issue its own corporate debt(the <br /> °1994 Bonds") under an Indenture of Trust dated as of March 1, 1994 (the "Indenwro") between the <br /> Corporation and First Union National Bank of North Carolina and the County would not be liable for any <br /> payment of that debt; and , <br /> WHEREAS,due to economies of scale and other factors,ft Corporation would be able w provide <br /> and maintain the CAC Pools on a more efficient basis than the County could if the County were to build <br /> and operate its own pool; and <br />