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Agenda - 04-19-2016 - 7-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $8,150,000 in Installment Purchase Financing for Various Capital Investment Plan Projects
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Agenda - 04-19-2016 - 7-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $8,150,000 in Installment Purchase Financing for Various Capital Investment Plan Projects
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4/15/2016 9:26:09 AM
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BOCC
Date
4/19/2016
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
7a
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RES-2016-032 Resolution providing final approval of terms and documents for 2016 County installment financing
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\Board of County Commissioners\Resolutions\2010-2019\2016
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17 <br /> such Construction Agreement shall be required to furnish similar workers' compensation <br /> insurance. <br /> 4.6. Right of Entry and Inspection. The Lender and its representatives and <br /> agents, upon reasonable notice to the County, have the right to enter upon the Pledged <br /> Site and inspect the Pledged Facilities from time to time during construction and at any <br /> other time during the Contract term. The County will cause any contractor or subcontrac- <br /> tor to cooperate with any of those parties and agents during any inspection. Any inspec- <br /> tion under this Section is made only for the Lender's benefit. <br /> 4.7. Completion of Construction. When the construction of the Pledged <br /> Facilities has been substantially completed to the County's satisfaction, the County will <br /> promptly prepare and deliver a certificate to that effect to the Lender. The County may <br /> then use any remaining portion of the Amount Advanced not needed to pay remaining <br /> Project Costs for any lawful purpose not in conflict with the County's obligations under <br /> Section 7.1(k). <br /> 4.8. Cooperation. The Lender and the County will cooperate fully with each <br /> other in filing any claim or proof of loss with respect to any bond or insurance policy de- <br /> scribed in this Contract. So long as no Event of Default has occurred and is continuing <br /> under this Contract, neither the Lender or the County may voluntarily settle, or consent to <br /> the settlement of, any proceeding arising out of any claim with respect to the Project or <br /> the Pledged Facilities without the other's written consent. <br /> ARTICLE V <br /> TITLE; LIENS <br /> 5.1. Title. Title to the Mortgaged Property and any and all additions, repairs, <br /> replacements or modifications thereto will at all times be in the County, subject to the <br /> lien of the Deed of Trust and to the Permitted Encumbrances. Simultaneously with the <br /> execution and delivery of this Contract, the County will deliver to the Lender the Deed of <br /> Trust in form mutually satisfactory to the Lender and the County, and will cause the Deed <br /> of Trust to be recorded in the Office of the Register of Deeds of Orange County, North <br /> Carolina. <br /> 5.2. Encumbrance, Mortgage or Pledge of Mortgaged Property. <br /> (a) The County will not permit any mechanic's or other lien to be perfected or <br /> remain against the Mortgaged Property (or any portion). If the County, however, first no- <br /> tifies the Lender of the County's intention to do so, the County may in good faith contest <br /> any mechanic's or other lien filed or perfected against the Mortgaged Property (or any <br /> portion). In that event the County may permit the contested items to remain undischarged <br /> and unsatisfied during the contest period and any appeal. The Lender will cooperate fully <br /> with the County in any contest, upon the request and at the expense of the County. <br /> to <br />
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