Orange County NC Website
Browse       Search
21 <br /> (i) The Pledged Facilities have been designed and constructed so as to comply <br /> with all applicable subdivision, building and zoning ordinances and regulations, if any, <br /> and any and all applicable federal and State standards and requirements relating to the <br /> Pledged Facilities. The County has complied with all required public bidding and related <br /> procedures regarding the acquisition and construction of the Pledged Facilities. <br /> (j) The Pledged Facilities have not been and will not be used in any private <br /> business or put to any private business use. <br /> (k) The County will not take or permit, or omit to take or cause to be taken, any <br /> action that would cause its obligations under this Contract to be "arbitrage bonds" or <br /> "private activity bonds" within the meaning of the Code, or otherwise adversely affect the <br /> exclusion from gross income for federal income tax purposes of the designated interest <br /> component of Installment Payments to which such components would otherwise be enti- <br /> tled and, if it should take or permit, or omit to take or cause to be taken, any such action, <br /> the County will take or cause to be taken all lawful actions within its power necessary to <br /> rescind or correct such actions or omissions promptly upon having knowledge thereof. <br /> (1) The County has determined to undertake the Project after extensive consid- <br /> eration of the County's needs and responsibilities, and consideration of alternative means <br /> of carrying out those responsibilities. <br /> (m) The County will send the Lender a copy of the County's audited financial <br /> statements for each Fiscal Year within 30 days of the County's acceptance of the state- <br /> ments, but in any event within 180 days of the completion of each Fiscal Year. The County <br /> shall also furnish the Lender, at such reasonable times as the Lender may request, all oth- <br /> er financial information (including, without limitation, the County's annual budget as <br /> submitted or approved) as the Lender may reasonably request. The County shall permit <br /> the Lender or its agents and representatives to inspect the County's books and records <br /> and make extracts therefrom. <br /> (n) The Lender has not acted as a financial adviser to the County, and the <br /> County has not relied on the Lender for any financial advice. <br /> 7.2. County's Undertakings as to Environmental Matters. <br /> (a) The County makes the following statements of fact, with the understanding <br /> and intent that the Lender will rely on these statements in making its decision to enter in- <br /> to this Contract. <br /> (i) The County has no knowledge (A) that any industrial use has been made of <br /> the Mortgaged Property, (B) that the Mortgaged Property has been used for the storage, <br /> treatment or disposal of chemicals or any wastes or materials that are classified by feder- <br /> al, State or local laws as hazardous or toxic substances, (C) that any manufacturing, land- <br /> filling or chemical production has occurred on the Mortgaged Property, or (D) that there <br /> 14 <br />