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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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27 <br /> is not and may not be pledged directly or indirectly or contingently to secure any moneys <br /> due under this Contract. <br /> No provision of this Contract will be construed to pledge or to create a lien on any <br /> class or source of the County's moneys (other than the Amount Advanced and any Net <br /> Proceeds), nor will any provision of this Contract restrict the County's future issuance of <br /> any of its bonds or other obligations payable from any class or source of the County's <br /> moneys (except to the extent the this Contract and the Deed of Trust restrict the incur- <br /> rence of additional obligations secured by the Mortgaged Property). <br /> To the extent of any conflict between this Article and any other provision of this <br /> Contract, this Article takes priority. Nothing in this Article is intended to impair or pro- <br /> hibit foreclosure of the Deed of Trust upon occurrence of an Event of Default under this <br /> Contract or the Deed of Trust. <br /> ARTICLE XIII <br /> MISCELLANEOUS <br /> 13.1. Notices. <br /> (a) Any communication provided for in this Contract must be in writing (not <br /> including facsimile transmission or electronic mail). <br /> (b) Any communication under this Contract will be sufficiently given and <br /> deemed given on the delivery date shown on a certified mail receipt, or a delivery receipt <br /> from a national commercial package delivery service, if addressed as follows: <br /> (i) If intended for the County, to Orange County Manager, Re: Notice <br /> under 2016 Financing Contract, Post Office Box 8181, Hillsborough, NC 27278 <br /> (ii) If intended for the Lender, to First Bank, Attention: Notice related to <br /> financing for Orange County, 1333 Plaza Blvd., Sanford, NC 27330 <br /> (c) Any addressee may designate additional or different addresses for commu- <br /> nications by notice given under this Section to the other. <br /> 13.2. Non-Business Days. If the date for making any payment or the last day for <br /> performance of any act or the exercising of any right is not a Business Day, such payment <br /> may be made or act performed or right exercised on or before the next succeeding Busi- <br /> ness Day. For this Contract, a "Business Day" is any day on which banks in the State are <br /> not by law authorized or required to remain closed. <br /> 13.3. Governing Law. The parties intend that North Carolina law will govern <br /> this Contract. To the extent permitted by law, the parties agree that any action brought <br /> 20 <br />
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