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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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66 <br /> The School Board agrees to reimburse the County for any and all costs, expenses, <br /> and damages incurred by the County in the assumption of the rights and responsibilities <br /> of the School Board due to such event of default without cure, and to indemnify and hold <br /> the County harmless for any and all claims for damages by others related to such event of <br /> default without cure. Any assignment by the County of any of its rights under the <br /> Financing Contract will not prevent the County from asserting such rights and powers in <br /> its own behalf. <br /> The "Lease" is the Lease between the County and the School Board dated as of <br /> May 1, 2016, which provides for the School Board's continuing use of Grady Brown, <br /> both during the Project period and then continuing throughout the County's financing <br /> term. <br /> 6. DISBURSEMENTS FOR PROJECT COSTS. <br /> The School Board will request funds from the County for the payment of Project <br /> Costs, and will provide the County with the necessary information supporting a <br /> requisition, such as an architect's payment certification. The County will have the right to <br /> obtain such additional evidence as it deems appropriate to determine the accuracy of the <br /> representations set forth in the form of requisition and the propriety of payment. The <br /> School Board will provide the County with such information as the County may <br /> reasonably request. <br /> 7. APPLICATION OF CASUALTY INSURANCE PROCEEDS. <br /> Notwithstanding any provision of this Agreement, the County retains the sole <br /> power to control and direct the application and distribution of proceeds of casualty <br /> insurance applicable to Grady Brown. <br /> 8. RESERVATION OF RIGHTS. <br /> This Agreement is not to be construed in any way as delegating or limiting the <br /> County's rights under the Financing Contract, except as expressly provided in this <br /> Agreement. <br /> 9. CONSIDERATION. <br /> The County and the School Board are undertaking their mutual obligations under <br /> this Agreement in partial consideration for, and in partial fulfillment of, their agreement <br /> to carry out the Project. <br /> [The remainder of this page has been left blank intentionally.] <br /> 3 <br />
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