Agenda - 06-24-1986 - Laserfiche WebLink

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Section 2. Representations, Warranties and Agreements of the Authority. The Authority hereby represents and warrants to, and agrees with, the Purchaser as follows : (a) The Authority is a political subdivision of the State of North Carolina ( the "State" ) and a body politic and corporate, duly created and existing under Chapter 800 of the 1975 Session Laws of North Carolina, as amended, which as codified appears as Chapter 159C of the General Statutes of North Carolina ( the "Enabling Act") . The Authority is authorized to issue industrial development revenue bonds in accordance with the Constitution and the laws of the State, including the Enabling Act, and to use the proceeds thereof to acquire, own, lease and dispose of properties, or to lend the proceeds thereof for the construction or acquisition of properties, in order to promote industry and to develop trade by inducing manufacturing and industrial enterprises to locate or remain in the State. (b) The Authority has full power and authority to issue the Bond pursuant to the Enabling Act and to carry out and consummate all transactions contemplated by the Bond Documents to which it is a party. (c) The Authority has duly authorized: ( i ) the issu- ance and sale of the Bond; (ii) the execution, delivery and due performance of the Bond Documents to which it is a party; (iii) the pledge of the Note, endorsed without recourse to the order of the Purchaser, to the Purchaser as security; and (iv) the taking of any and all action as may be required on the part of the Authority to carry out, to give effect to and to consummate the transactions contemplated hereby and by the other Bond Documents . The Bond fully executed, the executed Note duly endorsed to the order of the Purchaser, fully executed counterparts of the Bond Documents to which it is a party and certified copies of the resolution of the Authority authorizing the Authority's undertakings contemplated hereby (the "Bond Resolution") shall be delivered to the Purchaser by the Authority at the Closing Time, and they shall be in the respective forms theretofore submitted to the Purchaser and approved by the Purchaser, with only such changes or modifications thereof as the Purchaser, the Company and the Authority shall agree upon. (d) So long as the Bond is outstanding, the Authority will not issue or sell any bonds or obligations (other than the Bond) , the interest or premium, if any, on or principal of which shall be payable in whole or in part from the revenues derived from the Note. 3.