Agenda - 09-20-1994 - Laserfiche WebLink

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• WACHOVIA 3 Wachovta Leasing Corporation 301 North Main Street Winston-Salem,NC 27150 919 770-6662 This instrument has been preaudited in the manner required by the Local Government Budget and Fiscal Control Act. Finance Director INSTALLMENT PURCHASE CONTRACT-NUMBER THREE THIS INSTALLMENT PURCHASE CONTRACT,dated as of , 199 (this"Agreement")is by and among WACHOVIA LEASING CORPORATION (togetherwith its successors and assigns, the "Lender"), and ORANGE COUNTY, NORTH CAROLINA(the "Purchaser"), and WACHOVIA BANK OF NORTH CAROLINA, N.A., in its capacity as Escrow Agent(the "Escrow Agent"); WITNESSETH: WHEREAS, the Purchaser is a duly and validly created, organized and existing municipal corporation under and by virtue of the Constitution and laws of the State of North Carolina or a political subdivision of the State of North Carolina; WHEREAS,the Purchaser has the power,pursuant to Section 160A-20 of the General Statutes of North Carolina,to enter into installment contracts to finance the purchase of real or personal property; WHEREAS, the Lender desires to advance certain moneys to enable the Purchaser to acquire the Project(as hereinafter defined), and the Purchaser has determined that it is in its best interest to obtain said advance from the Lender and to acquire the Project pursuant to the terms and conditions of this Agreement; WHEREAS, in order to secure the obligations of the Lender hereunder, the Purchaser has requested that the Lender deposit moneys in escrow with the Escrow Agent,pursuant to the terms of this Agreement, in an amount equal to all or a portion of the costs of the Acquisition of the Project; WHEREAS, the obligation of the Purchaser to make Installment Payments (as hereinafter defined) under this Agreement shall not constitute a pledge of the faith and credit of the Purchaser within the meaning of any constitutional limitation or requirement concerning the creation of debt; WHEREAS, although the Project has been ordered from the manufacturers or suppliers thereof, or has been approved for ordering by the governing body of the Purchaser, there is expected to be a delay in the payment of the purchase price and the delivery of the Project to the Purchaser such that in order to secure the obligations of the Lender hereunder, the Purchaser has requested the Lender to set aside in escrow with the Escrow Agent,pursuant to their terms hereof, the purchase price of the Project; WHEREAS, the taxing power of the Purchaser is not,and shall not be, pledged directly or indirectly to secure any moneys due to the Lender or any other party, including the Escrow Agent,under this Agreement; WHEREAS, the Agreement shall not directly or indirectly obligate the Purchaser to make any payments in an aggregate amount greater than the sums appropriated in the sole discretion of the Purchaser for any fiscal year during which this Agreement shall be in effect; WHEREAS, no deficiency judgment may be rendered against the Purchaser in any action for breach of a contractual obligation under this Agreement, and the taxing power of the Purchaser is not and may not be pledged in any way directly or indirectly or contingently to secure any moneys due under this Agreement; and WHEREAS, the Lender, the Purchaser and the Escrow Agent each has duly authorized the execution and delivery of this Agreement; IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written. (Seal) ORANGE COUNTY 109 Court St.. P.O. Box 8181 Hillsborough,NC 27278 Attest: By: By: Title Tile _ (Seal) WACHOVIA LEASING CORPORATION Attest: By: By: Assistant Secretary Vice President WACHOVIA BANK OF NORTH CAROLINA, N.A. By: Tale Page 1 of 7