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Agenda - 09-20-1994
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Agenda - 09-20-1994
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10/6/2016 3:28:25 PM
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BOCC
Date
9/20/1994
Meeting Type
Regular Meeting
Document Type
Agenda
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NON-ARBITRAGE CERTIFICATE AND TAX COVENANTS 17 <br /> The undersigned officer of Orange County , North Carolina ("Purchaser") <br /> hereby certifies that the following exist or are reasonably expected to occur: <br /> Delivery of Installment Purchase Contract <br /> 1. The Purchaser will this day deliver the Installment Purchase Contract, <br /> Number Three ("Agreement") among the Purchaser, Wachovia Leasing Corporation <br /> ("Lender") and Wachovia Bank of North Carolina, N.A., as escrow agent ("Escrow <br /> Agent"). Under the Agreement the Lender will advance to the Purchaser certain <br /> moneys ("Purchase Price") to be used by the Purchaser to acquire the Project (as <br /> defined in the Agreement). The Purchaser will repay the Purchase Price by making <br /> Installment Payments (as defined in the Agreement) to the Lender. <br /> Proceeds <br /> 2. The Lender will deposit the Purchase Price for the Project in the amount of <br /> $259,600.00 in an escrow fund ("Escrow Fund") to be held by the Escrow <br /> Agent pursuant to the Agreement. Amounts on deposit in the Escrow Fund will be <br /> used to pay the costs of acquisition of the Project. It is anticipated that all amounts <br /> on deposit in the Escrow Fund will be expended with due diligence to pay the costs <br /> of acquisition and installation of the Project and that all such amounts will be <br /> expended within three years after the date of this certificate. <br /> No Funds <br /> 3. Other than the Escrow Fund the Purchaser has not and will not create or <br /> establish any sinking fund or similar fund with respect to the Installment Payments, <br /> unless the Purchaser obtains an opinion of nationally recognized bond counsel that the <br /> creation or establishment of any such fund will not cause the Agreement to be an <br /> arbitrage obligation. <br /> The undersigned officer covenants on behalf of the Purchaser as follows: <br /> No Overissuance <br /> 4. The Purchase Price(including any proceeds from the investment thereof), <br /> less the costs of issuing the Agreement, will not exceed by more than 5% the amount <br /> necessary to pay the cost of the Project. <br /> Rebate Requirement <br /> 5. The Purchaser agrees to take all steps necessary to cause the <br /> requirements of Section 148 (f) of the Internal Revenue Code 1986, as amended <br /> ("Code") to be complied with, including but not limited to all reporting and rebate <br /> requirements. <br /> Other Issues <br /> fi. If the Purchaser is required to calculate the "yield" on the Agreement <br /> pursuant to Section 148 of the Code, the Purchaser will include any other <br /> governmental obligations of the Purchaser which would be treated as part of the same <br /> issue under the Code. <br />
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