Agenda - 12-05-94 - VII-A - Laserfiche WebLink

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R i 1)..011'i r t'_..-' 22 INSTALLMENT PURCHASE CONTRACT THIS INSTALLMENT PURCHASE CONTRACT, dated as of the th day of January, 1995 (the "Contract") , between NationsBank of North Carolina, N.A. (the "Lender" and the "Escrow Depository") and the COUNTY OF ORANGE, NORTH CAROLINA, a political subdivision and body politic under the laws of the State of North Carolina (the "County") . WITNESSETH: WHEREAS, the County is a political subdivision and body politic under and by virtue of the Constitution and laws of the State of North Carolina; and WHEREAS, the County has the power, pursuant to Section 160A-20 of the General Statutes of North Carolina, to enter into contracts to finance the acquisition of real property, or the construction of improvements thereon; and WHEREAS, the Lender desires to advance certain funds in an amount up to $9 , 600, 000.00, to enable the County to finance the construction of an elementary school in Carrboro, North Carolina (the "Improvements") and the County desires to obtain said advance from the Lender pursuant to the terms and conditions hereinafter set forth; and WHEREAS, there is expected to be a delay in the complete disbursement by the County of the funds (herein the "Financing Proceeds") advanced by Lender pursuant to this Contract, and the County has requested the Lender to set aside, in escrow, pursuant to the terms hereof, all or a portion of the proposed Financing Proceeds to be used for the purposes set forth herein; and WHEREAS, the obligation of the County to make Installment Payments (as hereinafter defined) shall constitute a limited obligation payable solely from currently budgeted appropriations of the County and shall not constitute a pledge of the faith and credit of the County within the meaning of any constitutional debt limitation; and WHEREAS, no deficiency judgment may be rendered against the County in any action for breach of a contractual obligation under this Contract, and the taxing power of the County is not and may not be pledged in any way directly or indirectly or contingently to secure any moneys due hereunder; and WHEREAS, the Lender and the County each have duly authorized the execution and delivery of this Contract; NOW, THEREFORE, for and in consideration of, the premises and of the covenants hereinafter contained, and other valuable consideration, the parties hereto agree as follows: