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Agenda - 12-05-94 - VII-A
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Agenda - 12-05-94 - VII-A
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11/9/2016 11:30:32 AM
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BOCC
Date
12/5/1994
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
VII-A
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26 <br /> 4.3 Withdrawals. <br /> (a) Withdrawals from Escrow Fund. So long as no Event of <br /> Default (as defined in Section 10 hereof) has occurred, the County <br /> may withdraw funds from the Escrow Fund by submitting advance <br /> request (s) , in form satisfactory to the Escrow Depository, setting <br /> forth the amount requested to be withdrawn from the Escrow Fund, <br /> accompanied by invoice (s) from the general contractor for the <br /> County for such amount and/or such other documentation of the costs <br /> of construction as the Escrow Depository or the Lender may <br /> reasonably require, including, without limitation, certificates as <br /> to the progress of construction, lien waivers, or affidavits of <br /> payment of any person entitled to assert any liens. The County <br /> will also cause the said general contractor to comply, to the <br /> fullest extent possible with respect to the construction contract, <br /> with the notice provisions of N.C.G.S. § 44A-23 . <br /> (b) Distribution of Interest. Interest earned on the Escrow <br /> Fund and not required for the purposes set forth above will be <br /> applied by the County, upon the termination or the final <br /> distribution of the Escrow Fund, to prepay the principal component <br /> of the remaining Installment Payments in such order of their due <br /> dates as the County shall determine; provided, however, that so <br /> long as the County is not then in default, the County shall have <br /> the right to withdraw any such interest earned on the Escrow Fund <br /> following the final distribution or termination thereof for any <br /> lawful purpose, upon its distribution or termination thereof for <br /> any lawful purpose, upon its delivery to Lender of an opinion of <br /> nationally recognized bond counsel that such withdrawal will not <br /> adversely affect the tax-exempt status of the interest component of <br /> the Installment Payments. <br /> 4 .4 Termination. The Escrow Fund shall be terminated at the <br /> earliest of (a) the final distribution of principal of the Escrow <br /> Fund, (b) the sending of written notice by the Lender of a claimed <br /> default by the County under this Contract, or (c) the termination <br /> of this Contract. <br /> SECTION 5 . RESPONSIBILITIES OF THE COUNTY <br /> 5 . 1 Care and Use. The County shall construct the <br /> Improvements in accordance with the Plans and Specifications and <br /> thereafter use the Property in compliance with all applicable laws <br /> and regulations, and, at its sole cost and expense, service, repair <br /> and maintain the Property so as to keep the Property in good <br /> condition, repair, appearance and working order for the purposes <br /> intended, ordinary wear and tear excepted, and shall replace any <br /> part of the Property as may from time to time become worn out, <br /> lost, stolen, destroyed or damaged or unfit for use. Any and all <br /> additions to or replacements of the Improvements and all parts <br /> thereof shall constitute accessions to the Property and shall be <br /> 5 <br />
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