Orange County NC Website
Browse       Search
6 <br /> Purchase Contract, under current circumstances, is preferable to a <br /> bond issue of the County for financing the acquisition, <br /> construction and equipping of the Improvements, (c) the sums to <br /> fall due under the proposed Installment Purchase Contract are <br /> adequate and not excessive for its proposed purpose, (d) the <br /> County's debt management procedures and policies are good and its <br /> debt will continue to be managed in strict compliance with law, (e) <br /> although the taxing power of the County is not and may not be <br /> pledged directly or indirectly to secure any sums to fall due under <br /> the proposed Installment Purchase Contract, the proceeds of taxes <br /> might be used to meet the sums to fall due under the proposed <br /> Installment Purchase Contract and any increase in taxes necessary <br /> to meet such sums will not be excessive and (f) the County is not <br /> in default regarding any of its debt service obligations. <br /> Section 2. The Board of Commissioners hereby further finds <br /> and determines that it is in the best interest of the County to <br /> enter into the Agreement, the Installment Purchase Contract, the <br /> Deed of Trust and the Lease in order to execute the plan for the <br /> acquisition, construction and equipping of the Improvements and the <br /> financing thereof as described above. <br /> Section 3 . The terms and provisions of the Agreement, the <br /> Installment Purchase Contract, the Deed of Trust and the Lease are <br /> hereby approved in all respects and, insofar as they are applicable <br /> to the County, the terms and provisions of the General Warranty <br /> Deed are hereby approved in all respects. Such approval supersedes <br /> the approval of such documents pursuant to a resolution of the <br /> 5 <br />