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CRAFT# 3 for <br /> Discussion Purposes <br /> Only /z/'y/py <br /> INSTALLMENT PURCHASE CONTRACT <br /> THIS INSTALLMENT PURCHASE CONTRACT, dated as of the _th day <br /> of January, 1995 (this "Contract") , between NationsBank of North <br /> Carolina, N.A. (the "Lender" and the "Escrow Depository") and the <br /> COUNTY OF ORANGE, NORTH CAROLINA, a political subdivision and body <br /> politic under the laws of the State of North Carolina (the <br /> "County" ) . <br /> WITNESSETH: <br /> WHEREAS, the County is a political subdivision and body <br /> politic under and by virtue of the Constitution and laws of the <br /> State of North Carolina; and <br /> WHEREAS, the County has the power, pursuant to Section 160A-20 <br /> of the General Statutes of North Carolina, to enter into contracts <br /> to finance the acquisition of real property, or the construction of <br /> improvements thereon; and <br /> WHEREAS, the Lender desires to advance certain funds in an <br /> amount up to $9 , 600, 000 . 00 (the "Financing Proceeds") , to enable <br /> the County to finance the construction of an elementary school in <br /> Carrboro, North Carolina (the "Improvements" ) and the County <br /> desires to obtain said advance from the Lender pursuant to the <br /> terms and conditions hereinafter set forth; and <br /> WHEREAS, the County and The Chapel Hill-Carrboro City Board of <br /> Education, a body corporate which has general control and <br /> supervision of all matters pertaining to the public schools in the <br /> Chapel Hill-Carrboro City Schools, its respective school <br /> administrative unit (the "Board of Education") have agreed to <br /> cooperate in a plan for the acquisition, construction, equipping <br /> and financing of the Property (as hereinafter defined) and have <br /> entered into an Agreement Concerning the Acquisition, Construction <br /> and Equipping of Improvements for the Chapel Hill-Carrboro City <br /> Schools, dated as of January _, 1995 (the "Agreement") , and have <br /> also entered into a Lease, dated as of January 1995 (the <br /> "Lease") , of the Property by the County to the Board of Education; <br /> and <br /> WHEREAS, the obligation of the County to make Installment <br /> Payments (as hereinafter defined) shall constitute a limited <br /> obligation payable solely from currently budgeted appropriations of <br /> the County and shall not constitute a pledge of the faith and <br /> credit of the County within the meaning of any constitutional debt <br /> limitation; and <br /> WHEREAS, no deficiency judgment may be rendered against the <br /> County in any action for breach of a contractual obligation under <br /> this Contract, and the taxing power of the County is not and may <br /> not be pledged in any way directly or indirectly or contingently to <br /> secure any moneys due hereunder; and <br />