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<br />(c) The estimated sums to fall due under the proposed financing contract are adequate <br />and not excessive for the proposed purpose. Although the financing rate contemplated by the <br />Contract may exceed financing rates otherwise available to the County, the advantageous <br />purchase price offsets any detriment from the financing rate. In addition, the financing rate <br />and owner financing are key business considerations for the seller in the negotiations for the <br />County's acquisition of a most desirable building. <br />(d) As confirmed to the Board at this meeting by the County's Finance Officer, (I) the <br />County's debt management procedures and policies are sound and in compliance with law, <br />and (ii) the County is not in default under any of its debt service obligations.. <br />(e) Although the County expects that there will be from time to time tax increases <br />associated with the County's overall capital investment program, any tax increase <br />attributable to the current proposed financing will be minimal and appropriate under all the <br />circumstances <br />(f) The County Attorney is of the opinion that the proposed project is authorized <br />by law and is a purpose for which public funds of the County may be expended pursuant to <br />the Constitution and laws of North Carolina <br />BE IT FURTHER RESOLVED by the Board of Commissioners of Orange <br />County, North Carolina, as follows: <br />1. Determination To Proceed with Financing - The County confirms its plans <br />to undertake and finance the acquisition of the Meadowlands Building. The County will <br />carry out the plan with owner financing, and generally as described in the draft Sales <br />Contract. The Board approves the Sales Contract and the Financing Agreement in the forms <br />provided, and the Sales Contract and the Financing Agreement in final form must be in <br />substantially the forms presented. <br />2. Direction To Execute Documents -- The Board authorizes and directs the <br />Board's Chair, the County Manager and the County Finance Officer to act on the County's <br />behalf and to execute and deliver all appropriate documents (the "Documents") for the <br />proposed financing, including the Sales Contract and the Financing Agreement in their final <br />forms. <br />The execution and delivery of any Document by an authorized officer will be <br />conclusive evidence of his approval of the final form of such Document. The Documents in <br />final form, however, must be consistent with the financing plan described in this resolution. <br />3. Authorization to Finance Officer To Complete Closing - The Board <br />authorizes and directs the Finance Officer to hold executed copies of all financing documents <br />authorized or permitted by this resolution in escrow on the County's behalf until the <br />conditions for their delivery have been completed to such officer's satisfaction, and thereupon <br />to release the executed copies of such documents for delivery to the appropriate persons or <br />organizations.