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3 <br />(the "Contract") and a related Escrow Agreement between the Unit and RBC <br />Centura (the "Escrow Agreement"). <br />Section 2. The governing body of the Unit hereby authorizes and directs the Authorized <br />Officer, to execute, acknowledge and deliver the Contract and Escrow <br />Agreement on behalf of the Unit in such form and substance as the person executing and <br />delivering such instruments on behalf of the Unit shall find acceptable. The Clerk is hereby <br />authorized to affix the official seal of the County of Orange to the Contract and the Escrow <br />Agreement and attest the same. <br />Section .3. The proper officers of the Unit are authorized and directed to execute and <br />deliver any and all papers, instruments, opinions, certificates, affidavits and other documents and <br />to do or cause to be done any and all other acts and things necessazy or proper for carrying out <br />this Resolution and the Contract and the Escrow Agreement, <br />Section 4. Notwithstanding any provision of the Contract or the Escrow Agreement, no <br />deficiency judgment may be rendered against the Unit in any action for breach of a contractual <br />obligation under the Contract or the Escrow Agreement and the taxing power of the Unit is not <br />and may not be pledged directly or indirectly to secure any moneys due under the Contract, the <br />security provided under the Contract being the sole security for RBC Centura in such instance. <br />Section 5. The Unit covenants that, to the extent perrnitted by the Constitution and laws <br />of the State of North Carolina, it will comply with the requirements of the Internal Revenue <br />Code of 1986, as amended (the "Code") as required so that interest on the Unit's obligations <br />under the Contract will not be included in the gross income of RBC Centura. <br />Section G. This Resolution shall take effect immediately upon its passage. <br />Upon rnotion of ,seconded by ,members of <br />the governing body, the foregoing resolution entitled "RESOLUTION AUTHORIZING THE <br />EXECUTION AND DELIVERY OF AN INSTALLMENT FINANCING CONTRACT IN <br />THE AMOUNT OF $1,100,691.00 WITH RBC CENTURA BANK TO FINANCE THE <br />ACQUISITION OF CERTAIN EQUIPMENT & VEHICLES, AUTHORIZING THE <br />EXECUTION AND DELIVERY OF RELATED INSTRUMENTS, AND DETERMINING <br />OTHER MATTERS IN CONNECTION THEREWITH" was passed by the following vote: <br />Ayes: <br />Nays: <br />PASSED AND ADOPTED this day of , <br /> <br />I, Clerk for the County of Orange, North Cazolina DO <br />HEREBY CERTIFY that the foregoing has been carefully copied from the actually recorded <br />2 <br />