Orange County NC Website
100 <br /> and documents being collectively referred to herein as the "County Documents"), and (iii) the <br /> authorization of the use and distribution of the Official Statement. <br /> (d) The Approving Resolution was duly adopted at a meeting of the Board of <br /> Commissioners of the County called and held pursuant to law and with all public notice required by law <br /> and at which a quorum was present and acting throughout, and is in full force and effect and has not been <br /> amended or repealed. <br /> (e) This Bond Purchase Agreement, the Trust Agreement, the Modified Deed of <br /> Trust and any other instrument or agreement to which the County is a party in connection with the <br /> consummation of the transactions contemplated by the foregoing documents, when executed and <br /> delivered by the parties thereto, and assuming such documents are enforceable against the parties thereto <br /> other than the County,will constitute legal, valid and binding obligations of the County(subject, as to the <br /> enforcement of remedies, to the valid exercise of judicial discretion, the sovereign police powers of the <br /> State and constitutional powers of the United States of America and to any valid applicable bankruptcy, <br /> insolvency, moratorium, reorganization or other similar laws affecting the rights of creditors generally <br /> and the exercise of judicial discretion in accordance with general principles of equity). <br /> (f) When delivered to and paid for by the Underwriters at the Closing, in accordance <br /> with the provisions of this Bond Purchase Agreement, the Bonds will have been duly authorized, <br /> executed and delivered by the County and will constitute legal, valid and binding special obligations of <br /> the County, enforceable in accordance with their terms (subject, as to the enforcement of remedies, to the <br /> valid exercise of judicial discretion, the sovereign police powers of the State and constitutional powers of <br /> the United States of America and to any valid applicable bankruptcy, insolvency, moratorium, <br /> reorganization or other similar laws affecting the rights of creditors generally and the exercise of judicial <br /> discretion in accordance with general principles of equity) and will be entitled to the benefits of, and <br /> secured as provided in,the Trust Agreement. <br /> (g) The County has complied, and will at the Closing be in compliance, in all <br /> material respects, with the Approving Resolution, the Trust Agreement and the Act and all other <br /> agreements relating to projects undertaken by the County or with respect to which the County has <br /> assumed responsibility. <br /> (h) There is no action, suit, proceeding, inquiry or investigation, at law or in equity, <br /> before or by any court, public board or body, pending or, to the knowledge of the County, threatened <br /> against or affecting the County (or, to the knowledge of the County, any meritorious basis therefor) <br /> (i)attempting to limit, enjoin or otherwise restrict or prevent the County from functioning or contesting or <br /> questioning the existence of the County or the titles of the present officers of the County to their offices or <br /> (ii)wherein an unfavorable decision, ruling or finding would(A)adversely affect the existence or powers <br /> of the County or the validity or enforceability of the Bonds, the Approving Resolution, the Trust <br /> Agreement, this Bond Purchase Agreement, the Modified Deed of Trust or any agreement or instrument <br /> to which the County is a party and which is used or contemplated for use in the consummation of the <br /> transactions contemplated hereby including, without limitation, the County Documents and the Official <br /> Statement; or (B)materially adversely affect(1)the transactions contemplated by the County Documents <br /> or the Official Statement, or (2)the exemption of the interest on the Bonds from federal or State income <br /> taxation. <br /> (i) The County's adoption of the Approving Resolution, its execution and delivery <br /> of the County Documents and the Bonds, and compliance with the provisions thereof and hereof, do not <br /> and will not conflict with or constitute, on the County's part, a violation of,breach of or default under any <br /> material statute, existing law, administrative regulation, filing, decree or order, state or federal, or any <br /> -5- <br />