Agenda - 05-15-2001-7a - Laserfiche WebLink

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^ Thereupon, the Board of Commissioners determined to proceed with the proposed financing and to approve the financing agreements. Thereupon the Chair of the Board of Commissioners announced that the public hearing was closed. Thereupon, Commissioner introduced the following resolution, a copy of which had been provided to each Commissioner and which was read by title: RESOLUTION APPROVING AGREEMENTS BETWEEN ORANGE COUNTY AND MAYES' HILL LTD. CONCERNING THE INSTALLMENT PURCHASE BY THE COUNTY OF ALL OF ONE TRACT AND A PORTION OF SECOND TRACT OF LAND TOTALLING APPROXIMATELY 131 ACRES DESCRIBED HEREIN, APPROVING CERTAIN OTHER ACTIONS RELATING THERETO AND AUTHORIZING CERTAIN ACTIONS IN CONNECTION THEREWITH WHEREAS, the County of Orange, North Carolina, a political subdivision of the State of North Carolina (the "County"), has previously approved the acquisition of the Property; and WHEREAS, the County is authorized to finance the acquisition of the Property by a contract or contracts that create in the Property a security inter-est to secure repayment of moneys made available for such purpose; and WHEREAS, the County has determined to proceed with the proposed financing of the purchase of the Property and to approve agreements providing for the installment payment with respect thereto; and WHEREAS, there have been presented for consideration by the County copies of the fallowing documents relating to this matter: (a) a draft of the Offer to Purchase and Contract wherein the County offers to purchase the Property; and (b) a draft of an Installment Purchase Promissory Note under which Mayes' Hill Ltd. would "advance" funds for the acquisition of the Property and the County would be obligated to make installment payments (as defined therein); and (c) a draft of an Installment Purchase Deed of Trust which 5 2