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6 <br />the County would execute and deliver to a trustee for the <br />benefit of Mayes' Hill Ltd. and which would encumber the <br />Property as security for ,the County's obligation to repay the <br />funds advanced to it pursuant to the Installment Purchase <br />Promissory Note; and - <br />BE IT RESOLVED by the.Board of Commissioners for the County <br />of Orange: <br />Section 1. The Board of Commissioners for the County of <br />Orange,. North Carolina (the "Board of .Commissioners") hereby <br />finds and determines in connection with the proposed Installment <br />Purchase that (a) the proposed Installment Purchase Promissory <br />Note is necessary or expedient for the County, (b) the proposed <br />Installment Purchase Promissory Note, under current. <br />circumstances, is preferable to a bond issue of the County for <br />financing the acquisition of the purchase of the Property, (c) <br />the sums to fall due under the proposed Installment Purchase <br />Promissory Note are adequate and not excessive for its proposed <br />purpose, (d) the County's debt management procedures and <br />policies are good and its debt will continue to be managed in <br />strict compliance with law, (e) although, the taxing power of the <br />County is not and may not be pledged direct°ly or indirectly to <br />secure any sums to fall due under the proposed Installment <br />Purchase Promissory Note, the proceeds of taxes might be used to <br />meet the sums to fall ,due under the proposed Installment <br />Purchase. Promissory Note and any increase in taxes necessary to <br />meet such sums will not be excessive and (f) the County is not <br />in default regarding any of its debt, service obligations. <br />Section 2. The Board of Commissioners hereby further finds <br />and determines that it is in the best interest of the County to <br />enter into the installment Purchase Promissory Note, and the <br />Installment Purchase Deed of Trust in order to execute the plan <br />for the acquisition of the Property and the financing thereof as <br />described above. <br />Section 3. The terms and provisions of the Offer to <br />Purchase and Contract, the Installment Purchase Promissory .Note, <br />and the Installment Purchase Deed of Trust, 'are hereby approved <br />in all respects and the Chair of the Board of Commissioners, the <br />County Manager of the County, the Finance Director of the County <br />and the Clerk to the Board of Commissioners are hereby <br />authorized and directed to execute and deliver documents, as may <br />be applicable, in substantially the forms presented to the <br />County, together with such additions, changes, modifications and <br />deletions as they, with, the advice of counsel, may deem <br />3 <br />