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Agenda - 04-07-20; 8-h - Adoption of the Final Resolution Authorizing the Issuance of Approx. $40,000,000 in Installment Purchase Financing for CIP Projects
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Agenda - 04-07-20; 8-h - Adoption of the Final Resolution Authorizing the Issuance of Approx. $40,000,000 in Installment Purchase Financing for CIP Projects
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4/3/2020 9:51:48 AM
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BOCC
Date
4/7/2020
Meeting Type
Business
Document Type
Agenda
Agenda Item
8-h
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Agenda 04-07-20 Virtual Business Meeting
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\Board of County Commissioners\BOCC Agendas\2020's\2020\Agenda - 04-07-20 Virtual Business Meeting
Minutes 04-07-2020 Virtual Business Meeting
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Path:
\Board of County Commissioners\Minutes - Approved\2020's\2020
RES-2020-022 Resolution Authorizing the Issuance of Approx. $40,000,000 in Installment Purchase Financing for CIP Projects
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\Board of County Commissioners\Resolutions\2020-2029\2020
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11 <br /> County Registry, which has been previously supplemented by instruments recorded <br /> at RB 6613, Page 17, and RB 6633, Page 1121 (this is the "2019B Deed of Trust"), <br /> Orange County Registry (those instruments, together with the 2018 Deed of Trust, <br /> are referred to as the "Existing Deed of Trust" in this Supplement). The Existing <br /> Deed of Trust, as modified by this Supplement, is referred to as the "Modified Deed <br /> of Trust" in this Supplement. <br /> The Mortgaged Property includes the real property described in Exhibit A. <br /> The County is the record owner of that real property. <br /> The County executes and delivers this Supplement to secure current advances <br /> under the 2020 Agreement of [$45,000,000], as well as (a) total outstanding <br /> advances with respect to the Prior Bonds of approximately $50,595,000 and (b) <br /> potential future advances up to a total maximum principal amount of $200,000,000, <br /> all as described and pursuant to the Existing Deed of Trust. The time during which <br /> such future advances may be made is 30 years from June 1, 2018. The current <br /> scheduled date for final repayment of amounts secured under this Supplement and <br /> the Existing Deed of Trust is October 1, 2040. <br /> NOW, THEREFORE, <br /> (1) in consideration of the execution and delivery of the 2020 Bonds and <br /> the 2020 Agreement and other good and valuable consideration, the receipt and <br /> sufficiency of which the County acknowledges, <br /> (2) to secure the County's performance of all its covenants under this <br /> Supplement, the Existing Deed of Trust, the 2020 Agreement, the Prior Agreement, <br /> the 2020 Bonds and the Prior Bonds (together, the "Loan Documents"), and <br /> (3) to charge the Mortgaged Property with that payment and performance, <br /> the County sells, grants and conveys to the Deed of Trust Trustee, her successors <br /> and assigns forever, in trust, with power of sale, the Mortgaged Property, as defined <br /> in the 2019B Deed of Trust, which includes the property described in Exhibit A; <br /> BUT TAKE NOTE THAT Parcel 4 as defined in the 2019B Deed of Trust has <br /> previously been released from the lien of the Existing Deed of Trust; <br /> 3 <br />
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