Orange County NC Website
the County's credit within the meaning of the North Carolina constitution. The <br /> County's taxing power is not and may not be pledged directly or indirectly or <br /> contingently to secure any moneys due under this Agreement. <br /> No provision of this Agreement should be interpreted as pledging or creating <br /> a lien on any class or source of the County's moneys (other than Net Proceeds and <br /> the funds and accounts established pursuant to this Agreement as may be provided <br /> in this Agreement). No provision of this Agreement restricts the County's future <br /> issuance of any of its bonds or other obligations payable from any class or source of <br /> the County's moneys (except to the extent this Agreement, the Deed of Trust and the <br /> 2021 Bonds restrict the incurrence of additional obligations secured by the <br /> Mortgaged Property). <br /> To the extent of any conflict between this Section and any other provision of <br /> this Agreement, this Section takes priority. <br /> ARTICLE V <br /> CONSTRUCTION, MAINTENANCE AND OTHER <br /> PROVISIONS RELATED TO THE PLEDGED FACILITIES <br /> Section 5.01. Construction Contracts; Changes. (a) The County <br /> will comply with the provisions of the North Carolina General Statutes and enter <br /> into the Construction Contracts. The County will cause the construction of the <br /> Pledged Facilities to be carried on continuously in accordance with the Construction <br /> Contracts and all applicable State and local laws and regulations. <br /> (b) The County will provide for the Pledged Facilities to be constructed on <br /> the Pledged Sites and will insure (i) that no portion of the Pledged Facilities <br /> encroaches upon nor overhangs any easement or right-of-way, (ii) that the Pledged <br /> Facilities will be wholly within any applicable building restriction lines, however <br /> established, and (iii) that the Pledged Facilities will not violate applicable use or <br /> other restrictions, whether imposed by law or rule or by prior conveyances. <br /> (c) The County may approve changes to the Construction Contracts in its <br /> discretion except that the County may not approve any changes that (i) increase <br /> total estimated Project Costs above the amounts previously identified and <br /> designated for the payment of those costs, or (ii) result in the use of the Mortgaged <br /> 17 <br />