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OTHER-2021-022 Trust Agreement
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OTHER-2021-022 Trust Agreement
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Last modified
8/27/2021 3:01:03 PM
Creation date
8/27/2021 2:57:43 PM
Metadata
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Template:
BOCC
Date
5/18/2021
Meeting Type
Business
Document Type
Others
Agenda Item
8-e
Document Relationships
Agenda - 05-18-2021; 8-e - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various CIP Projects and To Refinance Existing County Obligations
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2021\Agenda - 05-18-2021 Virtual Business Meeting
Agenda for May 18, 2021 Board Meeting
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2021\Agenda - 05-18-2021 Virtual Business Meeting
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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 />
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