Orange County NC Website
order to carry out,give effect to,and consummate the transactions contemplated hereby and by the Official <br /> Statement (the Bonds, this Bond Purchase Agreement, the Trust Agreement, the Escrow Agreement, the <br /> Deed of Trust and such other agreements and documents being collectively referred to herein as the"County <br /> Documents"),and(iii)the authorization of the use and distribution of the Official Statement. <br /> (d) The Approving Resolution was duly adopted at a meeting of the Board of <br /> Commissioners of the County called and held pursuant to law and with all public notice required by law <br /> and at which a quorum was present and acting throughout, and is in full force and effect and has not been <br /> amended or repealed. <br /> (e) This Bond Purchase Agreement,the Trust Agreement,the Escrow Agreement,the <br /> Deed of Trust and any other instrument or agreement to which the County is a party in connection with the <br /> consummation of the transactions contemplated by the foregoing documents,when executed and delivered <br /> by the parties thereto, and assuming such documents are enforceable against the parties thereto other than <br /> the County,will constitute legal,valid and binding obligations of the County(subject,as to the enforcement <br /> of remedies, to the valid exercise of judicial discretion, the sovereign police powers of the State and <br /> constitutional powers of the United States of America and to any valid applicable bankruptcy, insolvency, <br /> moratorium,reorganization or other similar laws affecting the rights of creditors generally and the exercise <br /> of judicial discretion in accordance with general principles of equity). <br /> (f) When delivered to and paid for by the Underwriters at the Closing, in accordance <br /> with the provisions of this Bond Purchase Agreement,the Bonds will have been duly authorized, executed <br /> and delivered by the County and will constitute legal,valid and binding special obligations of the County, <br /> enforceable in accordance with their terms(subject,as to the enforcement of remedies,to the valid exercise <br /> of judicial discretion,the sovereign police powers of the State and constitutional powers of the United States <br /> of America and to any valid applicable bankruptcy,insolvency,moratorium,reorganization or other similar <br /> laws affecting the rights of creditors generally and the exercise of judicial discretion in accordance with <br /> general principles of equity) and will be entitled to the benefits of, and secured as provided in, the Trust <br /> Agreement. <br /> (g) The County has complied,and will at the Closing be in compliance,in all material <br /> respects,with the Approving Resolution,the Trust Agreement and the Act and all other agreements relating <br /> to projects undertaken by the County or with respect to which the County has assumed responsibility. <br /> (h) There is no action, suit, proceeding, inquiry or investigation, at law or in equity, <br /> before or by any court,public board or body,pending or,to the knowledge of the County,threatened against <br /> or affecting the County(or,to the knowledge of the County, any meritorious basis therefor) (i)attempting <br /> to limit, enjoin or otherwise restrict or prevent the County from functioning or contesting or questioning <br /> the existence of the County or the titles of the present officers of the County to their offices or(ii)wherein <br /> an unfavorable decision,ruling or finding would(A) adversely affect the existence or powers of the County <br /> or the validity or enforceability of the Bonds, the Approving Resolution, the Trust Agreement, this Bond <br /> Purchase Agreement, the Escrow Agreement, the Deed of Trust or any agreement or instrument to which <br /> the County is a party and which is used or contemplated for use in the consummation of the transactions <br /> contemplated hereby including, without limitation, the County Documents and the Official Statement; or <br /> (B)materially adversely affect(1)the transactions contemplated by the County Documents or the Official <br /> Statement, or(2)the exemption of the interest on the 2021A Bonds from federal or State income taxation. <br /> (i) The County's adoption of the Approving Resolution,its execution and delivery of <br /> the County Documents and the Bonds, and compliance with the provisions thereof and hereof, do not and <br /> will not conflict with or constitute, on the County's part, a violation of, breach of or default under any <br /> material statute, existing law, administrative regulation, filing, decree or order, state or federal, or any <br /> -5- <br />