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OTHER-2024-030-Deed of Trust Supplement #2
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OTHER-2024-030-Deed of Trust Supplement #2
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Last modified
10/24/2024 10:44:33 AM
Creation date
10/24/2024 10:41:35 AM
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BOCC
Date
5/21/2024
Meeting Type
Business
Document Type
Others
Agenda Item
6-B
Document Relationships
Agenda 05-21-24; 6-b - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various Capital Investment Plan Projects
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2024\Agenda - 05-21-2024 Business Meeting
Agenda for May 21, 2024 BOCC Meeting
(Attachment)
Path:
\Board of County Commissioners\BOCC Agendas\2020's\2024\Agenda - 05-21-2024 Business Meeting
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1 - 2 Present and Future Advances . This Deed of Trust is executed to secure <br /> all the County' s present and future obligations to the Trustee related to the <br /> Mortgaged Property as described in and pursuant to the Modified Deed of Trust. The <br /> al amount including resent and future obligations , that may be secured by this <br /> tot g p <br /> Modified Deed of Trust at any one time is $ 200 , 000 , 000 . The period within which <br /> future obligations may be incurred is 30 years from June 1 , 2021 . <br /> 1 � 3 Existing Deed of Trust Otherwise Confirmed. . Except as provided by <br /> this Supplement, the County ratifies , approves and confirms the terms of the <br /> ,'. <br /> Existing Deed of Trust. <br /> 14 County ' s Obligation Limited , Notwithstanding any other provision <br /> of the Loan Documents , the parties intend that this transaction will comply with <br /> North Carolina General Statutes Section 160A- 20 . No deficiency judgment may be <br /> entered against the County in violation of Section 160A- 20 . <br /> No provision of this Supplement should be construed or interpreted as <br /> creating a pledge of the County ' s faith and credit within the meaning of any <br /> constitutional debt limitation . No provision of this Supplement should be construed <br /> or interpreted as an illegal delegation of governmental powers , nor as an improper <br /> donation or lending of the County' s credit within the meaning of the North Carolina <br /> constitution . The County ' s taxing power is not and may not be pledged, directly or <br /> indirectly contingently, to secure any moneys due under this Supplement. <br /> Nothing in this Section is intended to impair or prohibit foreclosure under the <br /> Modified Deed of Trust if the Obligations are not paid when due or otherwise upon <br /> the occurrence of an Event of Default under the Loan Documents . <br /> No provision of this Supplement restricts the County ' s future issuance of any <br /> of its bonds or other obligations payable from any class or source of the County' s <br /> moneys ( except to the extent the Loan Documents restrict the incurrence of <br /> additional obligations secured by the Mortgaged Property) . <br /> To the extent of any conflict between this Section and any other provision of <br /> this Supplement, this Section takes priority . <br /> s <br />
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