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5 <br />WHEREAS, the County has determined to proceed with the <br />proposed financing of the purchase of the Property and to <br />approve agreements providing for the installment payment with. <br />respect thereto; and <br />WHEREAS, there have been presented for consideration by the <br />County copies of the following documents relating to this <br />matter: <br />(a) a form of a deed from Duke University to the County <br />for the purchase of the Property; and <br />(b) a draft of an Installment Purchase Promissory Note <br />under which Duke University would "advance" funds for the <br />acquisition of the Property and the County would be obligated to <br />make installment payments (as defined therein) to repay the <br />funds advanced to it; and <br />(c) a draft of an Installment Purchase Deed of Trust which <br />the County would execute and deliver to a trustee for the <br />benefit of Duke University and which would encumber the Property <br />as security for the County's obligation to repay the funds <br />advanced to it pursuant to the Installment Purchase Promissory <br />Note; and <br />(d) a draft of the Clean Water Management Trust Fund Grant <br />Agreement under which the Clean Water Management. Trust fund <br />would provide $143, 000 to the County fox the acquisition of the <br />Property and to ensure the conservation of the riparian buffer <br />area of the property and related draft Temporary Conservation <br />Easement and draft Permanent Conservation Easement to ensure the <br />permanent conservation of the riparian buffer area; now, <br />therefore, <br />BE IT RESOLVED by the Board of Commissioners for the County <br />of Orange: <br />Section 1. The Board of Commissioners for the County of <br />Orange, North Carolina (the "Board of Commissioners") hereby <br />finds and determines i.n connection with the proposed Installment <br />Purchase that (a) the proposed installment Purchase Promissory <br />Note is necessary or expedient for the County, (b) the proposed <br />Installment Purchase Promissory Note, under current <br />circumstances, is preferable to a bond issue of the County for <br />financing the acquisition of the purchase of the Property, (c) <br />the sums to fall due under the proposed Installment Purchase <br />Promissory Note are adequate and not excessive for its proposed <br /> <br />