Agenda - 03-21-2000-7a - Laserfiche WebLink

Browse Search

purpose, (d) the County's debt management procedures and policies are good .and its debt will continue to be managed in strict compliance with law, (e) although the taxing power of the County is not and may not be pledged directly or indirectly to secure any sums to fall due under the proposed .Installment Purchase Promissory Note, the proceeds of taxes might be used to meet the sums to fall due under the proposed Installment Purchase Promissory Note and any increase in taxes. necessary to meet such sums will not be excessive and (f) the County is not in default regarding any of its debt service obligations. Section 2. The Board of Commissioners hereby further finds and determines that it is in the best interest of the County to enter into the ,Installment Purchase Promissory Note, the Installment Purchase Deed of Trust, the Clean Water Management Trust Fund Grant Agreement, the Temporary Conservation Easement and the Conservation Easement in order to execute the plan for. the acquisition of the Property and the financing, thereof as described above. Section 3. The terms and provisions of the' deed, the Installment Purchase Promissory Note, the Installment Purchase Deed of Trust, the Clean Water Management Trust Fund Grant Agreement and the temporary and permanent Conservation Easement Agreements are hereby approved in all respects and the Chair of the Board of Commissioners, the County Manager of the County, the Finance Director of the County and the Clerk to the Board of Commissioners are hereby authorized axad directed to execute and deliver the documents, as may be applicable, in substantially the forms presented to the County, together with such additions, changes, modifications and deletions as they, with the advice of counsel, may deem necessary and appropriate, and such execution and delivery shall be conclusive evidence of the approval and authorization thereof by the Board of Commissioners and the County; provided, however, that the County Manager or the Finance Director of the County or his respective designee shall determine that the provisions of the Installment Purchase Promissory Note and the Installment Purchase Deed of Trust are consistent .with the provisions of the Option to Purchase Agreement except as those agreements may vary the terms of the Option to Purchase Agreement; and that, under the Installment Purchase Promissory Note the final installment payment is due not later than January 31, 2002, the maximum stated interest rate with respect to the Installment Payments does not exceed 5.00°s per annum and the aggregate amount of the principal components of the Installment Payments does not exceed $279,900. d