AG 2010 11 15 - Laserfiche WebLink

Home Browse Search

any prepayment or defeasance of the Alternative Financing or any Bonds that would result in a change in the annual payment requirements, the Issuer shall furnish to the County and the Trustee a revised Schedule B promptly upon any such issuance, prepayment or defeasance, which schedule shall demonstrate, in the case of a prepayment or defeasance, an allocation of savings or reduction in payments proportionate to the amount of payments being made by each. Other than as set forth herein, the Issuer will not initiate or consent to any other change respecting the Alternative Financing, the Bonds or any Additional Bonds that would affect the payments set forth on Schedule B without the consent of the County. SECTION 4.3. Notices. All notices, demands or requests required or permitted to be given pursuant to this Agreement shall be given in writing and shall be deemed to have been properly given or served and shall be effective upon being deposited in the United States mail, postage prepaid, sent to the respective address as follows: As to the City: City of Kannapolis, North Carolina 246 Oak Ave Kannapolis, NC 28081 Attention: City Manager As to the County: Cabarrus County, North Carolina P.O. Box 707 Concord, NC 28026 Attention: County Manager Any party may, however, at any time, change its address for notification purposes by giving to the other parties a notice in the manner herein provided stating the change and setting forth the new address. SECTION 4.4. Derivative and other Contracts. In the event the City proposes to enter into any derivative or other hedging contract with respect to the Bonds, it shall notify the County and offer the County the opportunity to participate or share in any payments made to the City in any such contract in proportion to the total debt service on the Bonds of each. If the County chooses not to participate in a derivative or hedging contract the County's obligations under Schedule A shall not be affected. SECTION 4.5. Headings. The headings appearing in this Interlocal Agreement are inserted only as a matter of convenience and in no way define, limit, construe or describe the scope or intent of any article, section or paragraph of this Interlocal Agreement. SECTION 4.6. Counterparts. This Interlocal Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. The signature of any party to any counterpart may be appended to any other counterpart. SECTION 4.7. Modification. (a) No change or modification of, or waiver under, this Interlocal Agreement shall be valid unless it is in writing and signed by duly authorized representatives of the City and the County. The total amount of Bonds and Alternative Financing to be issued may not exceed $36,500,000 unless the County consents to such larger amount. (b) The parties hereto agree to review this Agreement for possible modification of the provisions of Section 2.2(d)(ii)(B) relating to the Maximum County Contribution Amount prior to June 30, 2020. No modification will be made hereunder if there were payments made in the then current fiscal year under the Minimum Assessed Value Agreement. In all other events, the City and the County agree to negotiate in -7- Attachment number 4 Page 140 G -3