AG 2008 11 17 - Laserfiche WebLink

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of the moneys advanced pursuant to such contract by granting a security interest in and lien on all or a portion of the Project; WHEREAS, there have been submitted to this meeting draft forms of the following documents (the "Financing Documents") with respect to the financing for the Project: (I) an Installment Purchase Agreement, proposed to be dated on or about December 1, 2008 (the "Contract"), between the County and the Seller as counterparty, pursuant to which the Seller will provide financing to the County for the cost of the Project and the County agrees to make periodic installment payments (the "Installment Payments") to repay the amount financed, with interest; and (2) a Deed of Trust and Security Agreement (the "Deed of Trust"), proposed to be dated on or about December 1, 2008, among the County as Grantor, the Seller as Beneficiary and the trustee named therein, by which the County would secure its obligations to the Seller under the Contract; WHEREAS, the obligations of the County to make Installment Payments and other payments pursuant to the Contract shall constitute limited obligations of the County payable solely from currently budgeted appropriations of the County and shall not constitute a pledge of the faith and credit of the County within the meaning of any constitutional debt limitation; WHEREAS, no deficiency judgment may be rendered against the County in any action for breach of a contractual obligation under the Contract, and the taxing power of the County is not and may not be pledged in any way directly or indirectly or contingently to secure any moneys due under the Contract; and WHEREAS, the Board of Commissioners desires to approve the Financing Documents and to authorize other actions in connection therewith; 2 Item# 18 Attachment number 3 (j_2 365 of 408 ii u u C~ r L i i~ Li r, r ~~