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AG 2005 02 21
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AG 2005 02 21
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Last modified
3/3/2006 8:34:38 AM
Creation date
11/27/2017 11:34:49 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
2/21/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br />ofthe General Statutes of North Carolina, as amended; <br /> <br />. <br /> <br />c) Pursuant to said Section 160A-20, the County of Cabarrus is authorized to finance the <br />acquisition of personal property, including fixtures, by installmerit contracts that create a <br />security interest in the property financed to secure repayment of the financing; and <br /> <br />d) RBC Centura Bank ("RBC Centura") has proposed that RBC Centura finance the <br />Project pursuant tp an Installment Purchase Contract between the Purchaser and RBC <br />Centura (the "Cob-tract") and a related Escrow Agreement between the Purchaser and <br />RBC Centura (the' "Escrow Agreement"). <br /> <br />Section 2. The governing body hereby authorizes and directs the Authorized Officer to <br />execute, acknowledge and deliver the Contract and Escrow Agreement on behalf of the Purchaser <br />in such form and substance as the person executing and delivering such instruments on behalf of the <br />Purchaser shall find acceptable. The Clerk is hereby authorized to affix the official seal of the <br />County of Cabarrus to the Coittract and the Escrow Agreement and attest the same. <br /> <br />Section 3. The propel" officers of the Purchaser are authorized and directed to execute and <br />deliver any and all papers, instruments, opinions, certificates, affidavits and other documents and to <br />do or cause to be done any and all other acts and things necessary or proper for carrying out this <br />Resolution and the Contract apd the Escrow Agreement. <br /> <br />Section 4. Notwithstjrnding any provision of the Contract or the Escrow Agreement, no <br />deficiency judgment may be rendered against the Purchaser in any action for breach of a contractual <br />obligation under the Contract or the Escrow Agreement and the taxing power of the Purchaser is <br />not and may not be pledged dlrectly or indirectly to secure any moneys due under the Contract, the <br />security provided under the Contract being the sole security for RBC Centura in such instance. <br /> <br />Section 5. The Purchaser covenants that, to the extent permitted by the Constitution and <br />laws of the State of North Carolina, it will comply with the requirements of the Internal Revenue <br />Code of 1986, as amended (~e "Code") as required so that interest on the Purchaser's obligations <br />under the Contract will not bei'included in the gross income ofRBC Centura. <br /> <br />Section 6. The Purchaser hereby represents that it reasonably expects that it, all subordinate <br />entities thereof and all entities issuing obligations on behalf of the Purchaser will issue in the <br />aggregate less than $10,000,000 of tax-exempt obligations (not counting private-activity bonds <br />except for qualified 501 (c)(3) bonds as defined in the Code) during calendar year 2005. In addition, <br />the Purchaser hereby designates the Contract and its obligations under the Contract as a "qualified <br />tax-exempt obligation" for the purposes of the Code. <br /> <br />Section 7. This Resol\ltion shall take effect immediately upon its passage. <br /> <br />Upon motion of <br /> <br />, seconded by <br /> <br />, members of <br /> <br />2 <br /> <br />r-- - lio <br />
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