AG 2005 02 21 - Laserfiche WebLink

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