AG 2005 03 21 - 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: (1) an Installment Financing Contract, proposed to be dated as of April I, 2005 (the "Contract"), between the County and the Bank as counterparty, pursuant to which the Bank will . . advance moneys to the County for the costs of the Project and the County agrees to make periodic installment payments (the "Installment Payments") to repay the moneys so advanced, with interest; (2) a Deed of Trust and Security Agreement (the "Deed of Trust"), proposed to be dated as of April I, 2005, among the County as Grantor, the Bank as Beneficiary and the trustee named therein, by which the County would secure its obligations to the Bank under the Contract; and (3) an Escrow Agreement, proposed to be dated as of April I, 2005 (the "Escrow Agreement"), between the County and the Bank, as escrow agent, dealing with the custody and investment of the moneys ativanced by the Bank to the County pending the expenditure thereof; 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 C~lUnty 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 G-'J- 5