AG 1993 04 05 - Laserfiche WebLink

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RESOLU~ON OF CABARRUS COUNTY, NORTH CAROl .rNA APPROVING THE INST,~I J-k~ENT PURCHASE CONTRACT ANti) RELATED MATTERS WHeEl, C. abarrus County, North Carolina (the ?urchaser") is a duly created, organ/zed and existing municipal corporation of the State of North Carolina; Wlq~, the Purchaser has the power, pursuant to Section 160A-20 of the General Statutes of North Carolina, to enter into installment contracts to finance the purchase of real or personal property and the construction on real property of fixtures or improvements; WH~EREAS, the Purchaser desires that Wachovia Bank of North Carolina, National Association (the ~ank") advance certain moneys to enable the Purchaser to acquke, construct and install the Project (as defined in the Installment Purchase Contract described below), and the Purchaser has determined that it is in its best interests to obtain said advance from the Bank and to acquire, construct and install the Project pursuant to the terms and conditions of the Installment Purchase Contract dated as of April 1, 1993 (the "Installment Purchase Contract") between the Purchaser and the Bank; WHEREAS, the Purchaser has determined, and hereby determines, that it is in the best interests of the Purchaser to enter into the Installment Purchase Contract, the Escrow Agreement dated as of April 1, 1993 (the '~crow Agreement") with the Bank, as escrow agent and the Deed of Trust and Security Agreement dated as of April 1, 1993 (the "Deed of Trust") for the benefit of the Bank to prov/de for the acquisition, construction and equippLng of the Project by the Purchaser; WHEREAS, the obligation of the County to pay the Installment Payments (as defined in the Installment Purchase Contract) shall constitute a limited obligation payable from revenues of the Purchaser not derived from the exercise of its taxing power; WHEREAS, the taxing power of the COunty is not pledged directly or indirectly to secure any moneys due to the Bank under the Installment Purchase Contract; WH~EREAS, there has been presented to the governing board of the Purchaser the following documenu (collectively, the 'Instruments"), copies of which are attached hereto, wkich the Purchaser proposes to approve, enter into and deliver, as applicable, to effectuate the proposed financing: (1) the fora of the Installment Purchase Contract; (2) the form of the E~crow Agreement; and (3) the form of the Deed of Trust;