AG 1993 09 07 - Laserfiche WebLink

Home Browse Search

RESOLUTION E~MIBIT B I, Frankie F. Bonds , do hereby certify that I am the duly elected or appoine~ and acting Secretary/ clerk of Cabarrus County, North Carolina, a political suk~ivision or agency duly oLM~nized and existing under the laws of the State of North Carolina (the '~unicipality"), and that the followir~ resolutions (the "Resolutions") have been presented to and duly adopted by the Board of Commissionars of the Municipality (the "Governing Body") at a ~etin~ duly and r~gularly held and convened in acoordance with applicable law on the ~ day of , 19 , that at said meeting a quorum was present and acting at all times ar~ that the Resolutions are in full force ar~ effect and have not been in any respect modified, revoked or rescinded: WHEREAS, the Municipality desires to enter into an Installment Purchase Contz-act, da~d as of August 30, 1993 (the "Contract"), ~ng the Municipality and First Union National Bank of North Carolina, as Bank (the "Bank") and Fi~t Union National Bank of North Carolina, Corporate Trust Department, as Escrow Agent, and a C~,,.~tment Letter, dated August 30, 1993 (the "Commitment I~tter"), with the Bank; and WHEREAS, the Contract provides for the Bank to advmnce certain funds (the "~ Price") to enable the Municipality to purchmse certain equi~_nt described therein (the "Equipment") and the Municipality to repay the Purchase Price in installments (the "Installment Payments") as provided in the Contract; and WHEREAS, the Municipality has determined that the use of the Equi~nent is essential to its proper, efficient and economic operation; that it anticipates an ongoi~ need for the Equipment; that the Equipment will provide an ~ential ~s~ and permit the Municipality to carry o~t public functions that it is authorized by law to perform; and that entering into the Contract is neo=~xl; and expedient for the Municipality; and WHEREAS, the Municipality has further determined that the Installment Payments and all other obligations of the Municipality under the Contract are not exc~-~ive for their stated purposes; and WHEREAS, the Munioipality has determined that the Contract and the cbliqations of the Municipality thereunder are preferable to, and ~re cost efficient than, a general obligation or revenue bond issue for the same purpose and that the ~ price of the Equipment exce~cls the an*~unt that can be prudently r~ised f£~ currently available appropriations, unappzukuriated fund balar~es and nonvoted bonds that could be issued by the Municipality in the cu~£~ut fiscal year pursuant to Article V, Section 4 of the Constitution of the State of North Carolina; and WHEREAS, the debt management policies of the Municipality have been carried cut in strict c~,pliance with law; NOW THEREFORE, BE IT RESOLVED that the Contract and the Co,,~dt~ent l~tter are hereby approved and that the action of the official or officials of the Municipality in signir~ the Contract and the Commitment Letter on behalf of the Municipality is hereby ratified, confirmed and approved; and BE IT FORUHER RESOLVED that the officers of the Municipality, jointly and severally, be, and are hereby, authorized, empowered and directed to sign on its behalf the Contract and any addenda, exhibits, schedules, notes, UCC financing stat~_nts or other inst~ma~ants issued under the provisions of the Contract and any other instrument or document which may be necessary or expedient in connection with the fulfillment of the provisions of the BE IT FURTHER RESOLVED that the foregoing ~lutions shall take effect immediately upon passage.