BC 2008 11 17 Regular - Laserfiche WebLink

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November 17, 2008 (Regular Meeting) Page 1060 It was then announced that the public hearing was closed. Chairman White expressed thanks and appreciation to the Wallace's. Commissioner Mynatt explained to the viewing audience that the purchase price of this property is less than the tax value with no interest and is a wonderful opportunity for the County. UPON MOTION of Commissioner Privette, seconded by Commissioner Mynatt and unanimously carried, the Board adopted the following resolution: Resolution No. 2008-21 RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR ACQUISITION OF REAL PROPERTY IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $6,000,000 AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS WHEREAS, the Board of Commissioners desires to approve a proposed plan of financing in an aggregate principal amount o£ up to $6,000,000 which plan would involve the entry by the County into an installment financing contract with the Robert L. and Donna E. Wallace Family LLC (the "Seller") pursuant to North Carolina General Statutes 160A-20, as amended, the proceeds of which would be used to pay all or a portion of the costs of acquiring real property to be used for park and other recreational purposes (collectively the "Project"), and under said installment financing contract the County would secure the repayment by the County 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 Purchase Agreement, proposed to be dated on or about December 1, 2008 (the "Contract"), between the County and the Seller as counterpart y, pursuant to which the Seller will provide financing to the County for the cost of the Project and the County agrees to make periodic installment payments (the "Installment Payments") to repay the amount financed, with interest; and (2) a Deed of Trust and Security Agreement (the "Deed of Trust"), proposed to be dated on or about December 1, 2008, among the County as Grantor, the Seller as Beneficiary and the trustee named therein, by which the County would secure its obligations to the Seller under the Contract; 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 County 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 not and may not be pledged in any way directly or indirectly or contingently to secure any moneys due under the Contract; and WHEREAS, the Board of Commissioners desires to approve the Financing Documents and to authorize other actions in connection therewith; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. All actions taken by or on behalf of the County to date to effectuate the proposed financing, including the selection of the Seller as the counterparty to .the Contract and McGuireWoods LLP, as special counsel, are hereby ratified,. approved and authorized pursuant to and in accordance with the transactions contemplated by the Financing Documents. Section 2. The acquisition of the Project, the financing thereof and the granting of security interests therein, all as provided in the Financing Documents referenced in this Resolution, are hereby ratified and approved. Section 3. Each of the Contract and the Deed of Trust is hereby approved in substantially the form submitted to this meeting, and each of the Chairman of the Board of Commissioners, the County Manager or the Finance Director is hereby authorized to execute and deliver each of those documents in the name and on behalf of the County, with such changes, insertions or omissions as the persons executing such documents may approve, the execution and delivery thereof to constitute conclusive evidence of such approval. The County Clerk is hereby authorized to affix the seal of the County to each of said documents as may be appropriate and to attest to the same.