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February 21, 2005 (Regular Meeting) Page 93 c) Pursuant to said Section 160A-20, the County of Cabarrus is authorized to finance the acquisition of personal property, including fixtures, by installment 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 proj ect pursuant to an Installment Purchase Contract between the Purchaser and RBC Centura (the IIContract") and a related Escrow Agreement between the Purchaser and RBC Centura (the "Escrow Agreementll) . 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 Contract and the Escrow Agreement and attest the same. Section 3. The proper off icers of the Purchaser are authorized and directed to execute and deliver any and all papers I instruments I opinions I 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 and the Escrow Agreement. Section 4. Notwithstanding 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 directly or indirectly to secure any moneys due under the Contract, the security provided under the Contract being the sole security for RBCCentura 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 (the "Cadell) as required so that interest on the Purchaser's obligations under the Contract will not be included in the gross income of RBC 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 lIqualified tax-exempt obligationll for the purposes of the Code. Section 7. passage. This Resolution shall take effect immediately upon its Upon motion of Vice Chairman Carruth, seconded by Commissioner Privette, members of the governing body, the foregoing resolution entitled "RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF AN INSTALLMENT PURCHASE CONTRACT WITH RBC CENTURA BANK TO FINANCE THE ACQUISITION OF RENOVATION OF. THE ROWAN CABARRUS COMMUNITY COLLEGE BUSINESS CENTER, DESIGN AND CONSTRUCTION OF A PARKING LOT AT THE RCCC SOUTH CAMPUS, AND DESIGN COSTS FOR RCCC'S BUILDING 3000, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED INSTRUMENTS, AND DETERMINING OTHER MATTERS IN CONNECTION THEREWITH" was passed by the following vote: Ayes: Chairman Carpenter, vice Chairman Carruth and Commissioners Freeman, Juba and Privette. Noes: None. PASSED AND ADOPTED this 21" day of February, 2005. (F-17) Memorandum of Understanding between Cabarrus County and the Town of Mt. Pleasant UPON MOTION of vice Chairman Carruth, seconded by Commissioner Privette and unanimously carried, the Board adopted the following Memorandum of Understanding that was approved by the Town of Mt. Pleasant on February 7, 2005.