BC 1993 09 07 - Laserfiche WebLink

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390 North Carolina, a political subdivision or agency duly organized and existing under the laws of the State of North Carolina (the "Municipality"), and that the following resolutions (the "Resolutions") have been presented to and duly adopted by the Board of Commissioners of the Municipality (the "Governing Body") at a meeting duly and regularly held and convened in accordance with applicable law on the 7th day of September, 1993, that at said meeting a quorum was present and acting at all times and that the Resolutions are in full force and effect and have not been in any respect modified, revoked or rescinded: WHEREAS, the Municipality desires to enter into an Installment Purchase Contract, dated as of August 30, 1993 (the "Contract"), among the Municipality and First Union National Bank of North Carolina, as Bank (the "Bank") and First Union National Bank of North Carolina, Corporate Trust Department, as Escrow Agent, and a Commitment Letter, dated August 30, 1993 (the "Commitment Letter"), with the Bank; and WHEREAS, the Contract provides for the Bank to advance certain funds (the "Purchase Price") to enable the Municipality to purchase certain equipment 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 Equipment is essential to its proper, efficient and economic operation; that it anticipates an ongoing need for the Equipment; that the Equipment will provide an essential use and permit the Municipality to carry out public functions that it is authorized by law to perform; and that entering into the Contract is necessary 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 excessive for their stated purposes; and WHEREAS, the Municipality has determined that the Contract and the obligations of the Municipality thereunder are preferable to, and more cost efficient than, a general obligation or revenue bond issue for the same purpose and that the purchase price of the Equipment exceeds the amount that can be prudently raised from currently available appropriations, unappropriated fund balances and nonvoted bonds that could be issued by the Municipality in the current 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 out in strict compliance with law; NOW THEREFORE, BE IT RESOLVED that the Contract and the Commitment Letter are hereby approved and that the action of the official or officials of the Municipality in signing the Contract and the Commitment Letter on behalf of the Municipality is hereby ratified, confirmed and approved; and BE IT FURTHER 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 statements or other instruments 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 Contract; and BE IT FURTHER RESOLVED that the foregoing Resolutions shall take effect immediately upon passage. I further certify that the individual(s) named below are the duly elected or appointed officers of the Municipality holding the