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AG 2018 07 17
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AG 2018 07 17
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Last modified
5/8/2019 6:24:38 PM
Creation date
5/2/2019 8:21:07 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/17/2018
Board
Board of Commissioners
Meeting Type
Regular
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WHEREAS, the Board of Commissioners (the `Board") has determined that it is in the <br />best interest of the County to finance all or a portion of the costs of acquisition of certain <br />emergency services equipment (the `Equipment") through a financing lease between the County <br />and Femo-Washington, Inc. (the "Femo Lease"); <br />WHEREAS, a draft form of the Femo Lease and the related exhibits and addendums <br />thereto have been submitted to this meeting with respect to the proposed financing of the <br />Equipment; and <br />WHEREAS, the obligations of the Countyto make lease payments and any otherpayments, <br />if any, pursuant to the Fero Lease shall constitute limited obligations of the County payable solely <br />from currently budgeted appropriations of the County and shall not constitute a pledge of the faith <br />and credit of the County within the meaning of any constitutional debt limitation; <br />WHEREAS, no deficiency judgment may be rendered against the County in any action for <br />breach of a contractual obligation under the Ferric, Lease, and the taxing power of the County is <br />not and may not be pledged in any way directly or indirectly or contingently to secure any moneys <br />due under the Fenno Lease; <br />WHEREAS, the County will secure the payment of the lease payments under the Femo <br />Lease by granting a security interest in all or some portion of the Equipment financed; and <br />WHEREAS, the Board of Commissioners desires to approve the Fero Lease and to <br />authorize other actions in connection therewith; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: <br />Section 1. All actions taken by or on behalf of the County to date to effectuate the proposed <br />financing, including the selection of Nexsen Pret, PLLC, as special counsel, are hereby ratified, <br />approved and authorized pursuant to and in accordance with the transactions contemplated by the <br />Fero Lease. <br />Section 2. The Board of Commissioners hereby finds and confirms that (i) the financing <br />of the Equipment through the Fero Lease is necessary and expedient for the County; (ii) the <br />financing of the Equipment through the Femo Lease, under the circumstances, is preferable to a <br />bond issue by the County; (iii) the sums to fall due under the Ferric, Lease are adequate and not <br />excessive for their proposed purpose; (iv) the County's debt management procedures and policies <br />F-6 Page 72 <br />
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