BC 2018 07 17 Regular Meeting - Laserfiche WebLink

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July 17, 2018 (Regular Meeting) Page 3635 and (3) grant a security interest in some or all of the property purchased to secure repayment of the purchase price; WHEREAS, the Board of Commissioners (the "Board") has determined that it is in the best interest of the County to finance all or a portion of the costs of acquisition of certain emergency services equipment (the "Equipment") through a financing lease between the County and Ferno-Washington, Inc. (the "Fenno Lease"); WHEREAS, a draft form of the Ferno Lease and the related exhibits and addendums thereto have been submitted to this meeting with respect to the proposed financing of the Equipment; and WHEREAS, the obligations of the County to make lease payments and any other payments, if any, pursuant to the Ferno Lease 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 Ferno Lease, 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 Ferno Lease; WHEREAS, the County will secure the payment of the lease payments under the Ferno Lease by granting a security interest in all or some portion of the Equipment financed; and WHEREAS, the Board of Commissioners desires to approve the Ferno Lease 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 Nexsen Pruet, PLLC, as special counsel, axe hereby ratified, approved and authorized pursuant to and in accordance with the transactions contemplated by the Ferno Lease. Section 2. The Board of Commissioners hereby finds and confirms that (i) the financing of the Equipment through the Ferno Lease is necessary and expedient for the County; (ii) the financing of the Equipment through the Ferno Lease, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the Ferno Lease are adequate and not excessive for their proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under the Ferno Lease will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 3. The acquisition, construction and equipping of the Equipment, the financing thereof and the granting of security interests therein, all as provided in the Ferno Lease, including the related exhibits and addendums thereto, referenced in this Resolution, are hereby ratified and approved. Section 4. The Ferno Lease and the related exhibits and addendums thereto are hereby approved in substantially the form submitted to this meeting, and each of the Chairman of the Board of Commissioners or the County Manager is hereby authorized to execute and deliver such documents in the name and on behalf of the County, with such changes, insertions or omissions as the persons executing such documents may approve, their 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. Section 5. Each of the Chairman of the Board of Commissioners, the County Manager and the Finance Director are authorized to approve all details of the financing of the Equipment, including, without limitation, the aggregate amount of the lease payments under the Ferno Lease (which shall not exceed $700,000). Execution of the Ferno Lease by the Chairman of the Board of Commissioners or the County Manager shall conclusively evidence such approval of all such details of said financing. Section 6. The Chairman of the Board of Commissioners, the County Manager, the Finance Director and the County Attorney are hereby authorized to take any and all such further action, including without limitation filing one or more applications with the North Carolina Local Government Commission seeking approval of the plan of financing and approval of any modifications to the Ferno Lease and the related exhibits and addendums thereto, and to execute and deliver for and on behalf of the County such other documents and certificates as they may deem necessary or advisable to carry out the intent of this resolution and to effect the financing pursuant to the Ferno Lease and the related exhibits and addendums thereto. The County Clerk is hereby authorized to affix the seal