HomeMy WebLinkAboutRES-1998-021 - Finance - Resolution Approving a Modification for Southern Village Elementary Financing Documents To Correct the Payment Schedules 04-21-1998-8dr
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Resolution Approving a Modification for Southern Village Elementary
Financing_Docnment , To Correct the Payment Crhp~»ip~
WHEREAS:
In late 1996 and eazly 1997, Orange County, North Cazolina (the "County"), entered into
financing agreements for Southern Village Elementary School.
There has been presented to this meeting a draft dated Mazch 19, 1998, of a Modification
Agreement (the "Agreement") related to such financing agreements. The Agreement provides
for an adjustment to the payment schedules for the financings. These adjustmens will bring the
payment schedules in line with the County's overall capital improvement program, as intended at
the time of the financings.
BE IT THEREFORE RESOLVED by the Orange County Board of Commissioners,
as follows:
1. The Chair and Vice Chair of the County's Board of Commissioners, or either of
them, aze hereby authorized and directed to execute and deliver the Agreement, and the Clerk to
this Board (or any assistant clerk) is hereby authorized and directed to affix the County's seal to
the Agreement and to attest the same. The Agreement shall be in substantially the form
submitted to this meeting, which is hereby approved, with such changes as may be approved by
the Chair or Vice Chair, such officer's execution to constitute conclusive evidence of such
officer's approval of any such changes.
2. The County's officers are hereby authorized and directed to take all such further
action as they may consider necessary or desirable in connection with the execution and delivery
of the Agreement and the consummation of the transactions contemplated thereby. The County
Finance Officer is hereby authorized and directed to hold executed copies of the Agreement, and
any other documents authorized or permitted by this resolution, in escrow on the County's behalf
until the conditions for the delivery of such documents have been completed to such officer's
satisfaction, and thereupon to release the executed copies of such documents for delivery to the
appropriate persons or organizations.
3. All other actions of County officers in furtherance of the purposes of this
resolution are hereby ratified, approved and confirmed. All other resolutions, or parts thereof, in
conflict with this resolution are hereby repealed to the extent of the conflict. This resolution
shall take effect immediately.