HomeMy WebLinkAboutRES-2006-044 Resolution Authorizing Installment Financing Contract for Equipment Purchases~-~ ~ ~
~ ~~
E~~TT C-1
Lease Number: 03532.
[Escrow] Equipment Schedule: 02
RESOLUTION OF GOVERNING BODY
At a duly called meeting of the governing body of Lessee held in accordance with all applicable legal requirements, including open meeting
laws, on the ~ day of Maw , 2006, the following resolution was introduced and adopted:
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A MASTER LEASE AGREEMENT, EQUIPMENT
SCHEDULE NO. 02, AN ESCROW AGREEMENT, AND RELATED INSTRUMENTS, AND DETERMINING OTHER
MATTERS IN CONNECTION THEREWITH. '
WHEREAS, the governing body of ORANGE. COUNTY, NC ("Lessee") desires to obtain certain equipment (the "Equipment")
described in Equipment Schedule No. 02 to the Master Lease Agreement (collectively, the "Lease") with SUNTRUST LEASING
CORPORATION, the form of which has been available for review by the governing body of Lessee prior to this meeting; and
WHEREAS, the Equipment is essential for the Lessee to perform its governmental functions; and
WHEREAS, the funds made available under the Lease will be deposited with 5UNTRUST BANK (the "Escrow Agent's pursuant to an
Escrow Agreement between Lessee and the Escrow Agent (the "Escrow Agreement") and will be applied to the acquisition of the
Equipment in accordance with said Escrow Agreement; and
WHEREAS, Lessee has taken the necessary steps, including those relating to any applicable legal bidding requirements, to arrange for the
acquisition of the Equipment; and
WHEREAS, Lessee proposes to enter into the Lease with SUNTRUST LEASING CORPORATION and the Escrow Agreement with
the Escrow Agent substantially in the forms presented to this meeting.
NOW, THEREFORE, BE TT RESOLVED BY THE GOVERNING BODY OF LESSEE A5 FOLLOWS:
Section 1. It is hereby found and determined that the terms of the Lease and the Escrow Agreement (collectiyely, the "Financing
Documents' in the forms presented to this meeting and incorporated in this resolution are in the best interests of Lessee'for the acquisition
of the Equipment. '
Section 2. The Financing. Documents. and the acquisition and financing of the Equipment under the terms and conditions as described in
the Financing Documents are hereby approved. The Finance Director of Lessee and any other officer of Lessee who shall have power to
execute contracts on behalf of Lessee be, and each of them hereby is, authorized to execute, acknowledge and deliver the Financing
Documents with any changes, insertions and omissions therein as may be approved by the officers who execute the Financing Documents,
such approval to be conclusively evidenced by such execution and delivery of the Financing Documents. The Clerk to the Boazd of County
Commissioners of the Lessee and any other officer of Lessee who shall have power to do so be, and each of them hereby is, authorized to
affix the official seal of Lessee to the Financing Documents and attest the same.
Section 3. The proper officers of Lessee be, and each of them hereby is, authorized and duected to execute and deliver any and all papers,
instruments, opinions, 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 Financing Documents. '.
5/182006:NBQ-FSC.DOGrev.O NOSstlc
The undersigned fiuther certifies that the above resolution has not been repealed or amended and remains in full force and effect
and ftuther certifies that the Lease and Escrow Agreement executed on behalf of Lessee are the same as presented at such meeting of the
governing body of Lessee, excepting only such changes, insertions and omissions as shall have been approved by the officers who executed
the same.
Dater 7.O p G
ORANGE C~ITN1'I', NC,
Lessee ~~-~
Name: Kenneth T. Chavious
Title: Finance Director
Attested By:
Name: Donna Baker
Title: Clerk to the Board of County Commissioners
5/IS/1006aJBQ-ESC.DOGrcv.Ot/OSstlc