HomeMy WebLinkAboutRES-2005-023 Authorizing Contracts for Financing Vehicles and Equipment $419640.00[Equipment]
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RESOLUTION ~ ~~ ^~ `~
The governing body for the Count~r~of Orange, North Carolina, held a regular mee ~ gda~.
the 3 ,. e regular place of meeting, on at
(Ja.m./p.m. /
Present: ~,~~11~cl~Y~L~~ ~ ~~~~~tl.O .~~~`ztt~ ~,`~
Absent:
Also Present:
in
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF
AN INSTALLMENT FINANCING CONTRACT IN THE AMOUNT OF
$419,640.00 WITH RBC CENTURA BANK TO FINANCE THE
ACQUISITION OF CERTAIN VEffiCLES FOR USE BY THE COUNTY
OF ORANGE, NORTH CAROLINA, AUTHORIZING THE EXECUTION
AND DELIVERY OF RELATED INSTRUMENTS, AND DETERMINING
OTHER MATTERS IN CONNECTION THEREWITH
BE IT RESOLVED by the governing body for the County of Orange, North Carolina (the
"Unit"
Section 1. The governing body of the Unit does hereby fmd and determine:
a) The County of Orange proposes the acquisition of certain equipment, which may
include fixtures as more fully described in the hereinafter mentioned Contract
(collectively, the "Equipment");
b) After consideration, the governing body of the Unit. has determined that the most
advantageous manner of financing thereof is by an installment contract pursuant
to Section 160A-20 of the General Statutes of North Carolina, as amended;
c) Pursuant to Section 160A-20, the Unit is authorized to finance the acquisition of
personal property, including fixtures, by installment contracts that create a
security interest in the property fmanced to secure repayment of the financing;
and
troduced the following resolution which was read:
d) RBC Century Bank ("RBC Century") has proposed that RBC Century enter into
an Installment Financing Contract with the Unit to fmance the Equipment
pursuant to which RBC Century will lend the Unit then amount of $419,640.00
(the "Contract") and a related Escrow Agreement between the Unit and RBC
Centura (the "Escrow Agreement").
Section 2. The governing body of the Unit hereby authorizes and directs the Authorized
Officer, to execute, acknowledge and deliver the Contract and Escrow
Agreement on behalf of the Unit in such form and substance as the person executing and
delivering such instruments on behalf of the Unit shall find acceptable. The Clerk is hereby
authorized to affix the official seal of the County of Orange to the Contract and the Escrow
Agreement and attest the same.
Section 3. The proper officers of the Unit are authorized and directed 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 Contract and the Escrow Agreement.
Section 4. Notwithstanding any provision of the Contract or the Escrow Agreement, no
deficiency judgment may be rendered against the Unit in any action for breach of a contractual
obligation under the Contract or the Escrow Agreement and the taxing power of the Unit is not
and may not be pledged directly or indirectly to secure any moneys due under the Contract, the
security provided under the Contract being the sole security for RBC Centura in such instance.
Section 5. The Unit covenants that, to the extent permitted by the Constitution and laws
of the State of North Carolina, it will comply with the requirements of the Internal Revenue
Code of 1986, as amended (the "Code") as required so that interest on the Unit's obligations
under the Contract will not be included in the gross income of RBC Centura.
Section 6. This Resolution shall take effect immediately u nits passage.
Upon motion of ~-~~ seconded by members of
the governing body, the fo going resolution entitled "RESO UTION AUTHORIZING THE
EXECUTION AND DELIVERY OF AN INSTALLMENT FINANCING CONTRACT IN
THE AMOUNT OF $419,640.00 WITH RBC CENTURA BANK TO FINANCE THE
ACQUISITION OF CERTAIN VEffiCLES, AUTHORIZING THE EXECUTION AND
DELIVERY OF RELATED. INSTRUMENTS, AND DETERMINING OTHER MATTERS
IN CONNECTION THEREWITH" was passed by the following vote: ^
Ayes:
Nays:
PASSED AND ADOPTED this ~ day of __~~~, ~~
I, Clerk for the County of Orange, North Carolina DO
HEREBY C TIFY that the foregoing has been carefully copied from the actually recorded
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minutes of the governing body of said County of Orange at a regular meeting held on
~2- , Z((I'6~the record having been made in the minutes of said governing body,
an is a true copy of so much of said minutes as relates in any way to the passage of a resolution
providing for the authorization of the Installment Financing Contract referred to therein.
I DO HEREBY FURT~ C~ Y that a schedule, stating that the re ar meetings
the Council are held on of each month at ~` arn. .m.,
respectively, at f S ~ o C ina, was on file with me or at
least seven calendar days prior to said meeting, all in ac ordance with G.S. 143-318.12.
ITNESS my hand and corporate
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Original Loan Amount: $419,640.00
Loan Date: April ___, 2005
57651.000052 RALEIGH 258292v1
seal of said County of Orange, this ~ ~ day of
Clerk, County of Orange
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