HomeMy WebLinkAboutRES-2005-024 Authorizing Contracts for Financing Vehicles and Equipment $1100691.00[Equipment]
RESOLUTION ~f- l a -~ v
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the
hg g~ vernmg body for the County of Orange, North Carolina, held a regular meeting at
~j c~uc# the` regular place of meeting, on z t
Present:
Absent:
Also Pre
introduced the following resolution which was read:
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF
AN INSTALLMENT FINANCING CONTRACT IN THE AMOUNT OF
$1,100,691.00 WITH RBC CENTURA BANK TO FINANCE THE
ACQUISITION OF CERTAIN EQUIPMENT & VEffiCLES FOR USE BY
THE COUNTY OF ORANGE, NORTH CAROLINA, AUTHORIZING
THE EXECUTION AND DELIVERY OF RELATED INSTRUMENTS,
AND DETERA'IINING OTHER MATTERS IN CONNECTION
THEREWITH
BE IT RESOLVED by the governing body for the County of Orange,. North Carolina (the
"Unit"
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Section 1. The governing body of the Unit does hereby find 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 financed to secure repayment of the financing;
and
d) RBC Centura Bank ("RBC Centura") has proposed that RBC Centura enter into
an Installment Financing Contract with the Unit to finance the Equipment
pursuant to which RBC Centura will lend the Unit then amount of $1,100,691.00
(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 fmd 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 upon its passage.
Upon motion of ,seconded by 2~t,~~ ,members of
the governing body, the for going resolution entitled "RESOLUTION AUTHORIZING THE
EXECUTION AND DELIVERY OF AN INSTALLMENT FINANCING CONTRACT IN
THE AMOUNT OF $1,100,691.00 WITH RBC CENTURA BANK TO FINANCE THE
ACQUISITION OF CERTAIN EQUIPMENT & VEHICLES, 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 CERTIFY 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 regulaz meeting held on
,the record having been made in the minutes of said governing body,
and 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 FURTI~] CF~. Y that a schedule, stating that the regulaz meetings of
the Council aze held on 3 reac~i ~~nth at _ ~~~ a.m./~,
respectively, at f Mort Carolina, was on file with me of r at
least seven calendaz days prior to said meeting, all in accordance with G.S. 143-318.12.
WITNEnS~S, may hand and corporate seal of said County of Orange, this ~ ~j day of
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Original Loan Amount: $1,100,691.00
Loan Date: April _, 2005
Clerk, County of Orange
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57651.000052 RALEIGH 258292v1