HomeMy WebLinkAboutRES-1999-026 Resolution Regarding Modification Agreement to Refinance Installment Purchase of McDougle Elementary School �6
I hereby certify that the attached resolution, entitled "Resolution Regarding
Modification Agreement for McDougle Elementary Financing," was adopted at a meeting
of the Board of Commissioners of Orange County, North Carolina, duly called and held on
Aprit20, 1999, and that a quorum was present and acting throughout such meeting. Such
p� resolution remains in full effect as of today.
Dated this day of May, 1999.
ou��tY of
Beverly BI e
. Clerk, Board of Commissioners
Orange County,North Carolina
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Resolution Regarding Modification Agreement for McDougle Elementary Financier
WHEREAS: In January, 1995, Orange County entered into a financing arrangement
with NationsBank for the construction of McDougle Elementary School. The Finance
Director has secured a proposal from NationsBank to reduce the interest rate on the financing
from 5.71% to 4.59%. The Finance Director has presented to this meeting a draft dated April
23, 1999, of a Modification Agreement(the "Agreement")to carry out this reduction.
BE IT RESOLVED by the Board of Commissioners of Orange County, North
Carolina, as follows:
1. The Board determines that the County shall enter into the Agreement. The
Chair and Vice Chair of the County's Board of Commissioners, or either of them, are 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.
2. 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. The Agreement in final form, however, must provide for a nominal
annual interest rate (in the absence of default or change in tax status) not to exceed 4.59%,
and for no extension of the financing term or increase in the outstanding principal balance of
the financing.
3. The Finance Director is 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. This authorization and direction is hereby specifically extended to
authorize the Finance Director to approve changes to any documents (including the
Agreement) or closing certifications previously signed by County officers or employees,
subject to the limitations of paragraph 2 and provided that such changes shall not
substantially alter the intent of such certificates from that expressed in the forms of such
certificates as executed by such officers. The Finance Director's release of any such
document for delivery shall constitute conclusive evidence of such officer's approval of any
such changes.
4. All County officers are authorized and directed to deliver all certificates and
instruments and 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
contemplated transactions. All other actions of County officers in furtherance of the purposes
of this resolution are hereby ratified, approved and confirmed.
5. 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.