HomeMy WebLinkAboutFinance agreement -Approval of Orange Grove Station #3 Finance Agreement from 6-18-2013 BOCC meeting - Agenda Item 5L Oct.16.2014 10:45 PAGE. 3/ 3
ttj' "'t` 1 9 4 BA RRYJAcays,CHAIR ORANGE COUNTY BOARD OF COMMISSIONERS
MARKS$Ck"GNAIR POST OFFICE BOX 8189 17
AUCEM.00RPON 200 SOUTH CAMERON STREET
RENEE'PRCEP5�$ IER HILLSBQRQUGH, NORTH CAROLINA 272,7$PENNYRICH $*
��`� tage
Chief Elected Executive Officer's Approval
Pursuant to Section 147(f)of the
Internal Revenue Code of 1986,as amended
TO WHOM IT MAY CONCERN:
1, Barry Jacobs,Chairperson of the Orange County Board of County Commissioners,pursuant to Section 147(f)
of the Internal Revenue Code of 1986,as amended(the"Code"), hereby approve the entering into by the Orange Grove
Fire Company(the"Company")of a lease/purchase agreement with [Lessor] in an aggregate principal amount not to
exceed"Three Hundred Thousand Dollars($300,000.00)for the purpose of financing the equipment:consisting of a Fire
PumperManker to be located at the Company's Fire Station at 4914 Nicks Road,Mebane,NC 27302,
This approval is given following;a public hearing held on May 14,2013 at 6:00pm at the Company's Fire Station
at 6800 Orange Grove Road,Hillsborough,NC 27278,and is solely for the purposes of satisfying the requirements of
Section 147(f)of the Code,
I hereby certify that the Company provides tiro protection services in and for the jurisdiction of Cane Creek Fire
District, including particularly the southwest area of Orange County,NC: pursuant to a written agreement with Orange
County,NC.
It is understood that this letter does not constitute any financial involvement or obligation Orange County, NU in
the loan transaction.
In Witncss Whereof I hereunto set my hand,this�J�day of 3
Bany J obs,Chair
Orange Boa Co missioners
WU�W, ,aORANCE.IStG US
PRo,recTING AND PRESERVING--P6OPLE, RESOURCE'S, QUALITY OF"LIFE
ORANGE COUNTY,NORTH CAROLINA—YOU COUNI•I
(V r s)2452 130. FAx(9 r s)644.0246
Oct.16.2014 10:45 PAGE. 2/ 3
oravw Grow Volk" .r
SUNTRUST EQUIPMENT FINANCE & LEASING CORP.
.. .... ........, y. .... -AM911 l VI REE1NLzM FAR 011>tE07 PAYt FJir
fits Authorlzollon Agreement for Dirac!Payment('AOH Agreement)IS being entered Into ss of pth L Way of 1=� 2013,by('Lasses)
In favor of AUNTRUST EQUiPMENT FINANCE&LEASING CORP. ("Lease") in connection With that certain coWitionb of the Equipment Lease
Agreamant(e)No.
dated ae of I both between Lasses and Lessor(collectively,the•Lessel. As a Go 4ftn to t esior'e agreement to enter into the
ie u transaction cantemplated In the Low,Leases acknowledges and agrees as follovus.
I. AUTHORIZATiO114.
1,1 Adhr►riz on to(MK. Lessee hereby requests and authorizes Lessor to draw payment periodloolly,as the same
becomes due under the Loris,such payments to be charged against L~a account(the"Aocounn at the dgmIlorydbank (ute"Barth, has r
Indicated below,and such payment shall be checked against(ha soowunt to cover the rectal payments,tax escrow payments and othor amounts due
under the Laaaa,in mica tMth the Wma and conditons thereof
117 AuWadWon to) e Bank. The Bank is hereby authorized to pay from it*Account and debit the Account vAh respect to
all payments purpofikV to tae drawn on Laeasa's behalf.payable to Lessor,and prawiled to the Bank for psymwt Such payment WO be In the farm
of computer-produced paper or ateotronie entry,in whIc h cam the Unit is authorized.to Inlet them se If that'were signed by the Lasses,
1.3 Deduotfona Made in Error. (asses shall hour:the light to be paid immediately by the Bank for the amount of any
owww ue dedt ocon pr ovkled thhat Leeaee notifies the Banc about such erroneous deduction within iNtewh(15)days after Laesae'e account statement
Is Issued or folly-live(48)(lays after the da&xtlon ym made by nollfying Lessor In the manner prOded under the Lease.
1.4 Changan to ft Agaga. it the Account Is transferred to another branch,Lesaeers stiftitzatlon provided in this ACH
Agreement shall be dlraded to such branch and shag be of the some force and effect as 0 H had bean originally dehoW to that bianoh. This
er fhorizatbtt may ba revoked by the undsroignell giving at leset tat(10)days'wrkian notice to Loom and Lassor'e and Leasae's mutual agnanent to
an Wawa"payment MWW.
1.t3 Lame hereby confirms all of Its adatoWedgrttents and agreements made with respect to
dlroat debit payments as provkled in the Lease,and this provisions of this ACM Agroamant she¬ be deemed to be a m0dittibatoa thereof.
2. ACCOUNT iWORNIATION. Lessee hamby wilfte,all of the following faith respect to the Account,
(a) the name of the sank is: 4}U &A k—
(b) the Bank's address we ""!
(0) the a=unt number of the Account b; AD L018 sYa , �+
(d) the ABA routing number for the Account ia: 0 15160!�
3. 1MBM =WN. I This authorization Is to remain In full foroe and effect UNIT Lessor has.imosllNed wrttert
natfleatlpn from Laeeee of Its lwm nadon of this autholty in such tone and in such manner as to afford Lease and Bank a reasonable 8rne to tt opt to
such larminallon,but In no event earlier than ten(10)days attar La$Ws recelpt of such notlo,g r Lessee shall riot be wOod to
mvoke its authorization hereunder at any time amino the 00OuP0rrpl of a Default(as defined in the Laase)and,In any event,this ACH _
%mviva any oar4W#on,ekpk'adon or termination of((ta Low tka�luding any Equipmed Schedule)undr all amounts paysWe themuFnderr we Agreement
In fill,
In good and Indeba W funds. Lavoor and Bank shall be downed trim-pent'benatlelarlaa of this ACH Afi+renheM,natwithh►tendktg their mgt being a
signatory hereto. This ACH Agreement shall be binding open and Inure to tfte th mo of the parties hereto and Other beneficiaries hereof and their,
respective euoce wm and aasigns.
S.
YVITNESS:
13y:
Ora \10k(,rt �
{p$005 ro0 c0-",Dy
C. +act LW a 4000061; Lon