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reimbursing the costs of "health care facilities" as defined in the Act. (the "Pooled Equipment
Financing Program"); and -�-
WHEREAS, the Iredell County ("County") is a public agency as defined in the Act; and
WHEREAS, the Bonds are insured as to payments of principal and interest thereon by Municipal
Bond Insurance Association ("MBIA"); and
WHEREAS, loans made under the Pooled Equipment Financing Program shall be evidenced by loan
agreements between Commission and the Borrowers thereunder; and
WHEREAS, the County is authorized under the Act and Article V, Section 9 of the North Carolina
Constitution to enter into loan agreements with the Commission to facilitate the financing or
refinancing, acquiring, constructing, equipping, providing, operating and maintaining of health care
facilities and to pay loan repayments thereunder from any funds available for such purpose, provided
that the obligation to make loan repayment under any loan agreement shall be payable solely from the
revenues of Iredell Memorial Hospital and shall not be payable from or a charge upon any funds of
the county other than such revenues; and
WHEREAS, The County owns health care facilities known and designated as Iredell Memorial
Hospital; and
WHEREAS, the County desires to obtain a loan from the Commission under the Pooled Equipment
Financing Program to finance, refinance or obtain reimbursement of the costs of health care facili-
ties consisting of equipment; and
WHEREAS, application has been made to the commission and MBIA on behalf of the County for the
County to participate in the Pooled Equipment Financing Program up to a maximum loan amount not
exceeding $870,000; and
WHEREAS, the commission and MBIA have approved the County's participation in the Pooled Equip-
ment Financing Program for a loan up to an amount not exceeding in the aggregate $870,000; and
WHEREAS, participation by the County in the Pooled Equipment Financing program has been ap-
proved by the Local Government Commission of North Carolina subject to the approval thereof by the
Commission and MBIA and subject further to the adoption by the Commissioners of the County of
resolutions approving and authorizing participation by the county in the Pooled Equipment Financing
Program; and
WHEREAS, there has been presented to the Commissioners of the County a loan agreement dated as
of April , 1990, among the Commission, MBIA and the County (the "Loan Agreement") providing for
aggregate F sbursements of loan proceeds not exceeding $870,000 and providing further that all
obligations of the County thereunder are payable solely from revenues of Iredell Memorial Hospital
and that such obligations to make loan repayments thereunder shall never be a charge upon any other
funds of the county nor require the County to exercise its taxing authority to provide funds to make
loan repayments thereunder; and
WHEREAS, there has also been presented to the Commissioners of the County an agreement entitled
Reimbursement and Indemnity Agreement between the County and MBIA providing for the County to make
certain reimbursement and indemnity payments to MBIA subject to the limitation that all obligations
thereunder shall be payable solely from revenues of the Iredell Memorial Hospital and that all
obligations thereunder shall never be a charge upon any other funds of the county nor shall the
County be required to exercise its taxing authority to satisfy any such obligations thereunder; and
WHEREAS, for the purposes of the Loan Agreement and the exhibits thereto and the Reimbursement
and Indemnity Agreement, "health care facilities" shall mean only the real and personal property
constituting Iredell Memorial Hospital;
NOW, THEREFORE, BE IT RESOLVED by the Commissioners of the County of Iredell, North Carolina,
that the County shall be and hereby is authorized to borrow from the Commission pursuant to the
Pooled Equipment Financing Program an amount not exceeding in the aggregate $870,000 for the purpose
of financing, refinancing or providing reimbursement of the costs of certain health care facilities
to be used by or in connection with the health care facilities owned by the County and do hereby
authorize the making of Loan repayments and the discharge of other obligations thereunder from
revenues of Iredell Memorial Hospital; and
BE IT FURTHER RESOLVED that the Commissioners of the County do hereby approve the form of the
Loan Agreement between the Commission, MBIA and the County subject to the proviso that all obliga-
tions of the county thereunder shall be payable solely from revenues of Iredell Memorial Hospital;
and
BE IT FURTHER RESOLVED that the Commissioners of the County do hereby approve the form of the
Reimbursement and Indemnity Agreement to be entered into between the county and MBIA and the perfor-
mance of the obligations of the County thereunder subject to the proviso that all payment obligation
of the County thereunder shall be payable coley from revenues of Iredell Memorial Hospital; and
BE IT FURTHER RESOLVED that the Commissioners of the County do hereby appoint Arnold Nunnery,
Iredell Memorial Hospital Administrator, to act as Authorized Office of the County for the purpose
of requisitioning disbursements under the Loan Agreement and taking others actions thereunder re-
quired to be taken on behalf of the County and do hereby further resolve that either of said
Authorized Officers may act in such capacity, there being no requirement that both of said Autho-
rized Officers act jointly for the action taken by either thereof to constitute duly authorized ,