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HomeMy WebLinkAboutC.054.93008_2003I:0,i WHEREAS, the Contract provides for the Bank to advance certain funds (the "Purchase Price") to enable the County to acquire the real property described in Exhibit A to the Deed of Trust (the "Real Property") and the building and improvements located thereon (the "Facility') and to renovate the Facility and the County to repay the Purchase Price in installments (the "Installment Payments"1 as provided in the Contract; and WHEREAS, the County has determined that the use of the Facility is essential to its proper, efficient and economic operation; that it anticipates an ongoing need for the Real Property and the Facility; that the Real Property and the Facility will provide an essential use and permit the County to carry out public functions that it is authorized by law to perform; and that entering_ into the Contract and the Deed of Trust is necessary and expedient for the County; and WHEREAS, the County has further determined that the Installment Payments and all other obliga- tions of the County under the Contract and the Deed of Trust are not excessive for their stated purposes; and WHEREAS, THE County has further determined that the Installment Payments and all other obliga- tions of the County under the Contract and the Deed of Trust are not excessive for their stated purposes; and WHEREAS, the County has determined that the Contract, the Deed of Trust and the obligations of the County thereunder are preferable to, and more cost efficient than, a general obligation or revenue bond issue for the same purpose and that the cost of constructing the Facility exceeds the amount that can be prudently raised from currently available appropriations, unappropriated fund balances and nonvoted bonds that could be issued by the County in the current fiscal year pursuant to Article V, Section 4 of the Constitution of the State of North Carolina: and WHEREAS, the debt management policies of the County have been carried out in strict compliance with the law; NOW, THEREFORE, BE IT RESOLVED that the Contract, the Deed of Trust and the Commitment Letter are hereby approved and that the action of the official or officials of the County in signing the Commitment Letter on behalf of the County is hereby ratified, confirmed and approved; and BE IT FURTHER RESOLVED that the officers of the County, jointly and severally, be, and are hereby, authorized, empowered and directed to sign on its behalf of the Contract, the Deed of Trust and any addenda, exhibits, schedules, notes, UCC financing statements or other instruments issued under the provisions of the Contract, the Deed of Trust and any other instrument or document which may be necessary or expedient in connection with the fulfillment of the provisions of the Contract and the Deed of Trust; and BE IT FURTHER RESOLVED that the foregoing Resolutions shall take effect immediately upon passage. VOTING: Ayes - 5; Nays - 0. APPOINTMENTS HEALTH BOARD: The following nominations were made: Chairman Sloan nominated Michael A. Sexton Commissioner Madison nominated Dr. Paul Kearns There were no other nominations. MOTION from Commissioner Haire to close the nominations and appoint the foregoing two persons by acclamation. These are three-year appointments, beginning January 1, 1992 and concluding December 31, 1994, VOTING: Ayes - 5: Nays - 0. RECREATION ADVISORY BOARD: The following nominations were made: Commissioner Haire nominated W. A. Benfield Chairman Sloan nominated Pat Williams Commissioner Madison nominated John Green Commissioner Mitchell nominated Terry Shinn There were no other nominations. MOTION from Commissioner Madison to close the nominations and appoint the four nominees by acclamation. VOTING: Ayes - 5: Nays - 0. These are three-year appointments, beginning January 1, 1992 and concluding December 31, 1994.