HomeMy WebLinkAboutC.054.93008_2204balance in the Project Fund (as defined in the Trust Agreement), including any estimated investment
income thereon, be payable solely from other funds of the Board, which shall be transferred to the
Trustee for deposit to the credit of the Project Fund prior to the approval of any such changes to
the Project.
SECTION III. Board's Right to Enforce Contracts.
The County hereby assigns to the Board all of its rights and powers under all purchase orders
and contracts asit enters into with respect to the Project, and the Board shall have the right to
enforce in its own name or the name of the county such purchase orders or contracts; provided,
however, that the assignment by the County shall not prevent the County from asserting said rights
and powers in its own behalf.
SECTION IV. Construction Conferences.
The Board hereby agrees that it will provide to the County Engineer timely notice of all
conferenes with to the
Project cand that the eCounty vEngineerh or his designee shallshave the dors
oight orespectth
to attend all such
conferences.
SECTION V. Compliance with Trust Agreement and Installment Agreement.
The Board agrees that it will faithfully discharge all duties imposed on the County by the
Trust Agreement and the Installment Agreement with respect to the construction of the Project and
the operation, maintenance and insuring of the Mortgaged Property (as defined in the Installment
Agreement).
SECTION VI. Compliance with Requisition Procedure.
The Board agrees that it will comply with the requisition procedure for the payment of Project
Costs and Delivery Costs (both as defined in the Trust Agreement) as provided in the Trust Agreement
and that it will provide a copy of each requisition to the County's Director of Finance and Adminis-
trative Services.
SECTION VII. Acceptance.
The Board, for one dollar (81.00) and other good and valuable consideration in hand received,
does hereby accept the foregoing appointment as agent of the county for the purposes set forth in
Section I hereof.
SECTION VIII. Disclaimers of the County.
The Board acknowledges and agrees that the design of the Project has not been made by the
county, that the County has not supplied any plans or specifications with respect thereto and that
the County (a) is not a manufacturer of, or a dealer in, any of the component parts of the Project
or similar projects, (b) has not made any recommendation, given any advice or taken any other action
with respect to (i) the choice of any supplier, vendor or designer of, or any other contractor with
respect to, the Project or any component part thereof or any property or rights relating thereto, or
(ii) any action taken or to be taken with respect to the Project or any component part thereof or
any property or rights relating thereto at any stage of the construction thereof, (c) has not at any
time had physical possession of the Project or any component part thereof or made any inspection
thereof or any property or rights relating thereto, and (d) has not made any warranty or other
rights relating thereto, and (d) has not made any warranty or other representation, express or
implied, that theProject or any component part thereof or any property or rights relating thereto
o persons or
(ro
properly 9l desi ed or constructed or not re so It in or cause will accomplry or ish ttthe results which the Board intends therefor,
P P or
-^� (iii) is safe in any manner or respect.
The County makes no express or implied warranty or representation of any kind whatsoever with
respect to the Project or any component part thereof to the Board or any other circumstance
whatsoever with respect thereto, including but not limited to any warranty or representation with
respect to: the merchantability or the fitness or suitability thereof for any purpose; the design
or condition thereof; the safety, workmanship, quality or capacity thereof; compliance thereof with
the requirements of any law, rule, specification or contract pertaining thereto; any latent defect;
the ability thereof to perform any function; that the funds advanced by the Corporation pursuant to
the Installment Agreement will be sufficient (together with other available funds of the Board) to
pay the cost of constructing the Project; or any other characteristic of the Project; it being
agreed that all risks relating to the Project, the completion thereof or the transactions contem-
and
plated
lhempliedrby the warrantiessandl epresentations of the County are herby waivment Agreement are to be borne by the ed by the Board,ts of any
SECTION IX. Agreement to Survive Termination of Installment Agreement.
Notwithstanding anything to the contrary contained herein, the obligations undertaken by the
Baord hereunder shall survive the termination of the Installment Agreement.
IN WITNESS WHEREOF, the parties hereto have executed and attested this Agency Agreement by
their officers thereunto duly authorized as of the day and year first written above.
IREDELL-STATESVILLE BOARD OF EDUCATION
I , Chairman