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Agenda Package - 05-03-10
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Agenda Package - 05-03-10
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7/15/2010 8:14:24 AM
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7/15/2010 8:09:07 AM
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Admin-Clerk
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Agenda
Committee
Board of Commissioners
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C35 <br />• ARTICLE H <br />SECURITY PROVIDED BY THIS AGREEMENT; ADVANCE <br />2.01. Security for Payment and Performance. This Agreement secures the County's <br />payment, as and when the same shall become due and payable, of all Required Payments and the <br />County's timely compliance with all terms, covenants and conditions of this Agreement. <br />2.02. Advance. BB&T advances [$19,980,000] [$22,678,064] (the "Amount Advanced") <br />to the County on the Closing Date, and the County hereby accepts the Amount Advanced from <br />BB&T. BB&T is advancing the Amount Advanced by making a deposit to the applicable <br />accounts of the Project Fund (the "Project Fund") established under the Project Fund Agreement, <br />dated as of the date hereof (the "Project Fund Agreement"), between the County and BB&T. All <br />amounts on deposit from time to time in the Project Fund, including the Amount Advanced and <br />all investment earnings, shall be used only for Project Costs until the Project Fund is terminated <br />as provided under the Project Fund Agreement. <br />The County hereby allocates and designates (i) $6,678,064 of the Amount Advanced as a <br />"qualified school construction bond" under Section 54F of the Code (the "QSCB Component"), <br />(ii) $4,000,000 of the Amount Advanced as a "qualified zone academy bond" under Section 54E <br />of the Code (the "QZAB Component") and (iii) [$9,301,936][$12,000,000] of the Amount <br />Advanced as a "recovery zone economic development bond" under Section 1400-U of the Code <br />(the "RZEDB Component")- <br />2.03. UCC Security Agreement. (a) This Agreement is intended as and constitutes a <br />security agreement pursuant to the UCC with respect (i) fixtures constituting a part of the <br />Mortgaged Property and (ii) all moneys on deposit from time to time in the Project Fund. The <br />County hereby grants to BB&T a security interest in the fixtures constituting a part of the <br />Mortgaged Property and the moneys on deposit from time to time in the Project Fund to secure <br />the Required Payments. <br />(b) The County shall deliver and file, or cause to be filed, in such place or places as may <br />be required by law, financing statements (including any continuation statements required by the <br />UCC or requested by BB&T) in such form as BB&T may reasonably require to perfect and <br />continue the security interest in fixtures constituting a part of the Mortgaged Property and the <br />moneys on deposit from time to time in the Project Fund. <br />2.04. County's Limited Obligation. (a) THE PARTIES INTEND THAT THIS <br />TRANSACTION COMPLY WITH SECTION 160A-20. NO PROVISION OF THIS <br />AGREEMENT SHALL BE CONSTRUED OR INTERPRETED AS CREATING A PLEDGE <br />OF THE COUNTY'S FAITH AND CREDIT WITHIN THE MEANING OF ANY <br />CONSTITUTIONAL DEBT LIMITATION. NO PROVISION OF THIS AGREEMENT <br />SHALL BE CONSTRUED OR INTERPRETED AS A DELEGATION OF GOVERNMENTAL <br />POWERS OR AS AN IMPROPER DONATION OR A LENDING OF THE COUNTY'S <br />CREDIT WITHIN THE MEANING OF THE STATE CONSTITUTION. NO DEFICIENCY <br />JUDGMENT MAY BE RENDERED AGAINST THE COUNTY IN VIOLATION OF <br />• SECTION 160A-20. No provision of this Agreement shall be construed to pledge or to create a <br />
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