2003 - 01-21-03 Regular Meeting - Laserfiche WebLink

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ec,0; 9 plu i6~ RESOLUTION A ORIZING THE EXECUTION ELIVERY OF AN INSTALLMENT FINANCING AGREEMENT, A DEED OF TRUST, A CONSTRUCTION AND ACQUISITION AGREEMENT, A LEASE AGREEMENT AND RELATED DOCUMENTS IN CONNECTION WITH AN INSTALLMENT FINANCING FOR COMMUNITY COLLEGE IMPROVEMENTS BE IT RESOLVED by the Board of Commissioners (the "Board") for the County of Lee, North Carolina (the "County"): Section 1. The Board does hereby find and determine as follows: (a) The Board of Trustees of Central Carolina Community College (the `Board of Trustees"), the governing board of Central Carolina Community College, has determined that a need exists for acquire, construct and equip a new facility to house the North Carolina School of Telecommunications as part of and on the campus of Central Carolina Community College (the "Project") and has requested capital funding therefor. (b) The Project is hereby ratified and approved. (c) After a public hearing and due consideration, the Board has determined that the most efficient manner of financing the Project will be through the County entering an Installment Financing Agreement (the "Agreement") with Wachovia Bank, National Association (the "Bank") pursuant to Section 160A-20 of the General Statutes of North Carolina, as amended. Pursuant to the Agreement, the Bank will advance moneys to the County in an amount sufficient to pay, together with other available funds, the costs of the Project, and the County will repay the advancement in installments, with interest (the "Installment Payments")- (d) In order for the County to enter into the plan of finance, the site of the Project (the "Site") will be conveyed by the Board of Trustees to the County. (e) In order to secure the performance of the County's obligations under the Agreement, the County will execute and deliver a Deed of Trust (the "Deed of Trust") granting a lien on the Site and all improvements and fixtures located and to be located thereon (the "Mortgaged Property"). (I) In order to facilitate the construction of the Project, the County will enter into a Construction and Acquisition Agreement (the "Construction Agreement") with the Board of Trustees providing for the supervision of construction of the Project by the Board of Trustees" (g) The Mortgaged *Property will be leased back to the Board of Trustees pursuant to a -Lease Agreement (the "Lease Agreement') between the County and the Board of Trustees, which Lease Agreement will be subordinate to the lien created by the Deed of Trust. (h) There has been presented to the Board forms of the following documents relating to the transaction hereinabove described: (1) the Agreement; (2) the Deed of Trust;