Laserfiche WebLink
01 <br />0 Dum 15 ~,~~F 4S <br />RESOLUTION AUTHORIZING THE EXECUTION AND <br />DELIVERY OF A DEED OF TRUST AND SECURITY AGREEMENT <br />AND OTHER DOCUMENTS TO SOUTHERN NATIONAL LEASING CORPORATION <br />WITH RESPECT TO THE PURCHASE OF THE WATER PLANT FACILITIES <br />NEAR CUMNOCK, NORTH CAROLINA <br />WHEREAS, Southern National Leasing Corporation was the low <br />bidder for a loan in the amount of $1,620,000.00 for the purchase of <br />the Floyd Browne Associates Water Plant near Cumnock, North Carolina; <br />and <br />WHEREAS, there have been submitted to this meeting forms of the <br />following documents: <br />Deed of Trust and Security Agreement <br />Construction Escrow Agreement <br />Exhibit C entitled "A Note Payment Schedule" <br />Appendix A "An Essential Use Letter" <br />Appendix C "Incumbency Certificate" <br />Appendix J "Certificate with Respect to Qualified Tax Exempt <br />Obligation" <br />Bank Eligibility Certificate <br />WHEREAS, the Board desires and deems it expedient to borrow said <br />funds and use them to purchase said water plant facilities; <br />NOW, THEREFORE, BE IT RESOLVED by the Board <br />the County of Lee as follows: <br />Section 1. The Chairman, Vice-Chairman and <br />are authorized and directed to borrow the sum of <br />Southern National Leasing Corporation for and on <br />to finance the purchase of the Floyd Browne Assoi <br />Facilities near Cumnock. <br />of Commissioners for <br />Clerk to the Board <br />$1,620,000.00 from <br />behalf of the County <br />:iates Water Plant <br />Section 2. The Deed of Trust and Security Agreement in the form <br />submitted to this meeting, is hereby approved and the Chairman or <br />Vice-Chairman is hereby authorized and directed to execute and <br />deliver, and the Clerk to the Board is hereby authorized and directed <br />to attest and acknowledge, the Deed of Trust and Security Agreement <br />substantially in such form with such necessary and appropriate <br />variations, omissions, and insertions as may be approved by the <br />Chairman or Vice-Chairman. <br />Section 3. The Construction Escrow Agreement in the form <br />submitted to this meeting, is hereby approved and the Chairman or <br />Vice-Chairman is hereby authorized and directed to execute and <br />deliver, and the Clerk is hereby authorized and directed to attest <br />and acknowledge, the Construction Escrow Agreement substantially in <br />such form and with such necessary and appropriate variations, <br />omissions, and insertions as may be approved by the Chairman or <br />vice-chairman. <br />Section 4. The document entitled "Exhibit C - Note Payment <br />Schedule" in the form submitted to this meeting, is hereby approved <br />