1993 - 02-15-93 Regular Meeting - Laserfiche WebLink

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c~a 15 54 024 RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A DEED OF TRUST AND SECURITY AGREEMENT AND OTHER DOCUMENTS TO SOUTHERN NATIONAL LEASING CORPORATION WITH RESPECT TO THE CONSTRUCTION OF THE OPERATIONAL SERVICES CENTER FACILITY ON FIFTH STREET, SANFORD, NORTH CAROLINA WHEREAS, Southern National Leasing Corporation was the low bidder for a loan in the amount of $493,000.00 for the construction of the Operational Services Center Facility on Fifth Street, Sanford, North Carolina; and WHEREAS, there have been submitted to this meeting forms of the following documents: Deed of Trust and Security Agreement Construction Escrow Agreement Exhibit C entitled "A Note Payment Schedule" Appendix A "An Essential Use Letter" Appendix C "Incumbency Certificate" Appendix J "Certificate with Respect to Qualified Tax Exempt obligation" Bank Eligibility Certificate WHEREAS, the Board desires and deems it expedient to borrow said funds and use them to purchase said water plant facilities; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners for the County of Lee as follows: Section 1. The Chairman, Vice-Chairman and Clerk to the Board are authorized and directed to borrow the sum of $493,000.00 from Southern National Leasing Corporation for and on behalf of the County to finance the construction of the Operational Services Center Facility on Fifth Street in Sanford, North Carolina. Section 2. The Deed of Trust and Security Agreement in the form submitted to this meeting, is hereby approved and the Chairman or Vice-Chairman is hereby authorized and directed to execute and deliver, and the Clerk to the Board is hereby authorized and directed to attest and acknowledge, the Deed of Trust and Security Agreement substantially in such form with such necessary and appropriate variations, omissions, and insertions as may be approved by the Chairman or Vice-Chairman. Section 3. The Construction Escrow Agreement in the form submitted to this meeting, is hereby approved and the Chairman or Vice-Chairman is hereby authorized and directed to execute and deliver, and the Clerk is hereby authorized and directed to attest and acknowledge, the Construction Escrow Agreement substantially in such form and with such necessary and appropriate variations, omissions, and insertions as may be approved by the Chairman or Vice-Chairman. Section 4. The document entitled "Exhibit C - Note Payment Schedule" in the form submitted to this meeting, is hereby approved