Resolution - Fin. Agree. for School Improv.

Home Browse Search

0 (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 entering of a financing Agreement and Deed of Trust, to be dated the date of delivery thereof (the "Agreement "), between the County and Branch Banking and Trust Company (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 the cost of the Project, and the County will repay the advancement in installments, with interest (the `Installment Payments ") In order to secure the Installment Payments, the Agreement will grant a lien on the site of the Project, together with all buildings, improvements and fixtures located or to be located thereon. (d) In order to provide for the deposit and investment of funds with the Bank pending disbursement thereof to pay the costs the Project and related financing expenses, the County will • enter into a Project Fund Agreement, to be dated the date of delivery thereof (the "Project Fund Agreement'), between the County and the Bank. (e) In connection of the proposed plan of finance, the Board of Education will convey to the County the site of the Project. (f) In order to assure that the Project is constructed in the manner required by the Constitution and laws of the State of North Carolina, the County will enter into a Construction, Rehabilitation and Acquisition Agreement, to be dated the date of delivery thereof (the "Construction Agreement'), with the Board of Education whereby the Board of Education agrees to acquire, construct, renovate and equip the Project in accordance therewith for and on behalf of the County. (g) The site of the Project will be leased by the County to the Board of Education pursuant to a Lease Agreement, to be dated the date of delivery thereof (the "Lease Agreement'), • 2