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$9,000,000 to provide funds, together with any other available funds, to (i) pay the costs of the <br /> Project and (ii) pay certain financing costs in connection therewith. <br /> (c) The County has solicited and received proposals from various financial institutions to <br /> provide the financing for the Project and, upon careful review and consideration thereof, desires <br /> to accept the proposal of JPMorgan Chase Bank, N.A. or an affiliate thereof(the '`Lender'); <br /> (d) Pursuant to the Agreement, the Lender will advance to the County an amount <br /> sufficient, together with any other available funds, to pay the costs of the Project and associated <br /> financing costs, and the County will repay the advancement in installments with interest (the <br /> "Installment Payments"). <br /> (e) In order to secure its obligations under the Agreement, the County will execute and <br /> deliver a deed of trust (the "Deed of Trust") granting a lien on all or a portion of the sites of the <br /> Project, together with all improvements and fixtures located or to be located thereon. <br /> (f) It is in the best interests of the County to enter into the Agreement and the Deed of <br /> Trust in that such transaction will result in providing financing for the Project in an efficient and <br /> cost effective manner. <br /> (g) Entering into the Agreement is preferable to a general obligation bond and revenue <br /> bond issue in that (i) the County does not have the constitutional authority to issue non-voted <br /> general obligation bonds pursuant to Article V, Section 4 of the North Carolina Constitution <br /> because the County has not retired a sufficient amount of debt in the preceding fiscal year to <br /> issue a sufficient amount of general obligation bonds for the financing of the Project without an <br /> election; (ii) the nature of the Project does not allow for the issuance of revenue bonds to finance <br /> the costs of the Project; (iii) the costs of the Project exceeds the amount to be prudently provided <br /> from currently available appropriations and unappropriated fund balances; (iv) the circumstances <br /> 3 <br />