6-7-21 BOC Regular Meeting - Laserfiche WebLink

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financing costs relating thereto, and the County will repay the advancement in installments, with interest(the"Installment Payments"). (c) In order to secure its obligations under the Agreement, the County will execute and deliver a Deed of Trust and Security Agreement, to be dated as of the date of delivery thereof (the "Deed of Trust"), granting a lien on the site of the Project, together with all improvements and fixtures located or to be located thereon. (d) There has been presented to the Board at this meeting drafts of the Agreement and the Deed of Trust. Section 2. In order to provide for the financing of the Project, the County is hereby authorized to enter into the Agreement and receive an advancement pursuant thereto in a principal amount not to exceed $7,400,000. The County shall repay the advancement in installments due in the amounts and at the times set forth in the Agreement. The payments of the installment payments shall be designated as principal and interest as provided in the Agreement. The interest rate payable under the Agreement shall not exceed 0.65% per annum (subject to adjustment as provided in the Agreement), and the final maturity shall not exceed June 1, 2023. Section 3. The Board hereby approves the Agreement and the Deed of Trust in substantially the forms presented at this meeting. The Chair or the Vice Chair of the Board, the County Manager and the Assistant County Manager/Finance Director of the County are each hereby authorized to execute and deliver on behalf of the County said documents in substantially the forms presented at this meeting, containing such modifications as the person executing such documents shall approve, such execution to be conclusive evidence of approval by the Board of any such changes. The Clerk to the Board or any Deputy or Assistant Clerk to the Board is hereby authorized and directed to affix the official seal of the County to said documents and to attest the same as may be required. 3