AG 2017 08 21 - Laserfiche WebLink

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Obligation Bonds (County of Cabarrus, North Carolina Installment Financing Contract), Series 2017 (collectively,the"Certificates and/or Bonds"),the proceeds of which will be used to advance the moneys to the County under the Contract(s); and (4) a Preliminary Official Statement to be dated on or about [October 5], 2017 (the "Preliminary Official Statement")which, as supplemented with certain pricing and other permitted omitted information, is to be the Official Statement expected to be dated on or about [October 19,] 2017 (the "Official Statement"), pursuant to which the 2017 Limited Obligation Bonds would be offered and sold to the public to the extent that all or any portion of the 2017 Limited Obligation Bonds are publicly offered and sold; WHEREAS, the obligations of the County to make Installment Payments and other payments pursuant to the Contract(s) shall constitute limited obligations of the County payable solely from currently budgeted appropriations of the County and shall not constitute a pledge of the faith and credit of the County within the meaning of any constitutional debt limitation; WHEREAS, no deficiency judgment may be rendered against the County in any action for breach of a contractual obligation under the Contract(s), and the taxing power of the County is not and may not be pledged in any way directly or indirectly or contingently to secure any moneys due under the Contract(s); and WHEREAS,the Board of Commissioners desires to approve the Financing Documents and to authorize other actions in connection therewith; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. All actions taken by or on behalf of the County to date to effectuate the proposed financing, including the selection of Piper Jaffray & Co., as Underwriter and/or Placement Agent and Nexsen Pruet,PLLC, as special counsel, are hereby ratified, approved and authorized pursuant to and in accordance with the transactions contemplated by the Financing Documents. Section 2. The Board of Commissioners hereby finds and confirms that (i) the Projects and the financing thereof by one or more installment financing contracts is necessary and expedient for the County; (ii) financing of the Projects by one or more installment financing contracts, under the circumstances, is preferable to a bond issue by the County; (iii)the sums to fall due under said one or more installment financing contracts are adequate and not excessive for their proposed 3 G-4 Page 241