AG 2010 09 20 - Laserfiche WebLink

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County would secure its obligations to the Corporation (or such one or more third parties) under the Contract; and (3) an Indenture of Trust, proposed to be dated on or about October 1, 2010 (the "Trust Indenture "), between the Corporation and the trustee named therein, as trustee (the "Trustee "), pursuant to which there may be executed and delivered from time to time Certificates of Participation and /or Limited Obligation Bonds, including the Certificates of Participation and /or Limited Obligation Bonds (County of Cabarrus, North Carolina Installment Financing Contract), Series 2010D (the "Certificates and /or Bonds "), the proceeds of which will be used to advance the moneys to the County under the Contract; WHEREAS, the obligations of the County to make Installment Payments and other payments pursuant to the Contract 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, 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; 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 Southwest Securities, Inc., on its own behalf and as representative of the other underwriters (if any) (collectively, the ."Underwriters") and 3 Page 355 G -4