AG 2009 05 18 - Laserfiche WebLink

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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 the Underwriters and McGuireWoods LLP, 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 an installment financing contract is necessary and expedient for the County; (ii) financing of the Projects by an installment financing contract, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under the installment financing contract are adequate and not excessive for their proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be managed in strict cotnpliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under the installment financing contract will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 3. The acquisition, construction and equipping of the 2009 Project, the financing thereof and the granting of security interests therein, all as provided in the Financing Documents referenced in this Resolution, are hereby ratified and approved. 4 ' Attachment number 4 G - 2 Page 146 of 199