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March 1S, 2004 ¢ ~ - - "~ ~'~ ~ Page 402 financial information described in (a) or (b) above on or before t~e date specified. If the Issuer fails to comply with the undertaking described above, any beneficial owner of the Bonds may take action to protect and enforce the rights of all beneficial owners with respect to such undertaking, including an action for specific performance; provided, however, that failure to comply with such undertaking shall not be an event of default and shall not result in any acceleration of payment of the Bonds. All actions shall be instituted, had and maintained in the manner provided in this paragraph for the benefit of all beneficial owners of the Bonds. The Issuer reserves the right to modify from time to time the information to be provided to the extent necessary or appropriate in the judgment of th~ Issuer, provided that: (a) any such modification may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of the Issuer; (b) the information to be provided, as modified, would have complied with the requirements of Rule 15c2-12 issued under the Securities Exchange Act of 1934 ("Rule 15c2-12") as of the date of the Official Statement relating to the Bonds, after taking into account any amendments or interpretations of Rule 15c2-12, as well as any changes in circumstances; and (c) any such modiflcatlon does not materially impair the Interests of the beneficial owners, as determined either by part,es unaffiliated with the Issuer (such as bond counsel), or by the approving vote of the registered owners of a majority in principal amount of the Bonds pursuant to the terms of this bond resolution, as it may be amended from time to time, at the time of the amendment. Any annual financial information containing modified operating data or financial information shall explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided. The provisions of thzs Section shall terminate upon payment, or provision having been made for payment in a manner consistent with Rule 15c2- 12, in full of the principal of and interest on all of the Bonds. Section 16. The Chairman or Vice-Chairman of the Board, the Clerk to the Board, the County Manager, the Finance Officer and the other officers of the Issuer are each hereby authorized and directed to execute and deliver for and on behalf of the Issuer any and all financing statements, certificates, documents or other papers, including, without limitation, Letter(s) of Representations to Securities Depositories, and to perform any and all acts they may deem necessary or appropriate in order to carry out the intent of th~s resolution and the matters herein authorized. Section 17. This resolution shall take effect upon its passage. Upon motion of Commissioner Privette, seconded by Commissioner Carruth, the foregoing resolution entitled. ~RESOLUTION PROVIDING FOR THE ISSUANCE OF UP TO $40,000,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2004" was passed by the following vote. Ayes: Commissioners Prlvette, Carruth and Carpenter, Vice Chairman Suggs and Chairman Freeman. Noes. None (G) NEW BUSINESS (G-l) Road Namin~ - U~named Easement Off Hudspath Road as Hudspath Dair~ Road Public Hearing - 6~30 p.m. Jonathan Marshall, Commerce Director, stated the petitioner (Stephen R. Hudspeth) has requested an unnamed easement off Hudspeth Road be officially named Hudspeth Dairy Road All of the street front owners have signed for their approval of the road name. Mr. Marshall asked the Board to hold the public hearing, but table action until the next meeting. He stated there are some jurisdictional issues to be worked out between the Town of Harrisburg and Cabarrus County At 7:32 p.m., Chairman Freeman opened the public hearing on naming the unnamed easement off Hudspeth Road. The Public Hearing Notice was published xn THE INDEPENDENT TRIBUNE and THE CHARLOTTE OBSERVER (CABARRUS NEIGHBORS) on March 4 and March 14, 2004. There was no one present to address the Board, and Chairman Freeman closed the public hearing.