AG 2003 05 16 - Laserfiche WebLink

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new elementary schools and ~ne new middle school, expansion of two existing elementary school facilities, various real Md personal property improvements related to the foregoing and a portion of the interest to accru~ under the installment financing contract during the construction period (collectively the "2003 Project"), and under said installment financing contract the County would secure the rep~gment by the County of the moneys advanced pursuant to such contract by granting a security ~interest in and lien on all or a portion of the 2003 Project; WHEREAS, as part of~ said plan of financing, the Corporation will issue Certificates of Participation in an aggregate principal amount not exceeding $45,000,000 to finance the advancement of moneys to the County pursuant to the installment financing contract betwee~ the County and the Corporation; WHEREAS, there ha~'e been submitted to this meeting draft forms of the following documents (the "Financing D~_cuments") with respect to the financing for the 2003 Project: (1) an Installment Financing Contract, proposed to be dated as of July 15, 2003 (the "Contract"), between the Co~mty and the Corporation as counterparty, pursuant to which the Corporation will advance m°ieys to the County for the costs of the 2003 l~oject and the County agrees to make periodic instailment payments (the "Installment Payments") to repay the moneys so advanced, with interest; (2) a Deed of Tn~st and Security Agreement (the "Deed of Trust"), proposed to be dated as of July 15, 2003, among the County as Grantor, the Corporation as Beneficiary and the trustee named therein, by ~ich the County would secure its obligations to the Corporation under the Contract; (3) an Indenture :of Trust, proposed to be dated as of July 15, 2003 (the "Trust Indenture"), between the C~'poration and the trustee named therein, as trustee (the "Trustee"),