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May ~9,
<br />
<br />DRAFT
<br />
<br />is hereby authorized to execute and deliver each of those documents in the
<br />name and on behalf of the County, with such changes, insertions or omissions
<br />as the persons ~xecuting such documents may approve, including but not
<br />limited to changes, insertions or omissions related to obtaining a policy of
<br />municipal bond ~nsurance with respect to the 2003 Certificates, their
<br />execution and d~ivery thereof to constitute conclusive evidence of such
<br />approval. The C~.unty Clerk is hereby authorized to affix the seal of the
<br />County to each o4 said documents as may be appropriate and to attest to the
<br />same.
<br />
<br /> Section 4.~ The Trust Indenture (including the form of 2003
<br />Certificate) is ~reby approved in substantially the form submitted to this
<br />meeting, with
<br />
<br />but not limited
<br />policy of municip
<br />the representati~
<br />execution and del
<br />such approval. ~
<br />2003 Certificates
<br />excess of the amo
<br />Contract.
<br />
<br />~ changes, insertions or omissions as appropriate, including
<br />io changes, insertions or omissions related to obtaining a
<br />1 bond insurance with respect to the 2003 Certificates, as
<br />{s) of the County executing the Contract may approve, the
<br />.very of the Contract to constItute conclusive evidence of
<br />~e Board of Commissioners hereby approves the sale of the
<br />iby the Corporation in an aggregate principal amount not in
<br />~nt of moneys to be advanced to the County pursuant to the
<br />
<br /> Section S. ~Each of the Preliminary Official Statement and the Official
<br /> Statement, in su~ Itantially the form of the Preliminary Official Statement
<br /> submitted to this meeting, is hereby approved in substantially such form,
<br /> with such changes, insertions and omissions as appropriate, including but not
<br /> limited to changel, insertions or omissions related to obtaining a policy of
<br /> municipal bond in~ urance with respect to the 2003 Certificates, and the use
<br /> thereof by the Un, erwritera in connection with the public offering and sale
<br /> of the 2003 Certi icates is hereby authorized. Each of the Chairman of the
<br /> Board of Commissi, ~ers or the County Manager is hereby authorized to execute
<br /> and deliver in ~e name and on behalf of the County the final Official
<br /> Statement in sub ~antially such form, with such changes, insertions and
<br /> omissions, includ !ng but not limited to changes, insertions or omissions
<br /> related to obtain ~ a policy of municipal bond insurance with respect to the
<br /> 2003 Certificates as the person executing the final Official Statement ma~
<br /> approve, the exe, ion and dellvery thereof to constitute conclusive evidence
<br /> of such approval.
<br />
<br /> Section 6. Each of the Chairman of the Board of Commissioners, the
<br /> County Manager an~ the Dlrector of Finance are authorized to approve all
<br /> details of the fi= ~ncing of the 2003 Project, including, without limitation,
<br /> the amount advanc~ under the Contract and the aggregate prlncipal amount of
<br /> the 2003 Certifica :es (which shall not exceed $45,000,000), the maturities,
<br /> the principal amo~ ~ta and the interest amounts of the Installment Payments
<br /> and the 2003 Cert: icates, which interest amounts (calculated with respect to
<br /> the 2002 Certific :es) shall not exceed 7.5% per annum on a true interest
<br /> cost basis, the p ~payment terms and prices (which shall not exceed 103% of
<br /> the principal amou~ being prepaid) and the Underwriters, discount (exclusive
<br /> of any original is~iue discount) (which shall not exceed 2.0% of the principal
<br /> amount of the 2003'Certificates). Execution of the Contract by the Chairman
<br /> of the Board of Commissioners or the County Manager shall conclusively
<br /> evidence such approval of all such details of said financing.
<br />
<br /> Section 7. The Chairman of the Board of Commissioners, the County
<br />Manager, the Dir~ :for of Finance and the County Attorney are hereby
<br />authorized to tak.~ any and all such further ac=ion, including approval of
<br />modifications to t~ Financing Documents, and to execute and deliver for and
<br />on behalf of the ~ounty such other documents and certificates (including,
<br />without limitation: agreements with securities depositories, financing
<br />statements, appropz~ate tax certificates and agreements and other documents
<br />and agreements (indluding repurchase agreements) relating to the investment
<br />of the proceeds fr~ the execution and delivery of the Contract) as they may
<br />deem necessary or a~visahle to carry out the intent of this resolution and
<br />effect the financ: ~g pursuant to the Contract and the other Financing
<br />Documents. The Co~ ~ty Clerk is hereby authorized to affix the seal of the
<br />County to such doc%~ lents and certificates as may be appropriate and to attest
<br />to the same and t ~ execute and deliver the same as may be needed. In
<br />addition, said of iicers are hereby authorized to cooperate with the
<br />Underwriters in prs )aring and filing such filings under state securities or
<br />"blue sky" laws (i cluding-special consents to service of process} as
<br />Underwriters may rs ~est and as the Chairman of the Board of Commissioners,
<br />the County Manager Ir the Director of Finance shall determine.
<br />
<br /> Section 8. ~e County covenants that, to the extent permltted by the
<br />Constitution and la~s of the State of North Carolina, it will do and perform
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