|
executed and delivered from time to time Certificates of Participation,
<br />including the Ce~ctficatas of Participation (County of Cabarrua, North
<br />Carolina Installment Financing Contract}, Series 2001 (the "2001
<br />Certificates"), the proceeds of which will be used to advance the moneys to
<br />the County under the Contract;
<br /> (4} a Preliminary Official Statement to be dated on or about February
<br />13, 2001 (~he "Preliminary official Statement") which, as supplemented with
<br />certain pricing and other permitted omitted information, is to be the
<br />Official Statement to be dated on or about February 28, .2001 (~he 'official
<br />Statement"), pursuant to which the 2001 Cer~ificates are to be offered and
<br />sold to the public~ and
<br /> (5) a. Contract of Purchase, including the exhibits attached thereto,
<br />to be dated on or a~out February 28, 2001 (~ha #Purchase Contract") between
<br />the Corporation and Morgan Kaegan & Company, Inc., on its own behalf and as
<br />representative of ~he other underwriters named therein (collectively, the
<br />"Underwriters"), pursuant to which the Underwriters agree to purchase the
<br />S001 Certificates for sale to the public;
<br /> WHEREAS, ~ha obligations of the County to make Installment Payments and
<br />other payments pursuant to the Contract shall constitute limited obligations
<br />of the County payable solely from currently budgeted appropriations of the
<br />County and shall not constitute a pledge of the faith and credit of the
<br />County within the meaning of any constitutional debt limitation;
<br /> WHEREAS, no deficiency Judgment may be rendered against the County in
<br />say action for breach of a contractual obligation ~ndar the Contract, and the
<br />taxing power of the County ia not and ~uay not be pledged in any way directly
<br />or indirectly or contingently to secure any moneys due under the Contract;
<br />and
<br /> WHEP~, the Boar~ of Co~nissioners desires to approve the Financing
<br />Documents and to authorize other actions in connection therewith;
<br /> NOW, ~REFORE, BE IT RESOL%~) by the Board of Cou~iasioners, as
<br />follows:
<br /> Section 1. ~-ll actions taken by or on behalf of the County to date to
<br />effectuate the proposed financing, including the selection of the
<br />Underwriters and Smith Helms Mulliss & Moore, LLP, as special counsel, are
<br />hereby ratified, approved and authorized pursuant to and in accordance with
<br />the transactions contemplated by the Financing Documents.
<br /> Section 2. The acquisition, constr~ction and equ/pping of the 2001
<br />Project, the financing thereof and the granting of security interests
<br />therein, all aa provided in the Financing Documents referenced in this
<br />Resolution, are hereby ratified and approved.
<br /> Section 3. Each of the Contract, the Purchase Contract and the Deed of
<br />Trust is hereby approved in substantially the form submitted to this meeting,
<br />and each of the Chairman of the Board of co~issioners or the County Manager
<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 executing such documents may approve, including But not
<br />limited to changes, inserti~ns or omissions related to obtaining a policy of
<br />municipal bond insurance with respect to the 2001 Certificates, their
<br />execution and delivery thereof to constitute conclusive evidence of such
<br />appr~val. The County Clerk is hereby authorized to affix the seal of the
<br />County to each of said docu~ents as may be appropriate and to attest to the
<br />
<br /> S~ction 4. The Trust Indenture (including the form of 2001
<br />Certificate} ia hereby approved in substantially the form submitted to this
<br />meeting, with such cb~ulgas, insertions or omissions as appropriate, including
<br />But not limited to changes, insertions or omissions related to obtaining a
<br />policy of municipal bond insurance with respect to the 2001 Certificates, as
<br />the representative(s) of the Cotunty executing the Contract may approve, the
<br />execution and delivecy of the Contract to constitute conclusive evidence of
<br />.such approval. The Board of Com~ssioners hereby approves the sale of the
<br />2001 Certificates By the Corporation in an aggregate principal a~unt not in
<br />excess of the am&~nt of meneys to be advance~ to the County pursuant to the
<br />contract.
<br /> Section 5. Each of the Prelimi~u~ry Official Statement and the Official
<br />Statement in substantially the form of the Preliminary Official Statement
<br />submitted to this meeting, is hereby approved in substan~ially such form,
<br />with such changes, insertions and omissions as appropriate, including but not
<br />limited to changes, insertions or omissions related to obtainin~ a policy of
<br />municipal Bond insurance with respect to the 2001 Certificates, and the use
<br />thereof by the Underwriters in co~nection with the public offering and sale
<br />of the 2001 Certificates is hereby authorized. Bach of the Chairman of the
<br />Board of Commissioners or the County Manager is hereby authorized to execute
<br />and deliver in the name and on behalf of the County the final Official
<br />Statement ~n substantially such form, with such changes, insertions and
<br />omissions, including but not limited to changes, insertions or omissions
<br />related to obtaining a policy of municipal bond insurance with respect to thc
<br />
<br />
<br />
|