BC 1988 05 23 - Laserfiche WebLink

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370 5% Good Faith Deposit will be applied by Fn~HA to reduce the purchase price of the bonds. The Issuer has used its available funds to pay the 5% Good Faith Deposit to FmHA and may determine to be reimbursed therefor from the proceeds of the bonds it intends to issue to pay the cost of such refunding, any such reimbursement to constitute a Related Issuance Expense (hereinafter defined). (c) An order authorizing not in excess $7,271,000.00 Refunding Bonds (the "Bonds") of the Issuer has been adopted for the purpose of providing funds, with other available funds , for paying the cost of refunding, including Related Issuance Expenses, the bonds now held by FmHA (the "Refunded Bonds") through the mechanism of purchasing the Refunded Bonds at a discount and cancelling such Refunded Bonds. (d) Since the purchase price of the Refunded Bonds and certain details with respect to the Bonds cannot be determined at this time, the Designated Representative (hereinafter defined) is hereby authorized, subject to the limitations hereinafter set forth, to determine in the Award Certificate (hereinafter defined) the aggregate principal amount of Bonds to be issued in order to purchase the Refunded Bonds and pay the Related Issuance Expenses. (e) The Bonds shall bear interest at a rate or rates and shall be sold at prices to be determined by the Local Government Commission at the time the Bonds are sold, subject to the approval of the Designated Representative in the Award Certificate, all as hereinafter provided. (f) The Bonds shall mature on such dates and in such amounts, as shall be determined by the Designated Representative in the Award Certificate, and shall have such Bond Registrar therefor, all as hereinafter provided. (g) It will be necessary for the Issuer to pay accrued interest on the Refunded Bonds from June 1, 1988 to the date of purchase and the amount necessary to pay such accrued interest will, in a timely fashion, be made available by the Issuer to the State Treasurer or paid directly to FmHA for such purpose. Section 2. Meaning of Words and Terms. In addition to the words and terms elsewhere defined in this Resolution, the following words and terms as used in this Resolution shall have the following meanings, unless some other meaning is plainly intended: "Award Certificate" means the certificate executed by the Designated Representative with respect to the award of the Bonds by the Local Government Commission to the Bank Purchaser and containing such approvals and setting forth such matters required by this Resolution to be included in the Award Certificate. "Bank Purchaser" means the financial institution purchasing the Bonds at private sale. "Bond" or "Bonds" means the refunding bonds authorized by this Resolution. "Bond Purchase Agreement" means the agreement providing for the purchase of the Bonds by and between the Local Government Commission and the Bank Purchaser with the approval of the Designated Representative. "Designated Representative" means C. Ronald Aycock, as Executive Director of the North Carolina Association of County Commissioners or such alternate or alternates as shall be appointed by him. "Related Issuance Expenses" means all costs, fees and expenses payable by, or on behalf of, the Issuer relating to the authorization, sale and delivery of the Bonds and the purchase of the Refunded Bonds from FmHA, including, without limitation, any reimbursement to the Issuer of the 5% Good Faith Deposit and the costs of newspaper publications and lawyers' fees. "State" means the State of North Carolina. Section 3. Issuance of Bonds. Pursuant to the order mentioned in Section l(c) of this Resolution, there shall be issued Bonds of the Issuer in the aggregate principal amount determined in the Award Certificate, but such amount shall not exceed the aggregate principal amount of Refunding Bonds authorized by said order. The Bonds shall be designated "Refunding Bonds" and shall be dated as determined in the Award Certificate. The Bonds shall be appropriately numbered, shall be stated to mature and shall be subject to the right of prior redemption, all as shall be determined