BC 1988 05 23 - Laserfiche WebLink

Home Browse Search

374 facsimile or typewritten signature shall nevertheless be valid and sufficient for all purposes the same as if he had remained in office until such delivery, and any Bond may bear the manual, facsimile or typewritten signatures of such persons who at the actual time of the execution of such Bond shall be the proper officers to sign such Bond although at the date of such Bond such persons may not have been such officers. No Bond shall be valid or become obligatory for any purpose or be enti- tled to any benefit or security under this Resolution until it shall have been authenticated by the Bond Registrar by its facsimile signature or by its execution of the certificate of authentication endorsed thereon. The single Bond to be issued to the Bank Purchaser shall bear the facsimile signatures or the typewritten signatures of the Chairman, the Clerk and the Bond Registrar provided that the certificate of the Local Government Commission on the Bonds shall be manually signed by the representative of said Commission. The single Bond, and the endorsements thereon, to be issued to the Bank Purchaser shall be substantially in the forms attached hereto as Exhibit A, subject to such insertions, completions and changes as may be set forth in the Award Certificate. The Bonds other than the Bond issued to the Bank Purchaser, and the endorsements thereon shall be substantially in the forms attached hereto as Exhibit B, subject to such insertions, completions and changes as may be set forth in the Award Certificate or as may be appropriate at the time of delivery of such Bonds. The forms set forth in Exhibits A and B are based upon an assumed Bond issue maturing serially with a fixed rate of interest. The Bonds may be determined to be issued with serial maturities, a term maturity, or a combination of serial and term maturities and with a fixed or variable rate of interest, and such insertions, completions and changes as may be necessary to accomplish such determinations are included within the authority set forth above. Section 7. Private Sale~ Price and Interest Rate Limitations. The Local Government Commission is hereby requested to sell the Bonds at private sale without advertisement to the Bank Purchaser at such prices as the Local Government Commission determines to be in the best interests of the Issuer and to execute the Bond Purchase Agreement so providing, subject to the approval of the Designated Representative as to such prices. The Bonds shall not be sold at a purchase price less than 98% of the face value thereof. If the Bonds bear a fixed rate of interest, they shall not bear interest at a maximum fixed interest rate in excess of 12%. The Bonds may bear interest at a rate or rates that may vary, but such variable interest rate shall not at any time be in excess of 14%. Section 8. Authorization of Designated Representative to Execute Certificates. The Designated Representative is hereby authorized to execute all certificates and to take such actions not prohibited by this Resolution as may be (a) required by FmHA or (b) authorized or directed by this Resolution in order to effect the refunding and purchase of the Refunded Bonds. A copy of each such certificate shall be filed with the Issuer and the Local Govern- ment Commission. Neither C. Ronald Aycock, either in his individual capacity or as Executive Director of the North Carolina Association of County Commissioners, nor such alternate or alternates as shall be appointed by him, either in their individual capacities or as representatives of the North Carolina Association County Commissioners, shall incur any personal liability in acting or proceed- ing or in not acting or not proceeding, in good faith, serving as Designated Representative pursuant to the provisions of this Resolution. Section 9. Interest on Bonds. Inasmuch as, (a) the discount purchase price set by FmHA for the purchase of the Refunded Bonds is based upon the interest on the Bonds being includable in the gross income of the recipients thereof for federal income tax purposes, and (b) the Bonds will be offered for sale and the interest rates will be set by the Local Government Commission on the basis that the interest