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February 15, 2016 (Regular Meeting) Page 2657 2016 (collectively, the `Certificates and /or Bonds "), the proceeds of which will be used to advance the moneys to the County under the Contract(s); and (4) a Preliminary Official Statement to be dated on or about March 4, 2016 (the "Preliminary Official Statement ") which, as supplemented with certain pricing and other permitted omitted information, is to be the Official Statement expected to be dated on or about March 10, 2016 (the "Official Statement "), pursuant to which the 2016 Limited Obligation Bonds would be offered and sold to the public to the extent that all or any portion of the 2016 Limited Obligation Bonds are publicly offered and sold; WHEREAS, the obligations of the County to make Installment Payments and other payments pursuant to the Contract(s) shall constitute limited obligations of the County payable solely from currently budgeted appropriations of the County and shall not constitute a pledge of the faith and credit of the County within the meaning of any constitutional debt limitation; WHEREAS, no deficiency judgment may be rendered against the County in any action for breach of a contractual obligation under the Contract(s), and the taxing power of the County is not and may not be pledged in any way directly or indirectly or contingently to secure any moneys due under the Contract(s); and WHEREAS, the Board of Commissioners desires to approve the Financing Documents and to authorize other actions in connection therewith; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: Section 1. All actions taken by or on behalf of the County to date to effectuate the proposed financing, including the selection of Piper Jaffray & Co., as Underwriter and /or Placement Agent and Nexsen Pruet, PLLC, as special counsel, are hereby ratified, approved and authorized pursuant to and in accordance with the transactions contemplated by the Financing Documents. Section 2. The Board of Commissioners hereby finds and confirms that (i) the Projects and the financing thereof by one or more installment financing contracts is necessary and expedient for the County; (ii) financing of the Projects by one or more installment financing contracts, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to fall due under said one or more installment financing contracts are adequate and not excessive for their proposed purpose; (iv) the County's debt management procedures and policies are good and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, if any, necessary to meet the sums to fall due under said one or more installment financing contracts will not be excessive; and (vi) the County is not in default regarding any of its debt service obligations. Section 3. The acquisition, construction and equipping of the Projects, the financing thereof and the granting of security interests therein, all as provided in the Financing Documents referenced in this Resolution, are hereby ratified and approved. Section 4. Each of the Contract(s) and the Deed of Trust is hereby approved in substantially the form submitted to this meeting, and each of the Chairman of the Board of Commissioners or the County Manager is hereby authorized to execute and deliver each of those documents in the name and on behalf of the County, with such changes, insertions or omissions as the persons executing such documents may approve, including but not limited to changes, insertions or omissions related to obtaining a policy of municipal bond insurance with respect to all or a portion of any Certificates and /or Bonds, their execution and delivery thereof to constitute conclusive evidence of such approval. The County Clerk is hereby authorized to affix the seal of the County to each of said documents as may be appropriate and to attest to the same. Section 5. The Trust Indenture (including the form of Certificate and /or Bond) is hereby approved in substantially the form submitted to this meeting, with such changes, insertions or omissions as appropriate, including but not limited to changes, insertions or omissions related to obtaining a policy of municipal bond insurance with respect to all or a portion of any Certificates and /or Bonds, as the representatives) of the County executing the Contract(s) may approve, the execution and delivery of the Contract(s) to constitute conclusive evidence of such approval. The Board of Commissioners hereby approves the sale of Certificates and /or Bonds by the Corporation in