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August 21, 2017 (Regular Meeting) Page 3279 of municipal bond insurance with respect to all or a portion of the 2017 Limited Obligation Bonds; and the use thereof by the Underwriters and/or Placement Agents in connection with the public offering and sale or private placement of the 2017 Limited Obligation Bonds is hereby authorized. Each of the Chairman of the Board of Commissioners or the County Manager is hereby authorized to execute and deliver in the name and on behalf of the County the final Official Statement in substantially such form, with such changes, insertions and omissions, including but not limited to changes, insertions or omissions related to a private placement of all or a portion of the 2017 Limited Obligation Bonds, or related to obtaining a policy of municipal bond insurance with respect to all or a portion of the 2017 Limited Obligation Bonds, as the person executing the final Official Statement may approve, the execution and delivery of the final Official Statement to constitute conclusive evidence of such approval. Section 7. Each of the Chairman of the Board of Commissioners, the County Manager and the Director of Finance are authorized to approve all details of the financing of the Projects, including, without limitation, the amount advanced under the Contract (s) and the aggregate principal amount of any Certificates and/or Bonds (which shall not exceed $128, 105, 000) , the maturities, the principal amounts and the interest amounts (if any) of the Installment Payments and any Certificates and/or Bonds, which interest amounts (calculated with respect to any Certificates and/or Bonds) shall not exceed 6.5% per annum on an effective interest cost basis, the prepayment terms and prices (which shall not exceed 103% of the principal amount being prepaid) and the Underwriters' discount (exclusive of any original issue discount) or Placement Agents' compensation (which shall not exceed 2.0% of the principal amount of any Certificates and/or Bonds) . Execution of the Contract (s) by the Chairman of the Board of Commissioners or the County Manager shall conclusively evidence such approval of all such details of said financing. Section 8. The Chairman of the Board of Commissioners, the County Manager, the Director of Finance and the County Attorney are hereby authorized to take any and all such further action, including approval of modifications to the Financing Documents, and to execute and deliver for and on behalf of the County such other documents and certificates (including, without limitation, agreements with securities depositories, financing statements, one or more contracts of purchase or purchase agreements, one or more placement agreements, one or more private placement agreements or other offering documents or memoranda, tax certificates and agreements and other documents and agreements (including repurchase agreements) relating to the investment of the proceeds from the execution and delivery of the Contract(s) ) as they may deem necessary or advisable to carry out the intent of this resolution and to effect the financing pursuant to the Contract (s) and the other Financing Documents. The Interim County Clerk is hereby authorized to affix the seal of the County to such documents and certificates as may be appropriate and to attest to the same and to execute and deliver the same as may be needed. In addition, said officers are hereby authorized to cooperate with the Underwriters in preparing and filing such filings under state securities or "blue sky" laws (including special consents to service of process) as the Underwriters may request and as the Chairman of the Board of Commissioners, the County Manager or the Director of Finance shall determine. Section 9. The Finance Director shall prepare and file a sworn statement of debt with the LGC and the Interim Clerk to the Board in accordance with North Carolina General Statutes Section 159-150. Section 10. The County covenants that, to the extent permitted by the Constitution and laws of the State of North Carolina, it will do and perform all acts and things to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code") , in order to assure that interest paid with respect to the 2017 Limited Obligation Bonds will not be includable in the gross income of the owners thereof for purposes of federal income taxation, except to the extent that the County obtains an opinion of bond counsel to the effect that noncompliance would not result in interest with respect to the 2017 Limited Obligation Bonds being includable in the gross income of the owners of the 2017 Limited' Obligation Bonds for purposes of federal income taxation. Section 11. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion by Commissioner F. Blake Kiger, seconded by Commissioner Lynn W. Shue, the foregoing resolution entitled "RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR VARIOUS PUBLIC PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $128,105, 000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION AND/OR LIMITED OBLIGATION BONDS RELATED THERETO, AUTHORIZING THE EXECUTION AND