BC 2013 03 18 Regular Meeting - Laserfiche WebLink

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March 18, 2013 (Regular Meeting) Page 1467 the Bonds being includable in the gross income of the owners of the Bonds for purposes of federal income taxation. As necessary or appropriate in connection with the issuance of the Bonds, all officers, employees and agents of the County are authorized and directed to provide certifications of material facts and estimates as to the reasonable expectations of the County as of the date(s) the Bonds are delivered and on behalf of the County to sign agreements or acknowledge instructions regarding compliance with the requirements of the Code and any related regulations and procedures relating to the Bonds. Section 13. There are hereby created, as may be needed, appropriate funds and accounts of the County for the receipt and expenditure of the proceeds of the Bonds, and appropriate debt service funds and accounts of the County for the receipt and disbursement of debt service payments on the Bonds. Section 14. The County hereby undertakes, for the benefit of the beneficial owners of the Bonds to provide: (a) by not later than seven months from the end of each fiscal year of the County, commencing with the fiscal year ending June 30, 2013, to the Municipal Securities Rulemaking Board ( "MSRB "), audited financial statements of the County for such fiscal year, if available, prepared in accordance with Section 159 -34 of the General Statutes of North Carolina, as it may be amended from time to time, or any successor statute, or, if such audited financial statements of the County are not available by seven months from the end of such fiscal year, unaudited financial statements of the County for such fiscal year to be replaced subsequently by audited financial statements of the County to be delivered within 15 days after such audited financial statements become available for distribution; (b) by not later than seven months from the end of each fiscal year of the County, commencing with the fiscal year ending June 30, 2013, to the MSRB, (i) the financial and statistical data as of a date not earlier than the end of the preceding fiscal year for the type of information included under heading "The County - Debt Information and - Tax Information" in the Official Statement relating to the Bonds (excluding any information on overlapping or underlying units) and (ii) the combined budget of the County for the current fiscal year, to the extent such items are not included in the financial statements referred to in (a) above; (c) in a timely manner, not in excess of ten (10) Business Days after the occurrence of the event, notice to the MSRB of any of the following events with respect to the Bonds: (1) principal and interest payment delinquencies; (2) non - payment related defaults, if material; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on any credit enhancements reflecting financial difficulties; (5) substitution of any credit or liquidity providers, or their failure to perform; (6) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701 -TEB) or material events affecting the tax status of the Bonds; (7) modification to rights of the beneficial owners of the Bonds, if material; (8) call of any of the Bonds, if material, and tender offers; (9) defeasance of any of the Bonds; (10) release, substitution or sale of any property securing repayment of the Bonds, if material; (11) rating changes; (12) bankruptcy, insolvency, receivership or similar event of the County; (13) the consummation of a merger, consolidation, or acquisition involving the County or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to such actions, other than pursuant to its terms, if material; (14) appointment of a successor or additional trustee or the change of name of a trustee, if material; and (d) in a timely manner, to the MSRB, notice of a failure of the County to provide the required annual financial information described in (a) or (b) above on or before the date specified.