BC 2013 03 18 Regular Meeting - Laserfiche WebLink

Home Browse Search

March 18, 2013 (Regular Meeting) Page 1468 The County shall provide the documents referred to above to the MSRB in an electronic format as prescribed by the MSRB and accompanied by identifying information as prescribed by the MSRB. The County may discharge its undertaking described above by transmitting the documents referred to above to any entity and by any method authorized by the SEC. If the County fails to comply with the undertaking described above, any beneficial owner of the Bonds may take action to protect and enforce the rights of all beneficial owners with respect to such undertaking, including an action for specific performance; provided, however, that failure to comply with such undertaking shall not be an event of default and shall not result in any acceleration of payment of the Bonds. All actions shall be instituted, had and maintained in the manner provided in this paragraph for the benefit of all beneficial owners of the Bonds. The County reserves the right to modify from time to time the information to be provided to the extent necessary or appropriate in the judgment of the County, provided that: (a) any such modification may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of the County; (b) the information to be provided, as modified, would have complied with the requirements of Rule 15c2 -12 issued under the Securities Exchange Act of 1934 ( "Rule 15c2 -12 ") as of the date of the Official Statement relating to the Bonds after taking into account any amendments or interpretations of Rule 15c2 -12, as well as any changes in circumstances; and (c) any such modification does not materially impair the interests of the beneficial owners, as determined either by parties unaffiliated with the County (such as bond counsel), or by the approving vote of the registered owners of a majority in principal amount of the Bonds pursuant to the terms of this bond resolution, as it may be amended from time to time, at the time of the amendment. Any annual financial information containing modified operating data or financial information shall explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided. The provisions of this Section shall terminate upon payment, or provision having been made for payment in a manner consistent with Rule 15c2- 12, in full of the principal of and interest on all of the Bonds. Section 15. The Chairman or Vice - Chairman of the Board, the Clerk to the Board, the County Manager, the Finance Director and the other officers of the County are each hereby authorized and directed to execute and deliver for and on behalf of the County any and all financing statements, certificates, documents or other papers, including, without limitation, Letter(s) of Representations to Securities Depositories and agreements relating to investment of proceeds of the Bonds, and to perform any and all acts they may deem necessary or appropriate in order to carry out the intent of this resolution and the matters herein authorized. Section 16. This resolution shall take effect upon its passage. Upon motion of Vice Chair White, seconded by Chairman Poole, the foregoing resolution entitled: "RESOLUTION PROVIDING FOR THE ISSUANCE OF $62,390,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2013, SUBJECT TO ADJUSTMENT AS PROVIDED HEREIN" was passed by the following vote: Ayes: Commissioners Poole, White, Burrage Measmer and Morris. Noes: None (G -2) County Manager - Discuss Modified Work Session Format Chairman Poole advised there are a number of larger items needing discussion, similar to previous parking lot meetings. She further advised, in her discussion with the County Manager, these items will be included in addition to the current work session format. She stated additional meetings may be needed to address some of the items. Mike Downs, County Manager, stated there were several opinions regarding the work session format that were voiced and discussed at the work session. A discussion ensued. No action was taken. (G -3) County Manager - One Time Funding Senior Center Expansion and Related Budget Amendment