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September 20, 2010 (Regular Meeting) Page 120
<br />Corporation's Refunding Certificates of Participation and /or Limited
<br />Obligation Bonds (County of Cabarrus, North Carolina Installment Financing
<br />Contract), Series 2010B (the "2010B Certificates and /or Bonds "), the proceeds
<br />of which will be used to refinance all or a portion of the Corporation's
<br />Certificates of Participation (County of Cabarrus, North Carolina Installment
<br />Financing Contract), Series 2002 (the "2002 Certificates ");
<br />(3) Amendment Number One, proposed to be dated as of October 1, 2010
<br />(the "2003 First Contract Amendment "), to the Installment Financing Contract
<br />dated as of July 15, 2003 (the "Original 2003 Contract" and, as amended by
<br />the 2003 First Contract Amendment, the "2003 Contract "), each between the
<br />County and the Corporation as counterparty, pursuant to which the Corporation
<br />will advance moneys to the County to refinance all or a portion of the 2003
<br />Contract and the portion of the Refinanced Projects financed thereby and the
<br />County agrees to make periodic installment payments (the "2003 Installment
<br />Payments ") to repay the moneys so advanced, with interest;
<br />(4) Supplemental Indenture, Number 1, proposed to be dated as of
<br />October 1, 2010 (the "2003 First Supplement "), to the Indenture of Trust
<br />dated as of July 15, 2003 (the "Original 2003 Trust Indenture" and, as
<br />amended by the 2003 First Supplement, the "2003 Trust Indenture "), each
<br />between the Corporation and the trustee named therein, as trustee (the "2003
<br />Trustee "), pursuant to which there are to be executed and delivered the
<br />Corporation's Refunding Certificates of Participation and /or Limited
<br />Obligation Bonds (County of Cabarrus, North Carolina Installment Financing
<br />Contract), Series 2010C (the "2010C Certificates and /or Bonds "), the proceeds
<br />of which will be used to refinance all or a portion of the Corporation's
<br />Certificates of Participation (County of Cabarrus, North Carolina Installment
<br />Financing Contract), Series 2003 (the "2003 Certificates ");
<br />(5) an Escrow Deposit Agreement, proposed to be dated as of October
<br />1, 2010 (the "Escrow Agreement ") , between the County and the escrow agent
<br />named therein, as escrow agent (the "Escrow Agent "), pursuant to the terms of
<br />which the proceeds of the 2010B Certificates and /or Limited Obligation Bonds
<br />and the proceeds of the 2010C Certificates and /or Limited Obligation Bonds
<br />will be deposited and invested pending disbursement of such funds to
<br />refinance the respective prior installment financing contracts;
<br />(6) a Preliminary Official Statement to be dated on or about October
<br />1, 2010 (the "Preliminary Official Statement ") which, as supplemented with
<br />certain pricing and other permitted omitted information, is to be the
<br />Official Statement expected to be dated on or about October 15, 2010 (the
<br />"Official Statement "), pursuant to which the 2010B Certificates and /or
<br />Limited Obligation Bonds and the 2010C Certificates and /or Limited Obligation
<br />Bonds are to be offered and sold to the public;
<br />(7) a Contract of Purchase, including the exhibits attached thereto,
<br />expected to be dated on or about October 15, 2010 (the "2010B Purchase
<br />Contract ") between the Corporation and Southwest Securities, Inc., on its own
<br />behalf and as representative of the other underwriters (if any) named therein
<br />(collectively, the "Underwriters "), pursuant to which the Underwriters agree
<br />to purchase the 2010B Certificates for sale to the public; and
<br />(8) a Contract of Purchase, including the exhibits attached thereto,
<br />expected to be dated on or about October 15, 2010 (the "2010C Purchase
<br />Contract ") between the Corporation and Southwest Securities, Inc., on its own
<br />behalf and as representative of the other underwriters (if any) named therein
<br />(collectively, the "Underwriters "), pursuant to which the Underwriters agree
<br />to purchase the 2010C Certificates for sale to the public;
<br />WHEREAS, the obligations of the County to make the 2002 Installment
<br />Payments and other payments pursuant to the 2002 Contract and the 2003
<br />Installment Payments and other payments pursuant to the 2003 Contract,
<br />respectively, shall constitute limited obligations of the County payable
<br />solely from currently budgeted appropriations of the County and shall not
<br />constitute a pledge of the faith and credit of the County within the meaning
<br />of any constitutional debt limitation;
<br />WHEREAS, no deficiency judgment may be rendered against the County in
<br />any action for breach of a contractual obligation under the 2002 Contract or
<br />the 2003 Contract, respectively, and the taxing power of the County is not
<br />and may not be pledged in any way directly or indirectly or contingently to
<br />secure any moneys due under the 2002 Contract or the 2003 Contract; and
<br />WHEREAS, the Board of Commissioners desires to approve the Financing
<br />Documents and to authorize other actions in connection therewith;
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