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July 23, 2007 (Regular Meeting) Page 506 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, the 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 4. Each of the Chairman of the Board of Commissioners, the County Manager and the Finance Director is authorized to approve all details of the financing of the Project, including, without limitation, the amount advanced under the Contract (which shall not exceed $7,900,000), the principal amounts and the interest amounts of the Installment Payments, which variable interest amounts shall not exceed 60.515$ of 30-day LIBOR plus 91 basis points. Execution of the Contract 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 5. The Chairman of the Board of Commissioners, the County Manager, the Finance Director and the County Attorney are each 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, appropriate 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) as they may deem necessary or advisable to carry out the intent of this resolution and to effect the financing pursuant to the Contract and the other Financing Documents. The 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. Section 6. The County covenants that, to the extent permitted by the Constitution and lawsof 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 the interest component of the Installment Payments paid pursuant to the Contract will not be includable in grossincome for purposes of federal income taxation, except to the extent that the County obtains an opinion of special counsel to the effect that noncompliance would not result in the interest component of said Installment Payments being includable in gross income for purposes of federal income taxation. Section 7. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner White, seconded by Commissioner Mynatt, the foregoing resolution entitled "RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $7,900,000, AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS IN CONNECTION THEREWITH, AND PROVIDING FOR CERTAIN OTHER RELATED MATTERS" was adopted and passed by the following vote: AYES: Chairman Carruth, Vice Chairman Juba and Commissioners Mynatt .and White NOES: None BUDGET REVISION/AMENDMENT REQUEST DEPARTMENT OF FINANCE AMOUNT: $190,000.00 TYPE OF ADJUSTMENT: Transfer Between Departments/Funds PURPOSE OF REQUEST: To appropriate Board contingency funds for an interest payment on an installment loan for the construction of the New High School off Cox Mill Road. This interest payment will be required if the County does not issue the Certificates of Participation for the entire High School Project by February 1, 2008. Account No. Present Increase Decrease Revised Budget Approved Budget 00191910-9660 $554,977.00 $140,000.00 $914,977.00 Contingency 00199110-9339 50.00 $140,000.00 $190,000.00 Lease .Interest - Sehools (G-6) Solid Waete Franahiee A regiment - Contract Renewal