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December 17, 2007 (Regular Meeting) Page 660 the 2008 Certificates (which shall not exceed $63,000,000), the maturities, the principal amounts and the interest amounts of the Installment Payments and the 2008 Certificates, which interest amounts (calculated with respect to the 2008 Certificates) shall not exceed 6.OB 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) (which shall not exceed 2.0~ of the principal amount of the 2008 Certificates). 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 7. 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, 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. 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 Directorof Finance shall determine. Section 8. 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 2008 Certificates 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 2008 Certificates being includable in the gross income of the owners of the 2008 Certificates for purposes of federal income taxation. Section 9. This Resolution shall become effective immediately upon its adoption. Thereupon, upon motion of Commissioner Joni D. Juba, seconded by Commissioner Robert W. Carruth, the foregoing resolution entitled "RESOLUTION APPROVING INSTALLMENT CONTRACT FINANCING FOR PUBLIC SCHOOL PROJECTS IN AN AGGREGATE PRINCIPAL AMOUNT UP TO $63,000,000 AND THE EXECUTION AND DELIVERY BY THE CABARRUS COUNTY DEVELOPMENT CORPORATION OF CERTIFICATES OF PARTICIPATION RELATED THERETO, 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 H. Jay White, Sr., Vice Chairman Joni D. Juba and Commissioners Robert W. Carruth and Grace Mynatt NOES: Commissioner Coy C. Privette APPOINTMENTS (I-1) Adult Care Home Community Advisory Committee (CAC) UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board accepted Jerry Shinn's resignation from the Department of Aging Advisory Board and appointed him to the Adult Care Home Community Advisory Committee for a one-year term ending December 31, 2008. (I-2) Centralina Workforce Development Board Vice Chairman Juba MOVED to make an exception to the residency and appoint Lisa Conger, the only applicant, to the Centralina Workforce Development Board to fill the "Education" position for a two-year term ending June 30, 2009. Commissioner Mynatt seconded the motion. Commissioner Privette expressed disbelief that there is not a county resident that can serve in this capacity.