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<br />January 24, 2005 (Regular Meeting)
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<br />75
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<br />The County reserves the right to modify from time to time the
<br />information to be provided to the extent necessary or appropriate in the
<br />judgment of the County, provided that:
<br />(a) any such modification may only be made in connection with a
<br />change in circumstances that arises from a change in legal
<br />requirements, change in law, or change in the identity, nature,
<br />or status of the County;
<br />the information to be provided, as modified, would have complied
<br />with the requirements of Rule 15c2-12 issued under the Securities
<br />Exchange Act of 1934 ("Rule 15c2-12") as of the date of the
<br />Official Statement relating to the Bonds, after taking into
<br />account any amendments or interpretations of Rule 15c2 -12 I as
<br />well as any changes in circumstances; and
<br />any such modification does not materially impair the interests of
<br />the beneficial owners, as determined either by parties
<br />unaffiliated with the County (such as bond counsel), or by the
<br />approving vote of the registered owners of.a majority in
<br />principal amount of the Bonds pursuant to the terms of this bond
<br />resolution, as it may be amended from time to time, at the time
<br />of the amendment.
<br />Any annual financial information containing modified operating
<br />financial information shall explain, in narrative form, the reasons
<br />modification and the impact of the change in the type of operating
<br />financial information being provided.
<br />To the extent permitted by the U.S. Securities and Exchange Commission,
<br />the County may discharge its undertaking described above by transmitting
<br />those documents or notices electronically to www.disclosureusa.orq.
<br />The provisions of this Section shall terminate upon payment, or
<br />provision having been made for payment in a manner consistent with Rule 15c2-
<br />12, in full of the principal of and interest on all of the Bonds..
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<br />(b)
<br />
<br />(c)
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<br />data or
<br />for the
<br />data or
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<br />Section 11. The County covenants that, to the extent permitted by the
<br />Constitution and laws of the State of North Carolina, it will do and perform
<br />all acts and things to comply with the requirements of the Internal Revenue
<br />Code of 1986, as amended (the "Code"), and any related regulations and
<br />procedures in order to assure that interest paid on the Bonds will not be
<br />includable in the gross income of the owners thereof for purposes of federal
<br />income taxation, except to the extent that the County obtains an opinion of
<br />bond counsel to the effect that noncompliance would not result in interest on
<br />the Bonds being includable in the gross income of the owners of the Bonds for
<br />purposes of federal income taxation.
<br />As necessary or appropriate in connection with the issuance of the
<br />Bonds, all officers, employees and agents of the County are authorized and
<br />directed to provide certifications of material facts and estimates as to the
<br />reasonable expectations of the County as of the date(s) the Bonds are
<br />delivered and on behalf of the County to sign agreements or acknowledge
<br />instructions regarding compliance with the requirements of the Code and any
<br />related regulations and procedures relating to the Bonds.
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<br />Section 12. The actions of the County Manager and the Finance Officer
<br />of the County in applying to the Local Government Commission of North
<br />Carolina to advertise and sell the Bonds are hereby approved, ratified and
<br />confirmed. The Local Government Commission of North Carolina is hereby
<br />requested to ask for sealed bids for the Bonds by publishing notices and
<br />printing and distributing a Preliminary Official Statement and an Official
<br />Statement, including any supplement thereto, relating to the sale of the
<br />Bonds. The Preliminary Official Statement, proposed to be dated on or about
<br />February 11, 2005, substantially in the form presented at this meeting, and
<br />an Official Statement, proposed to be dated on or about February 22, 2005, in
<br />substantially the form of the Preliminary Official Statement presented at
<br />this meeting, with such changes as are necessary to reflect the maturities,
<br />redemption provisions, interest rates and other pricing data of the Bonds, is
<br />hereby approved and the Chairman or Vice-Chairman of the Board, the County
<br />Manager and the Finance Officer, respectively, of the County are each hereby
<br />authorized to approve changes in such Preliminary Official Statement or
<br />Official Statement, to approve any supplement to such Preliminary Official
<br />Statement or Official Statement and to execute such Official Statement and
<br />any supplement to such Official Statement for and on behalf of the County.
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<br />Section 13. There are hereby created, as may be needed, appropriate
<br />funds and/or accounts of the County for the receipt and expenditure of the
<br />proceeds of the Bonds and appropriate debt service funds and/or accounts of
<br />the County for the receipt and disbursement of debt service payments on the
<br />Bonds.
<br />Section 14. The Chairman or Vice-Chairman of the Board, the Clerk to
<br />the Board, the County Manager, the Finance Officer and the other officers of
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