BC 1990 06 18 - Laserfiche WebLink

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415 of redemption of Bonds or any portion thereof and ending at the close of business on the day of such mailing or of any Bond called for redemption in whole or in part pursuant to Section 4 of this resolution. As to any Bond, the person in whose name the same shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes, and payment of or on account of the principal or redemption price of any such Bond and the interest on any such Bond shall be made only to or upon the order of the registered owner thereof or his legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. The Issuer shall appoint such registrars, transfer agents, depositaries or other agents as may be necessary for the registration, registration of transfer and exchange of Bonds within a reasonable time according to then current commercial standards and for the timely payment of principal, interest and any redemption premium with respect to the Bonds. The Finance Director of the Issuer is hereby appointed the registrar, transfer agent and paying agent for the Bonds (collectively the "Bond Registrar"), subject to the right of the governing body of the Issuer to appoint another Bond Registrar, and as such shall keep at his office the books of the Issuer for the registration, registration of transfer, exchange and payment of the Bonds as provided in this resolution. Section 6. The Issuer covenants that, to the extent permitted by the Constitution and laws of the State of North Carolina, it will comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), except to the extent that the Issuer obtains an opinion of bond counsel to the effect that noncompliance would not result in interest on the Bonds being includable in gross income of their owners for purposes of federal income taxation. Section 7. The Issuer hereby represents that it reasonably expects that it and all subordinate entities thereof will not issue in the aggregate more than $10,000,000 of tax-exempt obligations (not counting private-activity bonds except for qualified 501(c)(3) bonds as defined in the Code) during calendar year 1990. In addition, the Issuer hereby designates each of the Bonds as a "qualified tax-exempt obligation" for the purposes of the Code. Section 8. The action of the Finance Director of the Issuer in applying to the Local Government Commission of North Carolina to advertise and sell the Bonds is hereby ratified and confirmed and the Local Government Commission of North Carolina is hereby requested to ask for sealed bids for the Bonds by publishing notices and printing and distributing an Official Statement and a Supplement to such Official Statement relating to the sale of the Bonds. Such Official Statement, dated June 29, 1990 and substantially in the form of the draft presented at this meeting, is hereby approved and the Chairman of the Board of Commissioners for the Issuer, the County Manager and the Finance Director of the Issuer are each hereby authorized to approve changes in such Official Statement, t~ approve such Supplement and to execute such Official Statement and such Supplement for and on behalf of the Issuer. Section 9. This resolution shall take effect upon its passage. Upon motion of Commissioner Hamby, seconded by Commissioner Moss, the foregoing resolution entitled: "RESOLUTION PROVIDING FOR THE ISSUANCE OF $8,000,000 SCHOOL BONDS, SERIES 1990" was passed by the following vote: Ayes: Commissioners Hamby, Moss, and Melvin and Chairman Lentz Noes: None UPON MOTION of Commissioner Moss, seconded by Commissioner Hamby with Commissioners Moss, Hamby, and Melvin and Chairman Lentz voting for, the Board authorized Chairman Lentz to sign the Cabarrus County Schools Application requesting the release of funds from the Public School Building Capital Fund for the projects listed below. Also, the Board approved the Budget Revision/Amendment Request establishing the budget for the construction of the Beverly Hills Elementary Classrooms. Release of $160,000.00 for the purchase of 103-acre site for the new Concord Middle School; and Release of $590,000.00 for the addition of a new classroom wing at Beverly Hills Elementary School. The new wing will contain eight new classrooms.