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would be offered and sold to the public to the extent that all or any portion of the 2018 Limited <br />Obligation Bonds are publicly offered and sold; <br />WHEREAS, the obligations of the County to make Installment Payments and other <br />payments pursuant to the Contract(s) shall constitute limited obligations of the County payable <br />solely from currently budgeted appropriations of the County and shall not constitute a pledge of <br />the faith and credit of the County within the meaning of any constitutional debt limitation; <br />WHEREAS, no deficiency judgment may be rendered against the County in any action <br />for breach of a contractual obligation under the Contract(s), and the taxing power of the County <br />is not and may not be pledged in any way directly or indirectly or contingently to secure any <br />moneys due under the Contract(s); and <br />WHEREAS, the Board of Commissioners desires to approve the Financing Documents <br />and to authorize other actions in connection therewith; <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners, as follows: <br />Section 1. All actions taken by or on behalf of the County to date to effectuate the <br />proposed financing, including the selection of Piper Jaffray & Co, as Underwriter and/or <br />Placement Agent and Nexsen Pmet, PLLC, as special counsel, are hereby ratified, approved and <br />authorized pursuant to and in accordance with the transactions contemplated by the Financing <br />Documents. <br />Section 2. The Board of Commissioners hereby finds and confirms that (i) the Projects <br />and the financing thereof by one or more installment financing contracts is necessary and <br />expedient for the County; (ii) financing of the Projects by one or more installment financing <br />contracts, under the circumstances, is preferable to a bond issue by the County; (iii) the sums to <br />fall due under said one or more installment financing contracts are adequate and not excessive <br />for their proposed purpose; (iv) the County's debt management procedures and policies are good <br />and its debt will continue to be managed in strict compliance with law; (v) the increase in taxes, <br />if any, necessary to meet the sums to fall due under said one or more installment financing <br />contracts will not be excessive; and (vi) the County is not in default regarding any of its debt <br />service obligations. <br />3 Attachment number 1 \n <br />F-2 Page 39 <br />