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HomeMy WebLinkAboutC.054.93008_2206 (2)Section 1. Capitalized words and terms used in this resolution and not defined herein shall have the same meanings in this resolution as such words and terms are given in the Trust Agreement or the Installment Financing Agreement. Section 2. The County hereby approves the sale of the Certificates by the Corporation. The Certificates shall mature in such amounts and at such times and shall bear interest at such rates as shall be determined by the President of the Corporation; provided, however, that the aggregate principal amount of the Certificates shall not exceed $16,000,000, and the final maturity of the Certificates shall not extend more than 25 years from their date. The Certificates shall be issued in fully registered form in denominations of $5,000 or any whole multiple thereof. Interest on the Certificates shall be payable on June 1, 1993, and semian- nually thereafter on December 1 and June 1 until the Certificates are fully paid. Payments of principal of and interest on the Certificates shall be made by the Trustee to the registered owners of the Certificates in such manner as is set forth in the Trust Agreement. Section 3. The Certificates shall be subject to prepayment at the times, upon the times and conditions, and at the price set forth in the Trust Agreement; provided, however, that no prepayment premium shall exceed 3%. Section 4. The proceeds of the Certificates (including accrued interest) shall be applied as provided in Section 2.07 of the Trust Agreement. ., Section 5. The forms, terms and provisions of the Installment Financing Agreement and the Deed of Trust are hereby approved in all respects, and the Chairman or Vice Chairman of the Board of Commissioners, the County Manager, or the Director of Finance and Administrative Services and the Clerk to the Board of Commissioners are hereby authorized and directed to execute and deliver the Deed of the Trust and the Installment Financing Agreement in substantially the forms presented to this meeting, together with such changes, modifications and deletions necessary to incorporate the final terms of the Certificates as shall be set forth in the Certificate Sale Agreement; such execution and delivery shall be conclusive evidence of the approval and authorization thereof by the County. Section 6. Subject to the provisions of Section 8 hereof, the form, terms and provisions of the Certificate Sale Agreement are hereby approved in all respects and the Chairman or Vice Chairman of the Board of Commissioners, the County Manager of the Director of Finance and Administrative Services is hereby authorized and directed to execute and deliver the Certificate Sale Agreement in substantially the form presented to this meeting together with such changes, modifications, inser- tions and deletions as he or she, with the advice of counsel, may deem necessary and appropriate; such execution and delivery shall be conclusive evidence of the approval and authorization thereof by the County. Section 7. The form, terms and provisions of the Trust Agreement are hereby approved in all respects. Section 8. The County hereby approves the award of the Certificates to the Underwriter pur- suant to the Certificate Sale Agreement; provided, however, that the true interest cost shall not exceed 6.70% per annum and the Underwriters' discount shall not exceed 1.2% of the principal amount of the Certificates. Section 9. The County hereby approves the use and distribution of the Preliminary Official Statement in connection with the public offering of the Certificates, and the Official Statement, in substantially the form of the Preliminary Official Statement, with such changes as are necessary to reflect the maturities and interest rates of the Certificates and other information required by Rule 15c2-12 of the Securities and Exchange Commission, is hereby approved, and the Chairman or Vice Chairman of the Board of Commissioners, the County Manager or the Director of Finance and Adminis- trative Services is hereby authorized to execute, on behalf of the County, the Official Statement in substantially such form, together with such changes, modifications and deletions as he or she, with the advice of counsel, may deem necessary and appropriate; such execution shall be conclusive evidence of the approval thereof by the County, and the County hereby approves and authorizes the distribution and use of copies of the Official Statement, the Trust Agreement, the Installment Financing Agreement and the Deed of Trust by the Underwriter in connection with the public offering of the Certificates. Section 10. The officers of the County are authorized and directed (without limitation except as may be expressly set forth herein) to take action and to execute and deliver any such documents, certificates, undertakings, agreements or other instruments as they, with the advice of counsel, may deem necessary or appropriate to effect the transactions contemplated by the Trust Agreement, the Installment Financing Agreement, the Deed of Trust, the Certificate Sale Agreement and the Official Statement. Section 11. This resolution shall take effective immediately upon its passage. VOTING: Ayes - 5; Nays - 0. REQUEST FOR CONTRIBUTIONS FOR HUMAN SERVICES AUTOMATION STUDY - Budget Amendment #13: MOTION from Commissioner Stewart to approve the expenditure of $2,107 for a feasibility study in connection ' with the automation study of human services. These funds are to come from Contingency.