HomeMy WebLinkAboutC.054.93010_0984 (2)requirements, be obligated to make Installment Payments (its defined in the
Installment Financing Agreement) and certain other payments;
(c) a draft of the proposed Trust Agreement, dated as of December 1, 2002 (the
"Trust Agreement'), between the Corporation and First Citizens Bank and Trust
Company (the "Trustee'), the provisions of which relate to the issuance of and
security for the Bonds (as defined in the Trust Agreement) authorized to be
issued thereunder;
(d) A draft of the proposed First Supplemental Trust Agreement, dated as of
December 2, 2002 (the "First Supplemental Trust Agreement'), between the
Corporation and the Trustee, the provisions of which relate to the issuance of the
Series 2002 Bond,-
(e)
ond;(e) A draft of the proposed Deed of Trust, to be dated as of December 17, 2002 (the
"Deed of Trust'), from the County to PRLAP, inc., as deed of trust trustee, for
the benefit of the Corporation, by which the County will secure its obligations to
the Corporation under the Installment Financing Agreement;
(� A draft of the proposed Deed of Assignment, dated as of December 27, 2002 (the
"Deed of Assignment'), from the Corporation to the Trustee, assigning the
Corporation's rights as beneficiary under the Deed of Trust, and
(p) A draft of the proposed Escrow Deposit Agreement, dated as of December 1,
2002 (the "Escrow Deposit Agreement'), among the Corporation, the County
and First Citizens Bank & trust Company, as escrow agent.
BE IT RESOLVED by the Board of Commissioners for the County of Iredell, North
Carolina:
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, the First Supplemental Trust Agreement or the Installment Financing Agreement.
Section 2. The County hereby approves the sale of the Series 2002 Bond by the
Corporation. The Series 2002 Bond shall mature on June 1, 2007 and shall bear interest at the rate
of 2.85% per annum, subject to adjustment as provided therein and in the First Supplemental Trust
Agreement.
The Series 2002 Bond shall be issued in fully registered form. Interest on the Series 2002
Bond shall be payable on June 1, 2003, and thereafter semiannually on each June 1 and December
1 until the Series 2002 Bond is fully paid. Payments of principal of and interest on the Series 2002
Bond shall be made by the Trustee to the registered owner of the Series 2002 Bond in the manner
set forth in the Trust Agreement and the First Supplemental Tnist Agreement.
Section 3. The Series 2002 Bond shall be subject to redemption at the times, upon the terms
and conditions, and at the prices set forth in the Trust Agreement and the First Supplemental Trust
Agreement.
Section 4. The proceeds of the Series 1002 Bond shall be applied as provided in Section
2.04 of the First Supplemental Trust Agreement.
Section 5. The forms, terms and provisions of the Installment Financing Agreement, the
Trust Agreement, the First Supplemental Trust Agreement, the Deed of Trust, the Deed of
Assignment, the Escrow Deposit Agreement and the Bond Purchase Agreement are hereby
approved in all respects, and the Chairman or Vice Chairman of the Board of Commissioners,
the County Manager, the Director of Finance and Administration, the Clerk or, in the absence or
incapacity of the Clerk, any Acting Clerk to the Board of Commissioners and the County
Attorney are hereby authorized and directed to execute and deliver the Installment Financing
Agreement, the Deed of Trust, the Escrow Deposit Agreement and the Bond Purchase
Agreement, in substantially the forms presented at this meeting, together with any changes,
modifications and deletions as they, with the advice of counsel, may deem necessary and
appropriate, including, but not limited to, changes, modifications and deletions necessary to
incorporate the final terms of the Series 2002 Bond as shall be set forth in the Bond Purchase
Agreement; such execution and delivery shall be conclusive evidence of the approval and
authorization thereof by the County.