HomeMy WebLinkAboutC.054.93011_1107 (2)aggregate principal amount of the 2006 Certificates shall not exceed $47,000,000, the
final maturity of the 2006 Certificates shall not extend beyond December 31, 2027,
and the true interest cost of the 2006 Certificates shall not exceed 5.25% per annum.
The 2006 Certificates shall be issued in fully registered form in denominations
of $5,000 or any whole multiple thereof. Interest with respect to the 2006 Certificates
shall be payable on December 1, 2006 and thereafter semiannually on each June I and
December 1 until the 2006 Certificates are fully paid. Payments of principal and
interest with respect to the 2006 Certificates shall be made by the Trustee to the
registered owners of the 2006 Certificates in the manner set forth in the Trust
Agreement.
Section 3. The 2006 Certificates shall be subject to prepayment at the times,
upon the terms and conditions, and at the prices set forth in the Trust Agreement;
provided, however, that no prepayment premium shall exceed 2%.
Section 4. The proceeds of the 2006 Certificates shall be applied as provided
in Section 2.05 of the Trust Agreement.
Section 5. The forms, terms and provisions of the Installment Financing
Agreement, the Trust Agreement, the Deed of Trust, the Purchase Agreement, the
Construction Agreements and the Lease Agreements are hereby approved in all
respects, and the Chairman or Vice Chairman of the Board of Commissioners or the
County Manager is hereby authorized and directed to execute and deliver the
Installment Financing Agreement, the Deed of Trust, the Purchase Agreement, the
Construction Agreements and the Lease Agreements, in substantially the forms
presented to this meeting, together with such changes, modifications and deletions as
she or he, 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 2006 Certificates as shall be set forth in the Purchase Agreement;
such execution and delivery shall be conclusive evidence of the approval and
authorization thereof by the County.
Section 6. The County hereby approves the award of the 2006 Certificates to
the Underwriters pursuant to the Purchase Agreement, subject, however, to the
limitation on true interest cost contained in Section 2.
Section 7. The County hereby authorizes the use and distribution of the
Preliminary Official Statement in connection with the public offering of the
2006 Certificates, and the Official Statement, in substantially the form of the
Preliminary Official Statement, with such changes as are necessary to reflect the
maturities, interest rates, prepayment premiums and initial offering prices of the
2006 Certificates, is hereby approved, and the Chairman or Vice Chairman of the
Board of Commissioners, the County Manager or the Director of Finance and
Administrative 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 she or he, with the advice of counsel, may deem
necessary or appropriate; such execution shall be conclusive evidence of the approval
thereof by the County. The County hereby also approves and authorizes the
distribution and use of copies of the Official Statement, the Trust Agreement, the
Installment Financing Agreement, the Deed of Trust, the Purchase Agreement, the
Construction Agreements and the Lease Agreements by the Underwriters in
connection with the sale of the 2006 Certificates.
Section 8. The Chairman or Vice Chairman of the Board of Commissioners,
the County Manager, the Director of Finance and Administrative Services, counsel to
the County and the Clerk to the Board of Commissioners are authorized and directed
(without limitation except as may be expressly set forth herein) to take such actions
and to execute and deliver such documents, certificates, undertakings, agreements and
other instruments as they, with the advice of counsel, may deem necessary or
appropriate to effectuate the transactions contemplated by the Trust Agreement, the
Installment Financing Agreement, the Deed of Trust, the Purchase Agreement, the
Construction Agreements and the Lease Agreements.
Section 9. This resolution shall take effect immediately upon its passage.
After consideration of the foregoing resolution, Commissioner Norman moved
the passage thereof, and the foregoing resolution entitled: "RESOLUTION
APPROVING THE SALE BY IREDELL COUNTY PUBLIC FACILITIES
CORPORATION OF CERTIFICATES OF PARTICIPATION IN CERTAIN
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