HomeMy WebLinkAboutC.054.93010_0997America Securities LLC (tile "Underwriter"), relating to the purchase by the Undcrwriter of the
Series 2003 Bonds;
(b) a draft of the proposed First Supplemental Installment Financing Agreement, to
be dated as of February 1, 2003 or another mutually agreeable date (the "First Supplemental
Installment Financing Agreement" and, together with the Original Installment Financing
Agreement, the "Installment Financing Agreement"), between the County and the Corporation,
pursuant to which the Corporation will make available to the County proceeds to be derived from
the sale of the Series 2003 Bonds in order to refund a portion of the Series 2000 Bonds, and the
County will be obligated to make Installment Payments (as defined in the Installment Financing
Agreement) and certain other payments, among other requirements;
(c) a draft of the proposed Second Supplemental Trust Agreement, to be dated as of
February 1, 2003 or another mutually agreeable date (tile "Second Supplemental Trust
Agreement"), between tile Corporation and Wachovia Bank, National Association, as trustee (the
-Trustee"), supplementing the Trust Agreement, dated as of July 1, 2000 (the "Trust
Agreement"), between the Corporation and the Trustee, under which the Trustee will make
available to the County the proceeds of the Series 2003 Bonds in order to pay the cost of
refunding a portion of the Series 2000 Bonds and to pay the premium for a financial guaranty
insurance policy as credit enhancement for the Series 2003 Bonds;
(d) a draft of the proposed First Modification to Deed of Trust, to be dated as of
February 1, 2003 or another mutually agreeable date (the "First Modification to Deed offrust"),
from the County to a deed of trust trustee for the benefit of the Corporation;
(e) a draft of the proposed Standby Bond Purchase Agreement, to be dated as of
February 1, 2003 or another mutually agreeable date (the "Standby Agreement"), between the
County and Bank of America, N.A.;
(f) a draft of the proposed Remarketing Agreement, to be dated as of February 1,
2003 or another mutually agreeable date (the "Remarketing Agreement"), among the County,
the Corporation and Banc of America Securities LLC, as remarketing agent (the "Remarketing
Agent");
(g) a draft of the Tender Agent Agreement, to be dated as of February 1, 2003 or
another mutually agreeable date (tile "Tender Agreement"), among Wachovia Bank, National
Association, as Tender Agent, Trustee and Bond Registrar, the County and the Remarketing
Agent;
(h) a draft of the Escrow Deposit Agreement, to be dated as of February 1, 2003 or
another mutually agreeable date (the "Escrow Deposit Agreement"), among the Corporation, the
County and Wachovia Bank, National Association, as escrow agent; and
(i) a draft of the proposed Official Statement, to be dated as of the date of delivery
thereof (the "Official Statement"), relating to the offering of the Series 2003 Bonds; now,
therefore,
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 Second Supplemental Trust Agreement, the Original Installment Financing
Agreement or the First Supplemental Installment Financing Agreement.
Section 2. The County hereby approves the sale of the Series 2003 Bonds by the
Corporation. The Series 2003 Bonds shall mature on June 1, 2020 and shall bear interest at such
rates as shall be determined in accordance with the provisions of the Second Supplemental Trust
Agreement; provided, however, that the aggregate principal amount of the Series 2003 Bonds
shall not exceed $21,500,000.