HomeMy WebLinkAboutC.054.93011_1149 (2)registration of transfer of Bonds sufficient to reimburse it for any tax or other governmental charge
required to be paid with respect to such exchange or registration of transfer, but no other charge shall be
made by the Issuer or the Bond Registrar for exchanging or registering the transfer of Bonds under this
resolution. The Bond Registrar shall not be required to exchange or register the transfer of any Bond
during a period beginning at the opening of business fifteen (15) days before the day of the mailing of a
notice of redemption of Bonds or any portion thereof and ending at the close of business on the day of
such mailing or of any Bond called for redemption in whole or in part pursuant to Section 4 of this
resolution.
As to any Bond, the person in whose name the same shall be registered shall be deemed and
regarded as the absolute owner thereoffor all purposes, and payment of or on account of the principal or
redemption price of any such Bond and the interest on any such Bond shall be made only to or upon the
order of the registered owner thereof or his legal representative. All such payments shall be valid and
effectual to satisfy and discharge the liability upon such Bond, including the interest thereon, to the extent
of the sum or sums so paid.
The Issuer shall appoint such registrars, transfer agents, depositaries or other agents as may be
necessary for the registration, registration of transfer and exchange of Bonds within a reasonable time
according to then current commercial standards and for the timely payment of principal and interest with
respect to the Bonds. The Director of Finance and Administrative Services of the Issuer is hereby
appointed the registrar, transfer agent and paying agent for the Bonds (collectively the "Bond
Registrar"), subject to the right of the governing body of the Issuer to appoint another Bond Registrar,
and as such shall keep at his office the books of the Issuer for the registration, registration of transfer,
exchange and payment of the Bonds as provided in this resolution.
Section 6. The Issuer covenants that, to the extent permitted by the Constitution and laws of the
State of North Carolina, it will comply with the requirements of the Code, except to the extent that the
Issuer obtains an opinion of bond counsel to the effect that noncompliance would not result in interest on
the Bonds being includable in gross income of the owners of the Bonds for purposes of federal income
taxation.
Section 7. The Issuer hereby undertakes, for the benefit of the beneficial owners of the Bonds, to
provide:
(a) by not later than seven months from the end of each fiscal year of the Issuer,
commencing with the fiscal year ending June 30, 2006, to each nationally recognized municipal
securities information repository ("NRMSIR') and to the state information depository for the
State of North Carolina ("SID'), if any, audited financial statements of the Issuer for such fiscal
year, if available, prepared in accordance with Section 159-34 of the General Statutes of North
Carolina, as it may be amended from time to time, or any successor statute, or, if such audited
financial statements of the Issuer are not available by seven months from the end of such fiscal
year, unaudited financial statements of the Issuer for such fiscal year to be replaced
subsequently by audited financial statements of the Issuer to be delivered within 15 days after
such audited financial statements become available for distribution;
(b) by not later than seven months from the end of each fiscal year of the Issuer,
commencing with the fiscal year ending June 30, 2006, to each NRMSIR, and to the SID, if any,
(i) the financial and statistical data as of a date not earlier than the end of the preceding Ducal
year for the type of information included under the heading "The County - Debt Information and
- Tax Information'" (excluding information on underlying units) in the Official Statement
relating to the Bonds and (ii) the combined budget of the Issuer for the current focal year, to the
extent such items are not included in the audited financial statements referred to in (a) above;
(c) in a timely manner, to each NRMSIR or to the Municipal Securities
Rulemaking Board (WSRB ), and to the SID, if any, notice of any of the following events with
respect to the Bonds, if material:
(1) principal and interest payment delinquencies;
(2) non-payment related defaults;
(3) unscheduled draws on debt service reserves refecting financial
difficulties;
(4) unscheduled draws on any credit enhancements refecting financial
difficulties;
(5) substitution of any credit or liquidity providers, or their failure to
perform;
(6) adverse tax opinions or events affecting the tax-exempt status of the
Bonds;
(7) modification to the rights of the beneficial owners of the Bonds;
(8) call of any of the Bonds for redemption;
(9) defeasance of any of the Bonds;
(10) release, substitution or sale of property securing repayment of the
Bonds; and
01) rating changes; and
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