HomeMy WebLinkAboutC.054.93011_1150 (2)(d) in a timely manner, to each NRMSIR or to the MSRB, and to the SID, if any,
notice of a failure of the Issuer to provide required annual financial information described in (a)
or (b) above on or before the date specified.
To the extent permitted by the U.S. Securities and Exchange Commission, the Issuer may
discharge the undertaking described above by transmitting electronically such financial statements,
financial and statistical information and notices to www.disclosureusa.ore.
If the Issuer fails to comply with the undertaking described above, any beneficial owner of the
Bonds then outstanding may take action to protect and enforce the rights of beneficial owners with
respect to such undertaking, including an action for specific performance; provided, however, that failure
to comply with such undertaking shall not be an event of default and shall not result in any acceleration
of payment of the Bonds.
The Issuer reserves the right to modify from time to time the information to be provided to the
extent necessary or appropriate in the judgment of the Issuer, provided that:
(a) any such modification may only be made in connection with a change in
circumstances that arises from a change in legal requirements, change in law, or change in the
identity, nature, or status of the Issuer;
(b) the information to be provided, as modified, would have complied with the
requirements of Rule 15c2-12 issued under the Securities Exchange Act of 1934 ("Rule 15e2-
12') as of the date of the Official Statement, after taking into account any amendments or
interpretations of Rule 15c1-12, as well as any changes in circumstances; and
(c) any such modification does not materially impair the interests of the beneficial
owners, as determined either by parties unaffiliated with the Issuer (such as bond counsel), or by
approving vote of the registered owners of not less than a majority in principal amount of the
Bonds then outstanding pursuant to the terms of this bond resolution, as it may be amended from
time to time.
The Issuer agrees that the annual financial information containing the amended operating data
or financial information will explain, in narrative form, the reasons for the amendments and the impact of
the change in the type ofoperating data or financial information being provided.
The provisions of this Section 8 shall terminate upon payment, or provision having been made
for payment, in a manner consistent with Rule 15c2-11, in full of the principal of and interest on all of the
Bonds.
Section 8. The actions of the Director of Finance and Administrative Services of the Issuer in
applying to the LGC to sell the Bonds and the LGC in asking for sealed bids for the Bonds by distributing
a notice of sale and a Preliminary Official Statement relating to the Bonds are hereby approved. Such
Preliminary Official Statement, to be dated May 5, 2006 and in substantially the form presented at this
meeting, is hereby approved, and the Chairman of the Board of Commissioners, the County Manager and
the Director of Finance and Administrative Services of the Issuer are each hereby authorized to approve
the Official Statement, in substantially the form of the Preliminary Official Statement, including changes
necessary to reflect the interest rates on the Bonds, the offering prices of the Bonds and any credit
enhancement for the Bonds purchased by the successful bidder, and to execute such Official Statement for
and on behaljof the Issuer.
Section 9. This resolution shall take effect upon its passage.
Upon Eolio of Chairman Tice, the foregoing resolution entitled:
"RESOLUTION PROVIDING FOR THE ISSUANCE OF $8,930,000 GENERAL
OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 2006" was passed by the
following vote:
Ayes: 5
Noes: 0
ANNOUNCEMENT OF VACANCIES OCCURRING ON
BOARDS & COMMISSIONS
Mitchell Community College Board of Trustees (1 announcement)
Centralina Workforce Development Board (2 announcements)
Juvenile Crime Prevention Council (8 announcements)
APPOINTMENTS TO BOARDS & COMMISSIONS
Adult Care Home Community Advisory Committee (4 appointments): No
nominations were made, and Commissioner Norman made a Egia to postpone the four
appointments until the May 23 meeting.
VOTING: Ayes — 5; Nays — 0.
Historic Properties Commission (2 appointments): No nominations were
submitted from the Historic Properties Commission, and Chairman Tice made a olio to
postpone the two appointments until the May 23 meeting.
VOTING: Ayes — 5; Nays — 0.
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