HomeMy WebLinkAboutC.054.93010_1250WHEREAS, in connection with such financing, it is necessary for the County to
approve the sale of said Certificates of Participation by the Corporation, to approve
certain other documents relating thereto and to authorize certain action in connection
therewith; and
WHEREAS, there have been presented at this meeting copies of the following
documents relating to the delivery of the 2003 Certificates (as hereinafter defined):
(a) a draft of the proposed Certificate Purchase Agreement for the
2003 Certificates (the "Purchase Agreement"), to be dated on or about
December 4, 2003, between the Corporation and Legg Mason Wood Walker,
Incorporated, as representative of the underwriters (the "Underwriters"), relating to the
purchase and sale by the Underwriters of the 2003 Certificates;
(b) a draft of the proposed Installment Financing Agreement, pursuant to
which the Corporation will make available to the County funds to be derived from the
sale of the 2003 Certificates with which to finance the completion of the Project and
refinance the County's payment obligations under the Prior Financing Agreement, 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 Trust Agreement, to be dated as of
December 1, 2003 (the "Trust Agreement"), by and between the Corporation and First -
Citizens Bank & Trust Company, as trustee (the "Trustee"), under which the Trustee
will make available to the County the proceeds of Certificates of Participation (Iredell
County Public Facilities Projects), Series 2003 evidencing proportionate and undivided
ownership interests in the Installment Payments to be made by the County under the
Installment Financing Agreement (the "2003 Certificates") to pay the cost of
completing the Project and refinancing the County's payment obligations under the
Prior Financing Agreement;
(d) a draft of the proposed Deed of Trust, to be dated as of the date of
delivery of the 2003 Certificates (the "Deed of Trust"), from the County to a deed of
trust trustee for the benefit of the Corporation;
(e) a draft of the Preliminary Official Statement (the "Preliminary Official
Statement"), to be dated on or about November 14, 2003, relating to the offering of the
2003 Certificates;
In drafts of the Project Construction Agreements, each to be dated as of
December 1, 2003 (each a "Project Construction Agreement"), between the County and
Iredell-Statesville Schools Board of Education and Mooresville Graded School District
Board of Education (each a `Board of Education"), respectively, pursuant to which each
Board of Education will use its best efforts to cause the completion of the construction
of the portion of the Project relating to public school facilities;
(g) drafts of the Lease Agreements, each to be dated as of December 1, 2003
(each a "Lease Agreement"), between the County and each Board of Education,
respectively; 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 and the Installment Financing Agreement.
Section 2. The County hereby approves the sale of the 2003 Certificates by the
Corporation. The 2003 Certificates shall mature in such amounts and at such times and