HomeMy WebLinkAboutC.054.93009_1853 (2)Investment Obligations (as defined in the order) acquired
with money credited to any fund or account established under the
Order shall be held by or under the control of the Trustee or a
Depositary and while so held shall be deemed at all times to be
part of such fund or account in which such money was originally
held. Except as provided in the Order or any Series Resolution,
any interest accruing and any profit realized or loss resulting
from the disposition of such investment Obligations shall be
credited to, or charged against, the fund or account of which it
is a part.
Section 5. The form, terms and provisions of the Bond
Purchase Agreement, to be dated as of May 14, 1998 (the "Bond
Purchase Agreement"), by and between BB&T/Craigie Governmental
Finance (the "Purchaser") and the Local Government Commission of
North Carolina (the 11LGC11) are hereby approved in all respects
and the chairman of the Board, County Manager or Director of
Finance and Administrative Services of the County is hereby
authorized and directed to approve, by execution and delivery,
the Bond Purchase Agreement in substantially the form presented
to this meeting together with such changes, modifications,
insertions and deletions as he or she, with the advice of
counsel, may deem necessary and appropriate; such execution and
delivery shall be conclusive evidence of the approval and
authorization thereof by the County.
Section 6. The Board hereby approves the action of the LGC
in awarding the Series 1998 Bond to the Purchaser at the price of
$1,000,000.
Section 7. The proceeds of the Series 1998 Bond shall be
deposited to the credit of the Series 1998 Subaccount in the
Construction Fund, which Subaccount is hereby established and
shall be held in trust for the sole and exclusive purpose of
paying the Cost of the Additional Improvements.
Section B. The Trustee is hereby appointed Bond Registrar
for the Series 1998 Bond.
Section 9. Notwithstanding any other provisions of the
Order or this Series Resolution, the Bond Registrar shall not
register the transfer of the Series 1998 Bond to any person other
than a bank, an insurance company or a similar financial
institution unless the Series 1998 Bond is rated "BBB-" or higher
by Standard & Poor's Ratings Services or "Baa3l' or higher by
Moody's Investors Service, Inc. or such transfer has been
previously approved by the Local Government Commission. This
section may not be amended without the prior written consent of
the Local Government Commission.
Section 10. The County represents that it reasonably
expects that it and all subordinate entities thereof will not
issue in the aggregate more than $10,000,000 of tax-exempt
obligations (not counting private -activity bonds except for
qualified 501(c) (3) bonds as defined in the Code) during calendar
year 1996. In addition, the County hereby designates the Series
1998 Bond as a "qualified tax-exempt obligation" for the purposes
of Section 265(b)(3) of the code.
Section 11. The Board hereby adopts those portions of the
County's budget ordinance for the fiscal year of the County
ending June 30, 1999 establishing rates and assessments for the
Solid Waste System (as defined in the Order) as its Rate
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