HomeMy WebLinkAboutC.054.93009_2234 (2)(i) There shall be remitted to the Escrow Agent, for deposit to the credit of the Escrow Fund, the
amount specified in the Escrow Deposit Agreement; and
(ii) There shall be remitted to the County, for the purpose of paying the costs of
issuance of the Series 1999 Bond, the balance.
Section 8. The Trustee is hereby appointed Bond Registrar for the Series 1999 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 1999 Bond to any person other than a bank, an
insurance company or a similar financial institution unless the Series 1999 Bond is rated "BBB "' or higher
by Standard & Poor's ratings Services or `BaaY 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
1999. In addition, the County hereby designates the Series 1999 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, 2000 establishing rates and assessments for the Solid Waste System
(as defined in the Order) as its Rate Resolution under Section 501 of the Order and states its intent, which
is not legally binding, to operate the Solid Waste System in such a manner as to generate Solid Waste
System Revenues (as defined in the Order) in an amount sufficient to cover all expenses of the Solid Waste
System, including Current Expenses (as defined in the Order), debt service, the maintenance of required
reserves and capital outlay.
Section 12. So long as the Purchaser is the registered owner of the Series 1999 Bond, the County
covenants that it will send to the Purchaser, by first class mail, postage prepaid, a copy of each notice,
report and document which it is required, pursuant to the Order, to provide to the Trustee.
Section 13. The form, terms and provisions of the Escrow Deposit Agreement are hereby approved
in all respects and the Chairman or Vice Chairman of the Board, County Manager or Director of Finance
and Administrative Services of the County are hereby authorized and directed to approve, by execution
and delivery, the Escrow Deposit 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 for the approval
and authorization thereof by the County.
Section 14. The Chairman and Vice -Chairman of the Board of Commissioners, County Manager,
Clerk to the Board of Commissioners and Director of Finance and Administrative Services are hereby
authorized to perform the duties imposed on an Authorized Officer by the Order.
Section 15. The officers, agents and employees of the county and the officers and agents of the
Trustee and the Bond Registrar are hereby authorized and directed to do all acts and things required of
them by the provisions of the Series 1999 Bond, the Order, the Bond Purchase Agreement, the Escrow
Deposit Agreement and this Series Resolution for the full, punctual and complete performance of the
terms, covenants, provisions, and agreements therein and herein.
Section 16. The resolution of like title to this Series Resolution adopted by the Board on July 13,
1999 is hereby repealed.
Section 17. This Series Resolution shall take effect immediately upon its passage.
ANNOUNCEMENT OF VACANCIES OCCURRING ON BOARDS & COMMISSIONS:
Lake Norman Marine Commission (I announcement)