HomeMy WebLinkAboutC.054.93009_2211Section 4. (A) Extraordinary Redemption. The Series 1999 Bond is subject to redemption in whole
or in part at any time from Net Proceeds (as defined in the Order) which the Trustee shall transfer to a special
account as provided in Section 708(c) or Section 708(d) of the order, plus, in the case of redemption pursuant
to said Section 708(c), other available moneys as permitted by Section 708(a) of the Order, at least forty-five
(45) days prior to the redemption date, at a redemption price equal to 1000/. of the principal amount of the
Series 1999 Bond to be redeemed together with the accrued interest to the date fixed for redemption.
(b) Optional Redemption. The Series 1999 Bond is subject to redemption, at the option of the
County, in whole or in part on any date, at a redemption price equal to 101 % of the principal amount of the
Series 1999 Bond being redeemed, plus accrued interest to the redemption date.
(c) Notice of Redemption. At least fifteen (15) days before the redemption date of the Series 1999
Bond or any portion thereof, the Bond Registrar shall cause a notice of any such redemption signed by the
Bond Registrar to be mailed, first class, postage prepaid, to the Owner of the Series 1999 Bond or portion
thereof to be redeemed. On the date fixed for redemption, notice having been mailed in the manner provided
in the Order, the Series 1999 Bond or portion thereof called for redemption shall be due and payable at the
redemption price provided therefor, plus accrued interest to such date. If there has been delivered to the
Trustee or the Bond Registrar and the Trustee or the Bond Registrar is then holding, in trust, money or
Defeasance Obligations, or a combination of both, sufficient to pay the redemption price of the Series 1999
Bond or portion thereof to be redeemed plus accrued interest to the date of redemption, interest on the series
1999 Bond or portion thereof called for redemption shall cease to accrue, such Series 1999 Bond or portion
thereof shall cease to be entitled to any benefit or security under the Order or to be deemed Outstanding; and
the Owner of such series 1999 Bond or portion thereof shall have no rights in respect thereof except to
receive payment of the redemption price thereof, plus accrued interest to the date of redemption.
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 ora Depositary and
while so held shall be deemed at all times to 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 on or about
August 2, 1999 (the "Bond Purchase Agreement"), by and between Branch Banking and Trust company of
North Carolina (the "Purchaser") and the Local Government Commission of North Carolina (the "LGC")
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 is 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 1999 Bond to
the Purchaser at the price of par.
Section 7. The proceeds of the Series 1999 Bond shall be applied by the Trustee as follows:
(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