HomeMy WebLinkAboutC.054.93009_0087Uig
APR 7 ? 1993
Section 5. The form, terms and provisions of the Bond
Purchase Agreement, dated as of April 22, 1993 (the "Bond Purchase
Agreement"), by and between Alex. Brown & Sons Incorporated (the
"Underwriter") and the Local Government Commission of North
Carolina (the "LGC") are hereby approved in all respects and the
Chairman of the Board, the County Manager or the 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 1993 Bonds to the Underwriter at the price of
$3,687,538.55 (which price represents the principal amount of the
Series 1993 Bonds ($3,770,000) less an Underwriter's discount of
$60,885.50 and less original issue discount of $21,575.95) plus
accrued interest on the Series 1993 Bonds from April 15, 1993 to
the date of the delivery of the Series 1993 Bonds.
Section 7. The Board hereby approves and ratifies the use and
distribution of the Preliminary Official statement, in connection
with the sale of the Series 1993 Bonds, and the Official Statement
n connection with the sale of the Series 1993 Bonds, in
substantially the form of the Preliminary Official Statement, with
such changes as are necessary to reflect the Sinking Fund
Requirements, redemption provisions, maturities and interest rates
of the Series 1993 Bonds, and the Chairman of the Board, the County
Manager or the Director of Finance and Administrative Services of
the County is hereby authorized to execute the Official Statement
in substantially such form, together with such changes,
modifications and deletions as he or she, with the advice of
counsel, may deem necessary and appropriate; such execution shall
be conclusive evidence of the approval thereof by the County, the
County hereby approves and authorizes the distribution and use of
copies of the Official Statement by the Underwriter in connection
with the sale of the Series 1993 Bonds.
Section B. The proceeds of the series 1993 Bonds, including
accrued interest, shall be applied as follows:
(1) an amount of such process equal to the Debt
Service Reserve Fund Requirement (as hereinafter defined)
shall be deposited to the credit of the Series 1993 Account in
the Debt Service Reserve Fund which Account is hereby
established.
(2) all moneys received as accrued interest on the
Series 1993 Bonds shall be deposited to the credit of
the Interest Account; and
(3) the balance of such proceeds shall be deposited
to the credit of the Series 1993 Subaccount in the
Construction Account 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.
"Debt Service Reserve Fund Requirement" shall mean, as of any
particular date of calculation, with respect to the Series 1993
Bonds, an amount equal to the least of (i) the maximum principal
and interest on the Series 1993 Bonds then Outstanding payable int
he Bond Year, (ii) one hundred twenty-five percent (125%) of the
Series 1993 Bonds then outstanding and (iii) ten percent (10%) of
the originally issued aggregate principal amount of the Series 1993
Bonds.
Section 9. First -Citizens Bank & Trust Company, Raleigh,
North Carolina is hereby appointed Bond registrar for the Series
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