HomeMy WebLinkAboutC.054.93009_1658Memorial Hospital, Incorporated (the "Corporation") and (b) the acquisition and installation of
certain medical and other equipment and (3) pay certain costs and expenses incurred in connection
with the issuance ofthe Series 1997 Bonds, including the premium for a municipal bond insurance
policy to be issued by Ambac Assurance Corporation.
(b) The Local Government Commission of North Carolina (the "LGC") proposes to sell, for
and on behalf of the County, the Series 1997 Bonds to PaineWebber Incorporated and
Interstate/Johnson Lane Corporation (the "Underwriters"), pursuant to the provisions of a Bond
Purchase Agreement, to be dated on or about October 16, 1997 (the "bond Purchase Agreement"),
among the LGC and the Underwriters, at the price determined by the LGC, subject to the approval
of the County and the Corporation.
(c) There have been presented to the Board of Commisisners at this meeting drafts of the
following documents relating to the issuance and sale ofthe Series 1997 Bonds:
(1) the Trust Agreement, to be dated as of October 1, 1997 (the "trust Agreement"), between
the County and First Union National Bank, as trustee (the "Trustee");
(2) the First Supplemental Trust Agreement, to be dated as of October 1, 1997 (the "first
Supplemental Trust Agreement"), between the County and the Trustee;
(3) the Amended and Restated Agreement of Lease, to be dated as of October 1, 1997 (the
"Lease"), between the County and the Corporation;
(4) The Bond Purchase Agreement;
(5) the Preliminary Official Statement for the Series 1997 Bonds, to be dated on or about
October 8,1997 (the "Preliminary Official Statement"), relating to the offering and sale ofthe Series
1997 Bonds; and
(6) the Commitment for Municipal Bond Insurance Policy (the "Commitment") from Ambac
Assurance Corporation.
(d) the County has determined that the issuance and sale of the Series 1997 Bonds in the
manner provided in this Order is in the best interest ofthe County.
Section 2. Capitalized words and terms used in this Order and not defined herein shall have
the same meanings given such words and terms in the Trust Agreement, the First Supplemental Trust
Agreement and the Lease.
Section 3. Pursuant to the provisions of The State and Local Government Revenue Bond
Act, as amended, the County hereby authorizes the issuance ofthe Series 1997 Bonds in an aggregate
principal amount not to exceed $22,000,000. The Series 1997 Bonds shall mature at the times and
in the amounts as shall be set forth in the First Supplemental Trust Agreement, subject to the
provisions of this Order; provided, however, that the final maturity of the Series 1997 shall not be
later than October 1, 2020.
The Series 1997 Bonds shall be issued as fully registered bonds in denominations of $5,000
or any whole multiple thereof and shall be issued pursuant to a book -entry system as provided in the
First Supplemental Trust Agreement. Interest on the Series 1997 Bonds shall be payable at the times
and in the manner provided in the First Supplemental Trust Agreement.
Section 4. The Series 1997 Bonds shall be subject to optional redemption, extraordinary
redemption and mandatory sinking fund redemption at the times, upon the terns and conditions, and
at the prices as shall be set forth in the Trust Agreement and the First Supplemental Trust
Agreement.
Section 5. The proceeds ofthe Series 1997 Bonds shall be applied as provided in Section 204