Agenda - 11-17-2009 - 4k - Laserfiche WebLink

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4 loan closing date, and (c) for an annual interest rate not to exceed 1.81% (in the absence of a default, or a change in tax status). In addition, the Board's Chair and the County Manager, or either of them, are authorized and directed to approve, execute and deliver any further documents and agreements they deem desirable for carrying out the purposes and intents of this resolution. It is the Board's understanding that the financing documents may include (a) a lease agreement, providing for the School Board to continue to use the transferred school property during the term of the financing, and (b) a project agreement, under which the School Board will carry out the planned school improvements on the County's behalf. The execution and delivery of any document by an authorized officer will be conclusive evidence of his approval of the final form of such document. 3. Authorization to Officers To Complete Closing -The Board authorizes and directs the Finance Officer and all other County officers and employees to take all proper steps to complete the financing pursuant to the Agreements and as contemplated by this resolution. The Board authorizes and directs the Finance Officer to hold executed copies of all documents and instruments authorized or permitted by this resolution in escrow on the County's behalf until the conditions for their delivery have been completed to such officer's satisfaction, and thereupon to release the executed copies of such documents and instruments for delivery to the appropriate persons or organizations. Without limiting the generality of the foregoing, the Board specifically authorizes the Finance Officer to approve changes to any documents previously signed by County officers or employees, provided that such changes do not conflict with this resolution or substantially alter the intent of the document from that expressed in the form originally signed. The Finance Officer's authorization of the release of any such document for delivery will constitute conclusive evidence of such officer's approval of any such changes. In addition, the Finance Officer is authorized and directed to take all appropriate steps for the efficient and convenient carrying out of the County's on-going responsibilities under the Agreements. This authorization includes, without limitation, contracting with third parties for reports and calculations that may be required under the Agreements. 4. Resolutions as to Tax Matters -- The County will not take or omit to take any action the taking or omission of which will cause its obligations to pay principal and interest (the "Obligations") to be "arbitrage bonds," within the meaning of Section 148 of the United States Internal Revenue Code of 1986, as amended, including the applicable Treasury regulations (the "Code").