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