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(b) A draft dated August 22, 2011, of a Deed of Trust and Security Agreement to be <br /> dated on or about September 1, 2011, from the County to a deed of trust trustee for the <br /> Company's benefit, providing for a security interest in certain County property (including <br /> Morris Grove Elementary School and the 2007 County Justice Facility improvements) to <br /> secure the County's obligations under the Financing Contract. <br /> (c) A draft dated August 22, 2011, of a Trust Agreement to be dated on or about <br /> September 1, 2011, between the Company and a Trustee, providing for the issuance of <br /> limited obligation bonds to generate funds for the advance to the County under the <br /> Financing Contract. The bonds are payable from amounts paid by the County under the <br /> Financing Contract. <br /> (d) A draft of a Bond Purchase Agreement to be dated on or about September 1, <br /> 2011, providing for the underwriters' obligations to purchase the bonds. The Bond <br /> Purchase Agreement includes a Letter of Representation to be delivered by the County. <br /> The final form of this Agreement will set out the final principal amount, principal payment <br /> schedule and interest rates for the bonds. <br /> * * * * * * * * * * * * * * * * * <br /> I certify as follows: that the foregoing resolution was properly adopted at a meeting of the <br /> Board of Commissioners of Orange County, North Carolina; that such meeting was <br /> properly called and held on September 8, 2011; that a quorum was present and acting <br /> throughout such meeting; and that such resolution has not been modified or amended, and <br /> remains in full effect as of today. <br /> A motion was made by Commissioner Hemminger, seconded by Commissioner <br /> Foushee to approve the amended resolution authorizing application to the Local Government <br /> Commission (LGC) to issue up to $45 million in Limited Obligation Refunding bonds to refund <br /> the 2007 Certificates of Participation. <br /> VOTE: UNANIMOUS <br /> b. Employee Health Insurance and Other Benefits for 2012 <br /> The Board considered the County Manager's recommendations for employee health <br /> insurance and other benefits for the 2012 calendar year. <br /> Interim Human Resources Director Katherine Cathey made a PowerPoint presentation. <br /> Employee Health Insurance and Other Benefits for 2012 <br /> September 8, 2011 <br /> Background <br /> - Staff provided information relating to employee benefits in the Manager's <br /> recommended budget for FY 2011-12 and at May, June and August work sessions. <br /> - Health Insurance <br /> ■ Funding for up to a 15% (approximately $550,000) health insurance <br /> premium increase. <br />