Agenda - 10-18-2011 - 5j - Laserfiche WebLink

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~~~- doll- ~~ t 3 RESOLUTION FOR THE SALE OF UP TO $47,000,000 PUBLIC IMPROVEMENT REFUNDING BONDS WHEREAS -- The Board of Commissioners has previously authorized the issuance of up to $47,000,000 in County general obligation refunding bonds (the "Bonds") to refinance public improvement bonds the County issued back in 2004 and 2005. This resolution provides for the issuance of these Bonds and takes related action, such as approving the form of the disclosure document that will be used in connection with the offering and sale of the Bonds. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Sell Public Improvement Refunding Bonds -The County will issue and sell up to the full $47,000,000 of the unissued public improvement refunding bonds for their authorized purpose. 2. Payment Provisions. The Bonds will bear interest at the rates determined at the time of their sale by the Local Government Commission (currently scheduled for October 25). The principal of the Bonds will be payable in annual installments as the Finance Officer may determine after consultation with the LGC, except that the final maturity for the Bonds must not extend beyond December 31, 2025. 3. Pledge of Faith, Credit and Taxing Power -- The County's full faith and credit are hereby irrevocably pledged for the payment of the principal of and interest on the Bonds. Unless other funds are lawfully available and appropriated for timely payment of the Bonds, the Board will levy and collect an annual ad valorem tax, without restriction as to rate or amount, on all locally taxable property in the County sufficient to pay the principal of and interest on the Bonds as the same become due. 4. Approval of Official Statement for Offering -There has been made available to each member of the Board the form of an official statement (the "Official Statement") relating to the Bonds, pursuant to which the Bonds will be offered for sale. The Official Statement remains subject to completion and amendment. The Official Statement is approved as the form of official statement pursuant to which the Bonds will be offered for sale. The actions of the Finance Officer, in collaboration with the LGC, in preparing the text of the Official Statement are ratified, approved and confirmed. The Board approves the LGC's distribution of the Official Statement to prospective purchasers of the Bonds. The Official Statement as so distributed must be in substantially the form presented to this meeting, with such changes as the Finance Officer may approve.