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4 <br />Documents to which the County is a party. The Documents in their respective final forms must be <br />in substantially the forms presented, with such changes as the Chair or the County Manager may <br />approve. The execution and delivery of any Document by an authorized County officer will be <br />conclusive evidence of such officer's approval of any such changes. The Documents in final <br />form, however, must provide for the principal amount of limited obligation bonds to not exceed <br />$75,000,000 and a financing term not to extend beyond December 31, 2032. The collateral <br />pledged to the repayment of the County's obligations under the Documents must include the <br />property associated with the new elementary school and may include any portion, or all, of the <br />collateral pledged to the repayment of obligations that are refinanced, as the Finance Officer may <br />approve. The amount financed under the Documents may include amounts to pay financing <br />expenses and other necessary and incidental costs. <br />3. Sale of Bonds; Approval of Official Statement - The Board approves and appoints <br />BB&T Capital Markets (a division of Scott & Stringfellow, LLC) as the underwriter of the bonds. <br />The Board approves the draft official statement submitted to this meeting as the form of <br />the preliminary official statement pursuant to which the contemplated limited obligation bonds <br />will be offered for sale. <br />The preliminary official statement as distributed to prospective investors must be in <br />substantially the form presented, with such changes as the Finance Officer may approve. The <br />Board directs the Finance Officer, after the sale of the bonds, to complete and otherwise prepare <br />the preliminary official statement as an official statement in final form. <br />The Board acknowledges that it is the County's responsibility, and ultimately the Board's <br />responsibility, to ensure that the Official Statement in its final form neither contains an untrue <br />statement of a material fact nor omits to state a material fact required to be included therein for <br />the purpose for which such Official Statement is to be used or necessary to make the statements <br />therein, in light of the circumstances under which they were made, not misleading. By the <br />adoption of this resolution, the Board members approve the Official Statement as materially <br />correct and complete, and further acknowledge and accept their own responsibility for causing the <br />County to fulfill these responsibilities for the Official Statement. The Board authorizes and <br />approves the use of the preliminary official statement and final official statement by the <br />underwriters in connection with the sale of the bonds. <br />4. Authorization To Refinance Obligations with Existing Lenders - The Board <br />understands that for certain of the County's outstanding installment financing obligations, it may <br />be in the County's best interest to modify the existing agreements with the current lenders, <br />instead of refinancing those obligations through the issuance of the limited obligation bonds. The <br />Finance Officer, and all other County officers and representatives, are authorized and directed to <br />take all appropriate action to carry out such modifications and refinancings with the existing <br />lenders. <br />S. Authorization to County Manager and Finance Officer To Complete Closing - <br />The County Manager, the Finance Officer and all other County officers and employees are <br />4 <br />