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and directs the Board's Chair and the County Manager, or either of them, to execute and <br />deliver those Documents to which the County is a party. The Documents in their <br />respective final forms must be in substantially the forms presented, with such changes as <br />the Chair or the County Manager may approve. The execution and delivery of any <br />Document by an authorized County officer will be conclusive evidence of such officer's <br />approval of any such changes. The Documents in final form, however, must provide for <br />the principal amount of limited obligation bonds to not exceed $75,000,000 and a <br />financing term not to extend beyond December 31, 2032. The collateral pledged to the <br />repayment of the County's obligations under the Documents must include the property <br />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 <br />Officer may approve. The amount financed under the Documents may include amounts to <br />pay financing expenses and other necessary and incidental costs. <br />3. Sale of Bonds; Approval of Official Statement - The Board approves and <br />appoints BB&T Capital Markets (a division of Scott & Stringfellow, LLC) as the <br />underwriter of the bonds. <br />The Board approves the draft official statement submitted to this meeting as the <br />form of the preliminary official statement pursuant to which the contemplated limited <br />obligation bonds will be offered for sale. <br />The preliminary official statement as distributed to prospective investors must be <br />in substantially the form presented, with such changes as the Finance Officer may <br />approve. The Board directs the Finance Officer, after the sale of the bonds, to complete <br />and otherwise prepare the preliminary official statement as an official statement in final <br />form. <br />The Board acknowledges that it is the County's responsibility, and ultimately the <br />Board's responsibility, to ensure that the Official Statement in its final form neither <br />contains an untrue statement of a material fact nor omits to state a material fact required <br />to be included therein for the purpose for which such Official Statement is to be used or <br />necessary to make the statements therein, in light of the circumstances under which they <br />were made, not misleading. By the adoption of this resolution, the Board members <br />approve the Official Statement as materially correct and complete, and further <br />acknowledge and accept their own responsibility for causing the County to fulfill these <br />responsibilities for the Official Statement. The Board authorizes and approves the use of <br />the preliminary official statement and final official statement by the underwriters in <br />connection with the sale of the bonds. <br />4. Authorization To Refinance Obligations with Existing Lenders - The <br />Board understands that for certain of the County's outstanding installment financing <br />obligations, it may be in the County's best interest to modify the existing agreements <br />2 <br />