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RES-2002-083 Resolution Providing Final Approval of Financing Terms and Documents - Public Hearing on Alternative Capital Financing Plan
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RES-2002-083 Resolution Providing Final Approval of Financing Terms and Documents - Public Hearing on Alternative Capital Financing Plan
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Last modified
5/8/2012 2:45:21 PM
Creation date
4/24/2012 10:22:40 AM
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BOCC
Date
11/19/2002
Meeting Type
Regular Meeting
Document Type
Resolution
Agenda Item
7b
Document Relationships
Agenda - 11-19-2002-7b
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\Board of County Commissioners\BOCC Agendas\2000's\2002\Agenda - 11-19-2002
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completed to such officer's satisfaction, and thereupon to release the executed copies of <br />such documents for delivery to the appropriate persons or organizations. Without <br />limiting the generality of the foregoing, tlie Board specifically authorizes the Finance <br />Officer to approve changes to any documents (including the Documents and any <br />closing certifications) previously signed by County officers or employees, provided <br />that such changes shall not substantiallyalter the intent of such docurr~nts from that <br />expressed in the forrr~s of such documents as executedby such officers. The Finance <br />Officer's authorization of the release of any such document for delivery will constitute <br />conclusive evidence of his approval of anysuch changes. <br />S. Resolutions As To Tax Matters -- The County will not take or omit to <br />take any action the taking or omission of which will cause its obligations to pay <br />principal and interest components of installment payments under the Financing <br />Agreement (as described on Exhibit A) (the "Obligations'~ to be "arbitrage bonds," <br />within the meaning of Section 148 of the "Code" (as defined below), or "private <br />activity bonds" within the meaning of Code Section 141, or otherwise cause interest <br />components of the installment payments to be includable in gross income for federal <br />income tax purposes. Without limiting the generality of the foregoing, the County will <br />comply with any Code provision that may require the County at any time to pay to the <br />United States any part of the earnings derived from the investment of the proceeds <br />made available to it under the Financing Agreement, and the County will pay any such <br />required rebate from its general funds. For the purposes of this resolution, "Code" <br />means the United States Internal Revenue Code of 1986, as amended through the date <br />of the initial delivery of the Financing Agreement, including applicable Treasury <br />regulations. ~ <br />6. Obligations Are "Bank-Qualified" Obligations -- The County designates <br />the Obligations as "qualifiedtax-exempt obligations" for the purpose of Code Section <br />265(b)(3). <br />7. Authorization to School Board Attorney - The Board authorizes and <br />approves actions taken and to be takenby the School Board's attorney in connection <br />with ti~e conveyance of the Orange High School property to the County and in <br />obtaining a title insurance policy on that property for the County's benefit. The Board <br />waives any conflict that may arise between such activities on the County's behalf and <br />the attorney's representative of the School Board. <br />8. Miscellaneous Provisions -- All County officers and employees are <br />authorized and directed to take all such further action as they may consider necessary <br />or desirable in furtherance of the purposes of this resolution. All such prior actions of <br />iTxco~! 2 <br />
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