Agenda - 05-01-2012 - 5a - Laserfiche WebLink

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13 1 3. Sale of Bonds; Approval of Official Statement — The Board approves and 2 appoints BB&T Capital Markets (a division of Scott & Stringfellow, LLC) as the underwriter of 3 the bonds. 4 5 The Board approves the draft official statement submitted to this meeting as the form of 6 the preliminary official statement pursuant to which the contemplated limited obligation bonds 7 will be offered for sale. 8 9 The preliminary official statement as distributed to prospective investors must be in 10 substantially the form presented, with such changes as the Finance Officer may approve. The 11 Board directs the Finance Officer, after the sale of the bonds, to complete and otherwise 12 prepare the preliminary official statement as an official statement in final form. 13 14 The Board acknowledges that it is the County's responsibility, and ultimately the Board's 15 responsibility, to ensure that the Official Statement in its final form neither contains an untrue 16 statement of a material fact nor omits to state a material fact required to be included therein for 17 the purpose for which such Official Statement is to be used or necessary to make the 18 statements therein, in light of the circumstances under which they were made, not misleading. 19 By the adoption of this resolution, the Board members approve the Official Statement as 20 materially correct and complete, and further acknowledge and accept their own responsibility 21 for causing the County to fulfill these responsibilities for the Official Statement. The Board 22 authorizes and approves the use of the preliminary official statement and final official statement 23 by the underwriters in connection with the sale of the bonds. 24 25 4. Authorization To Refinance Obligations with Existing Lenders— The Board 26 understands that for certain of the County's outstanding installment financing obligations, it may 27 be in the County's best interest to modify the existing agreements with the current lenders, 28 instead of refinancing those obligations through the issuance of the limited obligation bonds. 29 The Finance Officer, and all other County officers and representatives, are authorized and 30 directed to take all appropriate action to carry out such modifications and refinancings with the 31 existing lenders. 32 33 5. Authorization to County Manager and Finance Officer To Complete Closing 34 — The County Manager, the Finance Officer and all other County officers and employees are 35 authorized and directed to take all proper steps to complete the financing in accordance with 36 the terms of this resolution. 37 38 The Board authorizes and directs the Finance Officer to hold executed copies of all 39 financing documents authorized or permitted by this resolution in escrow on the County's behalf 40 until the conditions for their delivery have been completed to such officer's satisfaction, and 41 thereupon to release the executed copies of such documents for delivery to the appropriate 42 persons or organizations. 43 44 Without limiting the generality of the foregoing, the Board specifically authorizes the 45 Finance Officer (a) to approve any additional agreements appropriate to carry out the plan of 46 financing contemplated by this resolution, including agreements for the custody or investment 47 of financing proceeds, appointment of additional underwriters and agreements for appropriate 48 professional services, and (b) to approve changes to any documents or closing certifications 49 previously signed by County officers or employees, provided that such changes do not conflict 50 with this resolution or substantially alter the intent from that expressed in the form originally