Orange County NC Website
4 <br /> such dates and in such years and amounts as the Finance Officer determines after <br /> consultation with the LGC, except that the final maturity for the Bonds must not <br /> extend beyond December 31, 2025. <br /> The Finance Officer will execute a certificate prior to the initial delivery of the <br /> Bonds designating the principal and interest payment schedule for the Bonds, and <br /> such certificate will be conclusive evidence of the Finance Officer's approval and <br /> detennination of the payment schedule. Principal, premium, if any, and interest will <br /> be payable in lawful money of the United States of America. <br /> 4. Pledge of Faith, Credit and Taxing Power—The County's full faith and <br /> credit are hereby irrevocably pledged for the payment of the principal of and interest <br /> on the Bonds. Unless other funds are lawfully available and appropriated for timely <br /> payment of the Bonds, the Board will levy and collect an annual ad valorem tax, <br /> without restriction as to.rate or amount, on all locally taxable property in the County <br /> sufficient to pay the principal of and interest on the Bonds as the same become due. <br /> 5. Approval of Official Statement for Offering — There has been made <br /> available to each member of the Board the form of an official statement (the "Official <br /> Statement") relating to the Bonds, pursuant to which the Bonds will be offered for <br /> sale. The Official Statement remains subject to completion and amendment. <br /> The Official Statement is approved as the form of official statement pursuant to <br /> which the Bonds will be offered for sale. The -actions of the Finance Officer, in <br /> collaboration with the LGC, to prepare the text of the Official Statement are ratified, <br /> approved and confirmed. The Board approves the LGCs distribution of the Official <br /> Statement to prospective purchasers of the Bonds. The Official Statement as so <br /> distributed must in substantially the form presented to this meeting, with such changes <br /> as the Finance Officer may approve. <br /> The Board acknowledges that it is the County's responsibility to ensure that the <br /> Official Statement, in its final form, neither contains an untrue statement of a material <br /> fact nor omits to state a material fact required to be included therein for the purpose <br /> 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 <br /> the adoption of this resolution, the Board members approve the Official Statement as <br /> materially correct and complete, and further acknowledge and accept their own <br /> responsibility for causing the County to fulfill these responsibilities for the Official <br /> Statement. <br /> 6. Redemption Provisions— Bonds maturing prior to the principal payment <br /> date in the year 2012 will not be subject to redemption prior to maturity. Bonds <br /> maturing on the principal payment date in the year 2012 and thereafter will be <br /> redeemable, at the County's option from any moneys that may be made available for <br />