RES-2012-101 Resolution for the Sale of Up to $20,000,000 of County General Obligation Refunding Bonds

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authenticated by the manual signature of an authorized officer or employee of a bond registrar selected by the Finance Officer. Interest on each Bond will be payable semiannually (a) from its date, if it is authenticated prior to the first interest payment date, or (b) otherwise from the interest payment date that is, or immediately precedes, the date on which it is authenticated (unless payment of interest is in default, in which case such Bond will bear interest from the date to which interest has been paid). Principal and interest will be payable in lawful money of the United States of America. The Finance Officer must execute a certificate prior to the initial delivery of the Bonds designating the final aggregate principal amount of the Bonds (up to the maximum authorized amount of$20,000,000), the final principal payment schedule and the interest payment dates for the Bonds. This certificate will be conclusive evidence of the Finance, Officer's approval and determination of such matters. 7. Finance Officer as Registrar; Payments to Registered Owners — The Finance Officer is appointed Registrar for the Bonds. As Registrar, the Finance Officer will maintain appropriate books and records of the ownership of the Bonds. The County will treat the registered owner of each Bond as the person exclusively entitled to payment of principal and interest and the exercise of all rights and powers of the owner, except that the County will make payments to the person shown as owner on the registration books at the end of the calendar day on the 15th day of the month (whether or not a business day)preceding each payment date. 8. Advertising Bonds for Sale -- The Finance Officer, in collaboration with the LGC, is directed to take all proper steps to advertise the Bonds for sale in accordance with standard LGC procedures, including through the use of a"Notice of Sale" document in the LGC's customary form and in substantially the same form as used for prior County bond sales. The Finance Officer is directed to review and approve a form of Notice of Sale as such officer may determine to be in the County's best interest. 9. LGC To Sell Bonds; Provision for Delayed Sale— (a) The County asks the LGC to sell the Bonds, to receive and evaluate bids and to award the Bonds on the basis of the best bid received. (b) If market conditions at the time of the proposed sale of the Bonds do not allow the Bonds to be sold at interest rates and prices that make the refunding of all or any portion of the prior bonds economical, as determined by the Finance Officer, the Finance Officer is authorized to decline the sale of the Bonds, in whole or in part. The Finance Officer is further authorized to provide for additional attempts to sell the Bonds, or any portion of the Bonds, if such officer determines that market conditions have changed such that a successful sale of the Bonds (or any portion) may be possible. The Finance Officer may provide for one or more additional sales until March 31, 2013, without further advance approval from the Board. These additional sales may make use 3