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� • / -7 <br /> RES-2014-043 !O <br /> Resolution for the Sale of General Obligation <br /> Refunding Bonds in the Maximum Amount of$15,500,000 <br /> WHEREAS-- <br /> Orange County has previously approved the issuance of general obligation <br /> refunding bonds (called the "Bonds" in this resolution) to refinance all or a portion of the <br /> County's outstanding General Obligation Refunding Bonds, Series 2005B (called the <br /> "Prior Bonds" in this resolution). <br /> Wells Fargo Bank, National Association ("Wells Fargo") has submitted a proposal <br /> for the purchase of the Bonds by Wells Fargo or by a wholly-owned subsidiary of Wells <br /> Fargo (in any case, the "Purchaser"). The County has determined to accept this proposal. <br /> BE IT RESOLVED by the Board of Commissioners of Orange County, North <br /> Carolina, as follows: <br /> 1. Determination To Sell Bonds -- The County will issue and sell the Bonds <br /> and use the proceeds to pay all or a portion of the outstanding balance of the Prior Bonds, <br /> along with other related costs. <br /> 2. Determination To Sell to the Purchaser - The County accepts the proposal <br /> for the purchase of the Bonds. The Bonds will be sold to the Purchaser pursuant to the <br /> terms of a proposal and a Forward Bond Purchase Agreement in substantially the forms <br /> of the drafts presented to this meeting. The Board approves the drafts presented. The <br /> Finance Director and the County Manager, or either of them, is authorized to sign and <br /> deliver the proposal and the Agreement in their respective final forms. The final forms <br /> may have such minor changes from the version presented as the signing officer may <br /> approve. The execution and delivery of the final form will be conclusive evidence of the <br /> signing officer's approval of the changes. <br /> The Agreement in its final form, however, must provide for the principal amount <br /> of the Bonds to not exceed $15,500,000, for a final maturity of the Bonds not beyond <br /> April 1, 2019 (which is the same final payment date as the Prior Bonds), and for a <br /> nominal interest rate on the Bonds not to exceed 2.50%. <br /> The County asks the North Carolina Local Government Commission (the "LGC") <br /> to sell the Bonds to the Purchaser at a private sale, substantially in accordance with the <br /> draft proposal, this resolution and the draft Forward Bond Purchase Agreement. <br /> 3. 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 on <br />