Orange County NC Website
Browse       Search
(whether or not a business day) of the month preceding each payment date. <br /> (c) The Bonds will contain appropriate restrictions on the transfer of the Bonds <br /> as may be provided for in the Forward Bond Purchase Agreement and the Bonds. <br /> 8. County Officers To Complete Closing - The Board directs the Finance <br /> Officer and all other County officers and employees to take all proper steps to have the <br /> Bonds prepared and executed in accordance with their terms and to deliver the Bonds to <br /> the purchaser upon payment for the Bonds. <br /> The Board authorizes the Finance Officer to hold the executed Bonds, and any <br /> other documents authorized or permitted by this resolution, in escrow on the County's <br /> behalf until the conditions for the delivery of the Bonds and other documents have been <br /> completed to the Finance Officer's satisfaction, and thereupon to release the executed <br /> Bonds and other documents for delivery to the appropriate persons or organizations. <br /> Without limiting the generality of the foregoing, the Board specifically authorizes <br /> the Finance Officer (a) to enter into such agreements or take such other actions as that <br /> officer may deem appropriate to provide for the refunding contemplated by this <br /> resolution (such as giving notice of redemption to the existing bondholders and providing <br /> for the custody of Bond proceeds pending their application to payment of the Prior <br /> Bonds), and (b) to approve changes to any documents, agreements or closing <br /> certifications previously signed by County officers or employees, subject to the <br /> provisions of this resolution and provided that any such changes do not substantially alter <br /> the intent from that expressed in the forms originally signed. The Finance Officer's <br /> authorization of the release of any document for delivery will constitute conclusive <br /> evidence of such officer's approval of any changes. <br /> In addition, the Finance Officer is authorized to take all appropriate steps for the <br /> efficient and convenient carrying out of the County's on-going responsibilities with <br /> respect to the Bonds. This authorization includes, without limitation, contracting with <br /> third parties for reports and calculations that may be required under the Bonds, this <br /> resolution or otherwise with respect to the Bonds. <br /> 9. Covenants as to Tax Matters - The County will not take or omit to take any <br /> action the taking or omission of which will cause any portion of the Bonds to be <br /> "arbitrage bonds," within the meaning of Section 148 of the "Code" (as defined below), <br /> or a "private activity bonds" within the meaning of Code Section 141, or otherwise cause <br /> interest on the Bonds to be includable in gross income for federal income tax purposes. <br /> Without limiting the generality of the foregoing, the County will comply with any Code <br /> provision that may require the County at any time to pay to the United States any part of <br /> the earnings derived from the investment of the proceeds of the Bonds, and the County <br /> will pay any such required rebate from its general funds. For the purposes of this <br /> resolution, "Code" means the United States Internal Revenue Code of 1986, as amended, <br /> 3 <br />