Agenda - 10-03-2017 - 8-h - General Obligation Bond Sale

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4 2. Bonds Will Be Issued in Series - The County will issue and sell the bonds in three separate series, as follows: (a) The two-thirds school bonds will be issued in the amount of $5,900,000 and will be designated "General Obligation School Bonds, Series 2017A (and called the "2017A Bonds" in this resolution). (b) There will then be a separate series of the voter-approved school bonds in the aggregate principal amount of $40,000,000 that will be designated "General Obligation School Bonds, Series 2017B (and called the "2017B Bonds" in this resolution). (c) There will finally be a separate series of the voter-approved bonds for affordable housing in the aggregate principal amount of $2,500,000 that will be designated "General Obligation Taxable Housing Bonds, Series 2017C (and called the "2017C Bonds" in this resolution). 3. Payment Provisions -- The Bonds will bear interest at the rates determined at the time of their sale by the Local Government Commission (currently scheduled for October 24). The principal of the Bonds will be payable in annual installments as the Finance Officer may determine after consultation with the LGC, except that the final maturity for the Bonds must not extend beyond December 31, 2027. 4. Pledge of Faith, Credit and Taxing Power -- The County's full faith and credit are hereby irrevocably pledged for the payment of the principal of and interest on the Bonds. Unless other funds are lawfully available and appropriated for timely payment of the Bonds, the County will levy and collect an annual ad valorem tax, without restriction as to rate or amount, on all locally taxable property in the County sufficient to pay the principal of and interest on the Bonds as the same become due. 5. Approval of Official Statement for Offering - There has been made available to each member of the Board a draft of an official statement (the "Official Statement") relating to the Bonds, which is designed to provide appropriate