Orange County NC Website
5 <br />Resolution Providing Final Approval of Terms and Documents <br />For New Oran a Count Hi h School Finan~in Pro'ect <br />WHEREAS: <br />The Board of Commissioners of Orange County, North Carolina, has <br />previously approved and determined to carry out a plan for the construction and <br />financing (the "Project") of a new Orange County high school (the "New School"). <br />The County's Finance Officer has presented to .this meeting the draft <br />documents listed on Exhibit A (the "Documents") and a draft dated November 9, <br />2000, of an official statement providing for the disclosure of information to <br />prospective investors. All of these items relate to the County's carrying out the <br />Project and appear to be in forms appropriate for carrying out the Project. <br />BE IT TFIEREFORE RESOLVED by the Board of Commissioners of <br />Orange County, North Carolina, as follows: <br />1. Determination To Proceed with Project -- The Board confirms its <br />decision to carry out the Project in accordance with the plan described in the <br />Documents. <br />2. Approval of Documents; Direction To Execute Documents -- The <br />Board approves the forms of the Documents submitted to this meeting and directs <br />the Board's Chair to execute and deliver those Documents to which the County is a <br />party. The Documents in their final form must be in substantially the forms <br />presented, with such changes as the Chair may approve; the execution and delivery <br />of any Document by the Chair shall be conclusive evidence of such officer's <br />approval of any such changes. .The Documents in final form, however, must <br />provide for the amount to be financed by the County not to exceed $14,000,000 <br />and for a financing term not to extend beyond December 31, 2010. <br />3. Approval of Official Statement -The Board approves the draft official <br />statement submitted to this meeting as the form of the preliminary official statement <br />pursuant to which the Certificates (as defined in Exhibit A) will be offered for sale. <br />The preliminary official statement as distributed to prospective investors must be in <br />substantially the form presented, with such changes as the Finance Officer may <br />approve. The Board directs the Finance Officer, after the sale of the Certificates, to <br />