2010-05-17 RM Exhibits Exhibit
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Exhibit
AGENDA: May 17,2010 Book AWN Page l • R A-
NEW HANOVER COUNTY BOARD OF COMMISSIONERS
AN ORDINANCE AMENDING THE FISCAL YEAR 2010 BUDGET
BY BUDGET AMENDMENT 10-238
BE IT ORDAINED by the Board of County Commissioners of New Hanover County, North
Carolina, that the following Budget Amendment 10-238 be made to the annual budget ordinance for the
fiscal year ending June 30,2010.
Section 1:Details of Budget Amendment:
Fund: General Fund
Department: Health/Safe Kids
i
Expenditure: Decrease Increase
Health/Safe Kids:
Supplies $1,500
Total $11500
Revenue: Decrease Increase
Health/Safe Kids:
Grant—Safe Kids Worldwide $1,000
Grant—Safe Kids North Carolina 500
Total $1 500
Section 2:Explanation
Safe Kids Worldwide Grant: the Health Department received a $1,000 grant award for participation in a
Child Passenger Safety education event held during the recent Azalea Festival on April 10 and 11, 2010.
Funds will be used to support injury prevention initiatives for the remainder of 2010,to replenish resources
used during the Azalea Festival event, and recertification fees for Child Passenger Safety Technicians. No
matching County funds are required.
Safe Kids North Carolina Grant: the Health Department received a $500 grant award for Wheeled Sport
Safety Education. These funds will be used to purchase multipurpose youth helmets and raise awareness of
the importance of wearing helmets on bikes and other wheeled equipment, such as, scooters, skateboards,
and rollerblades.No matching County funds are required.
Section 3: Documentation of Adoption:
This ordinance shall be effective upon its adoption.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of New
l Hanover County,North Carolina,that the Ordinance for Budget Amendment 10-238,amending the annual
budget ordinance for the fiscal year ending June 30,2010,is adopted.
Nodopted,this YA day of Q 2010.
O 1 Rj, �,
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�` gyp ` '�Tason R. hompso ,Chairman
Sheila L.Schult,Clerk to the Board
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Exhibit
AGENDA: May 17,2010 Book Mltl Page 11.2 b
NEW HANOVER COUNTY BOARD OF COMMISSIONERS
AN ORDINANCE AMENDING THE FISCAL YEAR 2010 BUDGET
BY BUDGET AMENDMENT 10-249
BE IT ORDAINED by the Board of County Commissioners of New Hanover County, North
Carolina, that the following Budget Amendment 10-249 be made to the annual budget ordinance for the
fiscal year ending June 30,2010.
' I
Section 1: Details of Budget Amendment:
Fund: General Fund j
Department: Library
i
Expenditure: Decrease Increase
Libra
Supplies—Computer&Other $2,000
Total $21000
Revenue: Decrease Increase
Library:
Grant—Gates Foundation $2,000
Total $2,000
Section 2: Explanation
The Library received a grant award of$2,000 from the Gates Foundation,which will enable the Library to
purchase the hardware and software required to install a new self-checkout unit at the Northeast Regional
Library.No matching County funds are required.
1
k
Section 3: Documentation of Adoption:
This ordinance shall be effective upon its adoption.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of New
Hanover County,North Carolina,that the Ordinance for Budget Amendment 10-249,amending the annual
budget ordinance for the fiscal year ending June 30,2010,is adopted.
Adopted,this day of 2010.
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Sheila L.Schult,Clerk to the oard
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Exhibit
Book nylltPage �-
AGENDA: May 17,2010
NEW HANOVER COUNTY BOARD OF COMMISSIONERS
AN ORDINANCE AMENDING THE FISCAL YEAR 2010 BUDGET
BY BUDGET AMENDMENT 2010-58
BE IT ORDAINED by the Board of County Commissioners of New Hanover County, North
Carolina, that the following Budget Amendment 2010-58 be made to the annual budget ordinance for the
fiscal year ending June 30,2010.
Section 1: Details of Budget Amendment:
Fund: Controlled Substance Tax
Department: Sheriffs Office
Expenditure: Decrease Increase
Controlled Substance Tax:
Supplies $5,001
Total $5,001
I
i
i Revenue: Decrease Increase
Controlled Substance Tax:
Controlled Substance Tax $4,995
I
Interest on Investments 6
Total $5,001
Section 2: Explanation
To budget receipt of $4,995 received on 4/22/10 and interest on investments of $6 for period ending
February 2010. Controlled Substance Tax funds are budgeted as received and must be used for law
enforcement as the Sheriff deems necessary.
Section 3: Documentation of Adoption:
This ordinance shall be effective upon its adoption.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of New
Hanover County, North Carolina, that the Ordinance for Budget Amendment 2010-58, amending the
annual budget ordinance for the fiscal year ending June 30,2010,is adopted.
H
GO�NTy,tiodopted,this_ day of ,2010.
o 9
�n' \ Jason R.Thompson,Chairman
s
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Shei a L.ScfiulT,Clerk to the Board
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Exhibit
Book =1 I I Page d-
AGENDA: May 17,2010
NEW HANOVER COUNTY BOARD OF COMMISSIONERS
AN ORDINANCE AMENDING THE FISCAL YEAR 2010 BUDGET
BY BUDGET AMENDMENT 2010-59
BE IT ORDAINED by the Board of County Commissioners of New Hanover County, North
Carolina, that the following Budget Amendment 2010-59 be made to the annual budget ordinance for the
fiscal year ending June 30,2010.
Section 1: Details of Budget Amendment:
Fund:Federal Forfeited Property
Department: Sheriffs Office
Expenditure: Decrease Increase
Federal Forfeited Property:
Supplies $7,636
Total $7,606
Revenue: Decrease Increase
Federal Forfeited Property:
Federal Forfeited Property $7,318 j
Interest on Investments 318
Total $7,636
Section 2:Explanation
To budget receipts of$7,318 received on 3/30/10 and 4/9/10 and interest on investments of$318 for June
2009 through February 2010. Federal Forfeited Property funds are budgeted as received and must be used
for law enforcement as the Sheriff deems necessary.
E
Section 3: Documentation of Adoption:
This ordinance shall be effective upon its adoption.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of New
Hanover County, North Carolina, that the Ordinance for Budget Amendment 2010-59, amending the
annual budget ordinance for the fiscal year ending June 30,2010, is adopted.
1
Adopted,this day of ,2010.
JNTY•N
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Thomp n,Chairman
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Sheila L. cut,Clerk tote oa d
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.......... ...... ..........
..............
NEW HANOVER COUNTY BOARD OF COMMISSIONERS
NATIONAL SAFE BOATING WEEK PROCLAMATION
'"'HE Q!Bs
WHEREAS, on average, 700 people die each year in boating-related accidents in
the U.S.; nearly 70% of these are fatalities caused by drowning; and
WHEREAS, the vast majority of these accidents are caused by human error or
NJ
poor judgment and not by the boat, equipment, or environmental factors; and
WHEREAS, a significant number of boaters who lose their lives by drowning
each year would be alive today had they worn their life jackets; and
WHEREAS, modern life jackets are more comfortable, more attractive, and more
wearable han styles of years past and deserve a fresh look by today's boating
le
public.
416P
NOW, THEREFORE, BE IT PROCLAIMED by the New Hanover County
Board of Commissioners that May 22-28, 2010 be recognized as "National Safe
Boating Week" in New Hanover County. The Board does hereby support the
AJI-V Campaign and the start of the year
oals of the North American Safe Boating Cai
9
round effort to promote safe boating, and urges all those who boat to "Boat
L
Smart. Boat Safe. Wear it." and practice safe boating habits.
ADOPTED this the 17"' day of May, 2010.
F
ANOV R COUNTY
NEW H
NEW HANO
Jason T o
ason Th6mpson, Chairman
ATTEST:
Sheila L. Schult, Clerk to the Board
RE";-------
Exhibit�ll a 8 1 1.
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NEW HANOVER COUNTY BOARD OF COMMISSIONERS = 'I
WOMEN OF ACHIEVEMENT MONTH
PROCLAMATION
WHEREAS, women are prominent business owners and officials in our
community; and
WHEREAS, women hold executive positions and provide leadership to achieve
success for businesses and organizations; and
E _
E WHEREAS, women are primary caregivers to family members in addition to
> E
their roles in the public sector; and
E WHEREAS, many of these women's accomplishments have benefited our area's
Ebusiness, educational, service, cultural, and volunteer endeavors; and
s E WHEREAS, women's achievements have brought positive change and = '
collectively reward us all with an improved quality of life; and
#� E WHEREAS, in recognition of these accomplishments the 26t" Amival YWCA
Cape Fear Women of Achievement Awards will be held at the Coastline = f:+
E Convention Center on May 20, 2010. _ .•'
E
NOW, THEREFORE, BE IT PROCLAIMED by the New Hanover County
Board of Commissioners that May 2010 be recognized as "Women of = -
Achievement Month" in New Hanover County.
ADOPTED this the 17t" day of May, 2010.
i NEW HANOVE COUNTY
= �I
II
Jason . Thompson, Chairman
1 ST:
( Sheila L. Schult, Clerk to the Board
I
.rt.
'_ ~ r �-
NEW HANOVER COUNTY BOARD OF COMMISSIONERS
FOSTER CARE AWARENESS MONTH EXhlbl
PROCLAMATION Book— X-� Page
WHEREAS, in New Hanover County there are approximately 330 children of all ages in the custody
of the Department of Social Services and of those children, over half reside in foster homes, group
homes and hospitals; and
WHEREAS, it is the goal of this community to provide these children with safe, stable and nurturing
family environments, and
WHEREAS, we turn more and more to the family foster homes of New Hanover County to nurture
the bodies and spirits of the children in our charge while our social workers support parents in
building on their strengths to provide safe, permanent homes for their children to return to; and
WHEREAS, foster parents frequently adopt their foster children, which results in a continual need
for more foster families; and
WHEREAS, May is singled out as Foster Care Awareness Month to be the one month we publicly
recognize the tremendous contribution made by foster parents, numerous individuals and public and
private organizations to the child welfare system and to the lives of the young somehow entangled in
that system.
NOW, THEREFORE, BE IT PROCLAIMED by the New Hanover County Board of
Commissioners that May 2010 be recognized as "Foster Care Awareness Month" in New Hanover
County; and
BE IT FURTHER PROCLAIMED that the New Hanover County Board of Commissioners, in
recognition of Foster Care Awareness Month, thanks all foster mothers and foster fathers for their
commitment of time and talents to these precious children and encourage all citizens to celebrate the
contributions of foster parents and child welfare professionals. The New Hanover County Board of
Commissioners further encourages the community, businesses, faith-based organizations and families
to participate in efforts to recruit and support foster families in New Hanover County.
ADOPTED this the 17th day of May, 2010.
u�
W HAN VER TY
Jason R. hompson, Chairman
Sheila L. Schult, Clerk to the Board
I
I
Exhibit
Book Page.��
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF NEW HANOVER,
NORTH CAROLINA PROVIDING FOR THE ISSUANCE BY THE COUNTY OF NOT TO EXCEED
$88,000,000 GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, THAT SHALL CONSIST OF
GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS, SERIES 2010A AND GENERAL
OBLIGATION PUBLIC IMPROVEMENT BONDS,SERIES 2010B(TAXABLE)
i
WHEREAS, pursuant to and in accordance with a community college bond order adopted by
the Board of Commissioners on September 2, 2008, the County of New Hanover, North Carolina
(the "County")proposes to issue bonds in the aggregate principal amount of$70,500,000 (the
"Community College Bonds");
WHEREAS, pursuant to and in accordance with a parks and recreation bond order adopted by
t the Board of Commissioners on March 13, 2006, the County proposes to issue bonds in the
! aggregate principal amount of$17,500,000 (the "Parks and Recreation Bonds");
WHEREAS, the County desires that the Community College Bonds and the Parks and
Recreation Bonds to be issued pursuant to the bond orders described in the foregoing whereas
clauses of this Resolution be issued as a consolidated bond issue and be designated as "Public
Improvement Bonds, Series 2010A" and/or"Public Improvement Bonds, Series 2010B
(Taxable);"
3
WHEREAS, the County desires that the Local Government Commission(the "Commission")
sell the Public Improvement Bonds, Series 2010A and the Public Improvement Bonds, Series
2010B (Taxable)through a negotiated sale to Stephens Inc., on its own behalf and on behalf of
Davenport & Company LLC (the "Underwriters"), in accordance with the terms and conditions
set forth in a Bond Purchase Agreement to be dated on or about June 17, 2010 (the "Bond
Purchase Agreement") among the County, the Commission and the Underwriter;
WHEREAS, copies of the forms of the following documents relating to the transactions
4 described above have been filed with the County and have been made available to the Board of
Commissioners of the County (the "Board of Commissioners
x
1. the Bond Purchase Agreement; and
2. the Preliminary Official Statement with respect to the Bonds to be dated
on or about June 2, 2010, together with the Official Statement with respect
to the Bonds to be dated on or about June 17, 2010 (collectively, the
t
"Official Statement
i
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners as follows:
f �
} Section 1. For purposes of this Resolution, the following words have the meanings
ascribed to them below:
a
"201 OA Bonds" means the County's General Obligation Public Improvement Bonds, Series
2010A.
"2010B Bonds" means the County's General Obligation Public Improvement Bonds, Series
2010B (Taxable).
4
NYC 711730.3
"Bond Orders" means the bond orders described in the whereas clauses of this Resolution.
"Bonds" means, collectively, the 2010A Bonds and the 2010B Bonds.
"Code" means the Internal Revenue Code of 1986, as amended. Each reference to a section
of the Code herein will be deemed to include the United States Treasury Regulations proposed or
in effect with respect thereto.
"Moody's" means Moody's Investors Service, a corporation organized and existing under
the laws of the State of Delaware, its successors and their assigns and, if such corporation for any
reason no longer performs the functions of a securities rating agency, "Moody's" will be deemed
to refer to any other nationally recognized rating agency other than S&P designated by the
County.
"Pricing Certificate" means the certificate of the County's Finance Director delivered in
connection with the issuance of the Bonds which establishes, with respect to the Bonds, the final
maturity and serial principal amounts, the interest payment dates and rates and the provisions for
redemption, all as agreed on in the Bond Purchase Agreement.
"Registrar"means the County's Finance Director or any bank or trust company selected by
the County and any successor or assign.
"S&P" means Standard & Poor's Ratings Services, a Division of The McGraw-Hill
Companies, Inc., its successors and their assigns and, if such corporation for any reason no
longer performs the functions of a securities rating agency, "S&P" will be deemed to refer to
any other nationally recognized rating agency other than Moody's designated by the County.
Section 2.
(a) Pursuant to and in accordance with the community college bond order
adopted by the Board of Commissioner on September 2, 2008, the County shall issue its
bonds in an aggregate principal amount not to exceed $70,500,000.
(b) Pursuant to and in accordance with the parks and recreation bond order
adopted by the Board of Commissioners on March 13, 2006, the County shall issue its
bonds in an aggregate principal amount not to exceed $17,500,000.
(c) The Bonds to be issued pursuant to the Bond Orders described in
paragraphs (a) and (b) of this Section 2 shall be issued as a consolidated bond issue in the
aggregate principal amount not to exceed $88,000,000.
Section 3. If the County Finance Director establishes in her Pricing Certificate, the
County may determine not to issue part of the 201013 Bonds as "Build America Bonds" or
"Recovery Zone Economic Development Bonds" and instead to increase the principal amount of
the 2010A Bonds to be issued in an amount sufficient to fund the purposes for which the
corresponding reduction in the principal amount of the 2010B Bonds expected to be issued.
Section 4. The Bonds shall be dated as of their date of issuance. The Bonds shall pay
interest on February 1, 2011 and semiannually thereafter on August 1 and February 1, unless the
County Finance Director establishes different dates in her Pricing Certificate.
The Bonds are being issued to pay capital costs of improving community college and
parks and recreational facilities in the County pursuant to and in accordance with the respective
Bond Orders.
Section 5. Principal on the Bonds is payable on August 1 in each year, unless the
County Finance Director establishes different a date in her Pricing Certificate. The maturities of
the Bonds will be as set forth in the Pricing Certificate.
Section 6. The 2010A Bonds are to be numbered from "RA-1" consecutively and
upward and shall bear interest from their date at a rate or rates which will be hereafter
determined on the sale thereof computed on the basis of a 360-day year of twelve 30-day
months.
The 2010B Bonds are to be numbered from "RB-1" consecutively and upward and shall
bear interest from their date at a rate or rates which will be hereafter determined on the sale
thereof computed on the basis of a 360-day year of twelve 30-day months.
Section 7. The Bonds are to be registered as to principal and interest, and the Finance
Director of the County is directed to maintain the registration records with respect thereto. The
Bonds shall bear the original or facsimile signatures of the Chairman or Vice Chairman of the
Board of Commissioners of the County and the Clerk to the Board of Commissioners of the
County. An original or facsimile of the seal of the County is to be imprinted on each of the
Bonds.
Section 8. The Bonds will initially be issued by means of a book-entry system with
no physical distribution of bond certificates made to the public. One bond certificate with
respect to each date on which the 2010A Bonds are stated to mature and one bond certificate
with respect to each date on which the 2010B Bonds are stated to mature will be issued to The
Depository Trust Company, New York, New York ("DTC"), and immobilized in its custody. A
book-entry system will be employed, evidencing ownership of the Bonds in principal amounts of
$5,000 or integral multiples thereof, with transfers of beneficial ownership effected on the
records of DTC and its participants pursuant to rules and procedures established by DTC.
Interest on the Bonds will be payable to DTC or its nominee as registered owner of the Bonds in
immediately available funds. The principal of and interest o-n the Bonds will be payable to
owners of Bonds shown on the records of DTC at the close of business on the 15th day of the
month preceding an interest payment date or a bond payment date. The County will not be
responsible or liable for maintaining, supervising or reviewing the records maintained by DTC,
its participants or persons acting through such participants.
If(a) DTC determines not to continue to act as securities depository for the Bonds or (b)the
Finance Director for the County determines that the continuation of the book-entry system of
evidence and transfer of ownership of the Bonds would adversely affect the interests of the
beneficial owners of the Bonds, the County will discontinue the book-entry system with DTC.
[If the County identifies another qualified Securities Depository to replace DTC, the County will
make arrangements with DTC and such other Securities Depository to effect such replacement
and deliver replacement bonds registered in the name of such other Securities Depository or its
Securities Depository Nominee in exchange for the outstanding Bonds, and the references to
• i
i
DTC or Cede & Co. in this Resolution shall thereupon be deemed to mean such other Securities
Depository or its Securities Depository Nominee.] If the County fails to identify another
qualified securities depository to replace DTC, the County will authenticate and deliver
replacement bonds in accordance with DTC's rules and procedures.
Section 9.
(a) If the Pricing Certificate designates a date for the Bonds on and after
which the Bonds are subject to redemption, then such Bonds are subject to redemption
before maturity, at the option of the County, from any money that may be made available
for such purpose, either in whole or in part on any date on or after the date set forth in the
Pricing Certificate, at the principal amount of the Bonds to be redeemed, together with
interest accrued thereon to the date fixed for redemption, with such redemption premium,
if any, designated for the Bonds in the Pricing Certificate.
(b) The 2010B Bonds are also subject to redemption prior to their respective
maturities, at the option of the County, from any moneys that may be available for such
purpose, either in whole or in part on any date, upon the occurrence of an Extraordinary
Event (hereinafter defined) at a Redemption Price equal to the greater of:
(i) 100% of the principal amount of the 2010B Bonds to be redeemed; and
(ii) the sum of the present values of the remaining scheduled payments of principal
and interest on the 2010B Bonds to be redeemed to their respective maturity dates, not
including any portion of those payments of interest accrued and unpaid as of the date on
which the 2010B Bonds are to be redeemed, discounted to the date on which such 2010B
Bonds are to be redeemed on a semi-annual basis, assuming a 360-day year consisting of
twelve 30-day months, at the Treasury Rate (hereinafter defined), plus 1.00%plus, in
each case, accrued interest on the 2010B Bonds to be redeemed to the redemption date;
plus, in each case, accrued interest to the redemption date.
"Extraordinary Event" means a reduction or elimination of the County's cash subsidy
payment from the United States Treasury pursuant to Section 54AA, 140OU-2 or 6431 of the
Internal Revenue Code of 1986, as amended (the "Code") (as such Sections were added by
Section 1401 and 1531 of the American Recovery and Reinvestment Act, pertaining to "Build
America Bonds" and "Recovery Zone Economic Development Bonds").
"Treasury Rate"means, with respect to any redemption date'for a particular 2010B Bond, the
yield to maturity as of such redemption date of United States Treasury securities with a constant
maturity excluding inflation indexed securities (as compiled and published in the most recent
Federal Reserve Statistical Release H.15 (5 19)that has become publicly available at least two
business days prior to the redemption date or, if such Statistical Release is no longer published,
any publicly available source of similar market data) most nearly equal to the period from the
redemption date to the maturity date of the 2010B Bond to be redeemed; provided, however, that
if the period from the redemption date to such maturity date is less than one year,the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity
of one year will be used.
At the request of the Registrar, the Redemption Price of the 2010B Bonds to be redeemed
pursuant to this subsection (b) will be determined by an independent accounting firm, investment
banking firm or financial advisor retained by the County at the County's expense to calculate
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such Redemption Price. The County may conclusively rely on the determination of such
Redemption Price by such independent accounting firm, investment banking firm or financial
advisor and will not be liable for such reliance.]
(c) The County Finance Director is authorized to designate in the Pricing
Certificate that the 2010B Bonds shall be subject to redemption before maturity, at the
option of the County, at a Redemption Price equal to the greater of (a) 100% of the
principal amount of the 2010 Bonds to be redeemed; or (b) the sum of the present values
of the remaining scheduled payments of principal and interest on the 2010B Bonds to be
redeemed, not including any portion of those payments of interest accrued and unpaid as
of the date on which the 2010B Bonds are to be redeemed, discounted to the date on
which the 2010 Bonds are to be redeemed on a semi-annual basis, assuming a 360-day
year consisting of twelve 30-day months, at the Treasury Rate (defined above), plus 100
basis points; plus, in each case, accrued interest on the 2010 Bonds to be redeemed to the
redemption rate.
(d) If the Pricing Certificate designates a date for the 2010B Bonds on which
the 2010B Bonds are subject to mandatory redemption, then such Bonds are subject to
mandatory sinking fund redemption prior to maturity on the dates set forth in the Pricing
Certificate, at the principal amount of the 2010B Bonds to be redeemed, together with
interest accrued thereon to the date fixed for redemption.
Section 10.
(a) If the 2010A Bonds are subject to optional redemption and if less than all
the Bonds are called for redemption, the County shall select the maturity or maturities of
the 2010A Bonds to be redeemed in such manner as the County in its discretion may
determine, and DTC and its participants shall determine which 2010A Bonds within a 1,
maturity are to be redeemed by lot; provided, hon,ever, that the portion of any 2010A
Bond to be redeemed must be in principal amount of$5,000 or integral multiples thereof
and that, in selecting 2010A Bonds for redemption, each 2010A Bond is to be considered
as representing that number of Bonds which is obtained by dividing the principal amount
of such Bond by $5,000.
(b) If a book-entry system through DTC is used for determining beneficial
ownership of the 2010B Bonds and less than all the 20.1013 Bonds of any maturity are
called for redemption, DTC shall determine the amount of the interest of each direct
participant to be redeemed in accordance with its operating rules and procedures;
provided, however, that the portion of any 2010B Bond to be redeemed shall be in the
principal amount of $5,000 or an integral multiple thereof. If the book-entry system
through DTC for determining beneficial ownership of the 2010B Bonds is discontinued
and less than all the 2010B Bonds of any maturity are called for redemption, the 2010B
Bonds of such maturity to be redeemed shall be selected by the Registrar on a pro rata
basis among all the owners of the 2010B Bonds of such maturity based upon the principal
amount of 2010B Bonds owned by such owners, provided that the portion of any 2010B
Bond to be redeemed shall be in the principal amount of$5,000 or an integral multiple
thereof.
(c) When the County elects to redeem any Bonds, notice of such redemption
of such Bonds, stating the redemption date, redemption price and identifying the 2010A
Bonds or 201 OB Bonds or portions thereof to be redeemed by reference to their numbers
and further stating that on such redemption date there are due and payable on each 201 OA
Bond or 201 O Bond or portion thereof so to be redeemed, the principal thereof and
interest accrued to the redemption date and that from and after such date interest thereon
shall cease to accrue, is to be given not less than 30 days nor more than 60 days before
the redemption date in writing to DTC or its nominee as the registered owner of such
2010A Bonds or 2010B Bonds, by prepaid certified or registered United States mail, at
the address provided to the County by DTC, but any failure or defect in respect of such
mailing will not affect the validity of the redemption. If DTC is not the registered owner
of such Bonds, the County will give notice at the time set forth above by prepaid first
class United States mail, to the then-registered owners of such 2010A Bonds or 2010B
Bonds or portions thereof to be redeemed at the last address shown on the registration
books kept by the County. The County will also mail or transmit by facsimile or, in the
case of (3) below, in an electronic format as prescribed by the Municipal Securities
Rulemaking Board (the "MSRB"), a copy of the notice of redemption within the time set
forth above (1) to the Commission, (2)to each of the then-existing securities depositories
and (3) to the MSRB.
Section 11. The Bonds and the provisions for the registration of the Bonds and for the
approval of the Bonds by the Secretary of the Local Government Commission are to be in
substantially the form set forth in the Appendix A hereto.
Section 12. The County covenants that it will not take or permit, or omit to take or
cause to be taken, any action that would adversely affect the exclusion from gross income of the
recipient thereof for federal income tax purposes of the interest on the 2010A Bonds and the
2010B Bonds, if the 2010B Bonds were to have been issued as tax-exempt obligations, and, if it
should take or permit, or omit to take or cause to be taken, any such action, the County will take
or cause to be taken all lawful actions within its power necessary to rescind or correct such
actions or omissions promptly upon having knowledge thereof. The County acknowledges that
the continued exclusion of interest on the 2010A Bonds and the 2010B Bonds, had the 2010B
Bond been issued as tax-exempt obligations, from the owner's gross income for federal income
tax purposes depends, in part, on compliance with the arbitrage limitations imposed by Section
148 of the Code, including the rebate requirements, and that it will not permit at any time any of
the proceeds of the 2010 Bonds or other funds under their control be used, directly or indirectly,
to acquire any asset or obligation, the acquisition of which would cause the 2010 Bonds to be
"arbitrage bonds" for purposes of Section 148 of the Code, "private activity bonds" within the
meaning of Section 141 of the Code or "federally guaranteed" within the meaning of Section
149(b) of the Code.
Section 13. From the proceeds from the sale of the Bonds, the State Treasurer shall
pay capital costs of improving community college and parks and recreation facilities in the
County. Proceeds from the sale of the 201 OA Bonds shall be deposited in a fund established by
the Registrar and named "2010 Tax-Exempt Construction Fund." Proceeds from the sale of the
201 O Bonds shall be deposited in a fund established by the Registrar and named "2010 Taxable
Construction Fund." Within the 2010 Taxable Construction Fund, there shall be established two
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accounts, one to hold the 2010B Bond proceeds earmarked for the Recovery Zone Economic
Development Bond project and the other to hold the 2010B Bond proceeds earmarked for the
Build America Bond projects.
Section 14. Actions taken by officials of the County to select paying and transfer
agents, and a bond registrar, or alternate or successor agents and registrars pursuant to Section
159E-8 of the Registered Public Obligations Act, Chapter 159E of the General Statutes of North
Carolina, are hereby authorized and approved. The blanket Letter of Representations, as
requested by DTC, is hereby approved and confirmed.
Section 15. The Commission is hereby requested to sell the 2010A Bonds through a
negotiated sale to the Underwriter pursuant to the terms of the Bond Purchase Agreement at a
true interest cost not to exceed 4.00% and to sell the 2010B Bonds through a negotiated sale to
the Underwriter pursuant to the terms of the Bond Purchase Agreement at a true interest cost not
to exceed 7.00%. The form and content of the Bond Purchase Agreement is in all respects
approved and confirmed, and the Chairman of the Board of Commissioners, the County Manager
or the Finance Director of the County is hereby authorized, empowered and directed to execute
and deliver the Bond Purchase Agreement for and on behalf of the County, including necessary
counterparts, in substantially the form and content presented to the County, but with such
changes, modifications, additions or deletions therein as he may deem necessary, desirable or
appropriate, the execution thereof to constitute conclusive evidence of the Board of
Commissioners' approval of any and all such changes, modifications, additions or deletions
therein, and that from and after the execution and delivery of the Bond Purchase Agreement, the
Chairman of the Board of Commissioners, the County Manager and the Finance Director of the
County are hereby authorized, empowered and directed to do all such acts and things and to
execute all such documents as may be necessary to carry out and comply with the provisions of
the Bond Purchase Agreement as executed.
Section 16. The Chairman of the Board of Commissioners, the County Manager, the
Finance Director and the Clerk to the Board of Commissioners of the County are hereby
authorized and directed to cause the Bonds to be prepared and, when they shall have been duly
sold by the Commission, to execute the Bonds and to turn the Bonds over to the registrar and
transfer agent of the County for delivery through the facilities of DTC to the Underwriters.
Section 17. The form and content of the Official. Statement are in all respects
authorized, approved and confirmed, and the Chairman of the Board of Commissioners, the
County Manager, the Finance Director and the Clerk to the Board of Commissioners of the
County are authorized, empowered and directed to execute and deliver the Official Statement in
substantially the form and content presented to the Board of Commissioners, but with such
changes, modifications, additions or deletions therein as the Chairman of the Board of
Commissioners, the County Manager or the Finance Director of the County may deem
necessary, desirable or appropriate, their execution thereof to constitute conclusive evidence of
the approval of the Board of Commissioners of any and all changes, modifications, additions or
deletions therein from the form and content of the Official Statement presented to the Board of
Commissioners. The Board of Commissioners of the County does hereby recite that, upon its
examination and discussions, nothing has come to its attention which would lead it to believe
that the Official Statement contains any untrue statement of a material fact or omits to state any
material fact necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading.
Section 18. The Chairman of the Board of Commissioners, the County Manager, the
Finance Director and the Clerk to the Board of Commissioners of the County are authorized and
directed to execute and deliver for and on behalf of the County any and all additional certificates,
documents, opinions or other papers and perform all other acts as may be required by the
documents contemplated hereinabove or as may be deemed necessary or appropriate in order to
implement and carry out the intent and purposes of this Resolution.
Section 19. The County agrees, in accordance with Rule 15c2-12 (the "Rule")
promulgated by the Securities and Exchange Commission (the "SEC") and for the benefit of the
Registered Owners and beneficial owners of the Bonds, to provide to the MSRB, as follows:
(1) by not later than seven months after the end of each Fiscal Year to the
Municipal Securities Rulemaking Board (the "MSRB") in an electronic format as
prescribed by the MSRB, the audited financial statements of the County for the
preceding Fiscal Year, if available, prepared in accordance with Section 159-34 of
the General Statutes of North Carolina, as it may be amended from time to time,
or any successor statute, or if such audited financial statements are not then
available, unaudited financial statements of the County for such Fiscal Year to be
replaced subsequently by audited financial statements of the County to be
delivered within 15 days after such audited financial statements become available
for distribution;
(2) by not later than seven months after the end of each Fiscal Year to the
MSRB, (a) the financial and statistical data as of a date not earlier than the end of
such Fiscal Year for the type of information included under the captions "THE
COUNTY--DEBT INFORMATION" and "--TAX INFORMATION" (excluding
information on overlapping and underlying units) in Appendix A of the Official
Statement referred to in Section 15 and (b) the combined budget of the County for
the current Fiscal Year to the extent such items are not included in the audited
financial statements referred to in clause (1) above;
(3) in a timely manner, notice of the occurrence of any of the following events
with respect to the Bonds, if material:
(a) principal and interest payment delinquencies;
(b) non-payment related defaults;
(c) unscheduled draws on debt service reserves reflecting financial
difficulties;
(d) unscheduled draws on credit enhancements for the Bonds
reflecting financial difficulties;
(e) substitution of any credit or liquidity providers, or their failure to
perform;
(f) adverse tax opinions or events affecting the tax status of the
Bonds,
(g) modification to the rights of the beneficial owners of the Bonds;
(h) call of any of the Bonds for redemption, other than sinking fund
redemptions;
(i) defeasance of any of the Bonds;
0) release, substitution or sale of any property securing repayment of
the Bonds;
(k) rating changes on the Bonds; and
(4) in a timely manner, notice of the failure by the County to provide the
required annual financial information described in (1) and (2) above on or before
the date specified.
All information provided to the MSRB as described in this Section shall be provided in an
electronic format as prescribed by the MSRB and accompanied by identifying information as
prescribed by the MSRB. The County may discharge its undertaking described above by
transmitting those documents or notices in a manner subsequently required by the U. S.
Securities and Exchange Commission in lieu of the manner described above.
The County agrees that its undertaking under this Section is intended to be for the benefit of
the registered owners and the beneficial owners of the Bonds and is enforceable by any of the
registered owners and the beneficial owners of the Bonds, including an action for specific
performance of the County's obligations under this Paragraph, but a failure to comply will not be
an event of default and will not result in acceleration of the payment of the Bonds. An action
must be instituted, had and maintained in the manner provided iri this Paragraph for the benefit
of all of the registered owners and beneficial owners of the Bonds.
The County may modify from time to time, consistent with the Rule, the information
provided or the format of the presentation of such information, to the extent necessary or
appropriate in the judgment of the County, but:
(1) any such modification may only be made in connection with a change in
circumstances that arises from a change in legal requirements, change in law or
change in the identity, nature or status of the County;
(2) the information to be provided, as modified, would have complied with
the requirements of the Rule as of the date of the Official Statement, after taking
into account any amendments or interpretations of the Rule as well as any
changes in circumstances;
(3) any such modification does not materially impair the interest of the
registered owners or the beneficial owners, as determined by nationally
recognized bond counsel or by the approving vote of the registered owners of a
majority in principal amount of the Bonds.
In the event the County makes such a modification, the annual financial information
containing modified operating data or financial information will explain, in narrative form, the
reasons for the modification and the impact of the change in the type of operating data or
financial information being provided.
The provisions of this Section terminate on payment. or provision having been made for
payment in a manner consistent with the Rule, in full of the principal of and interest on the
Bonds.
Section 20. This Resolution, other than Section Section 19 hereof, may be amended or
supplemented, from time to time, without the consent of the owners of the Bonds if in the
opinion of nationally recognized bond counsel, such amendment or supplement would not
adversely affect the interests of the owners of the Bonds and would not cause the interest on the
2010A Bonds to be included in the gross income of a recipient thereof for federal income tax
purposes. This Resolution may be amended or supplemented with the consent of the owners of a
majority in aggregate principal amount of the outstanding Bonds, exclusive of Bonds, if any,
owned by the County, but a modification or amendment (1) may not, without the express consent
of any owner of Bonds, reduce the principal amount of any Bond, reduce the interest rate payable
on it, extend its maturity or the times for paying interest, change the monetary medium in which
principal and interest is payable, or reduce the percentage of consent required for amendment or
modification and (2) as to an amendment to Section 2'), must be limited as described therein.
Any act done pursuant to a modification or amendment consented to by the owners of the
Bonds is binding on all owners of the Bonds and will not be deemed an infringement of any of
the provisions of this Resolution, whatever the character of the act may be, and may be done and
performed as fully and freely as if expressly permitted by the terms of this Resolution, and after
consent has been given, no owner of a Bond has any right or interest to object to the action, to
question its propriety or to enjoin or restrain the County from taking any action pursuant to a
modification or amendment.
If the County proposes an amendment or supplemental resolution to this Resolution requiring
the consent of the owners of the Bonds, the Registrar shall, on being satisfactorily indemnified
with respect to expenses, cause notice of the proposed amendment to be sent to each owner of
the Bonds then outstanding by first-class mail,postage prepaid, to the address of such owner as it
appears on the registration books; but the failure to receive such:notice by mailing by any owner,
or any defect in the mailing thereof, will not affect the validity of any proceedings pursuant
hereto. Such notice shall briefly set forth the nature of the proposed amendment and shall state
that copies thereof are on file at the principal office of the Registrar for inspection by all owners
of the Bonds. If, within 60 days or such longer period as shall be prescribed by the County
following the giving of such notice, the owners of a majority in aggregate principal amount of
Bonds then outstanding have consented to the proposed amendment, the amendment will be
effective as of the date stated in the notice.
Section 21. Nothing in this Resolution precludes (a) the payment of the Bonds from
the proceeds of refunding bonds or (b) the payment of the Bonds from any legally available
funds.
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Section 22. All acts and doings of the Chairman of the Board of Commissioners. the
County Manager, the Finance Director of the County and the Clerk to the Board of
Commissioners of the County that are in conformity with the purposes and intents of this
Resolution and in the furtherance of the issuance of the Bonds and the execution, delivery and
performance of the Bond Purchase Agreement are in all respects approved and confirmed.
Section 23. If any one or more of the agreements or provisions herein contained is
held contrary to any express provision of law or contrary to the policy of express law, though not
expressly prohibited. or against public policy, or for any reason whatsoever is held invalid, then
such covenants, agreements or provisions are null and void and separable from the remaining
agreements and provisions and will in no way affect the validity of any of the other agreements
and provisions hereof or of the Bonds authorized hereunder.
Section 24. All resolutions or parts thereof of the Board of Commissioners in conflict
with the provisions herein contained are, to the extent of such conflict, hereby superseded and
repealed.
Section 25. This Resolution is effective on its adoption.
This the 17th day of May ?010.
LOV N T Y. Jason R. T meson
Chairman, Board of Commissioners
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p TEST:
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Sheila L. Schult, Clerk to Boar
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