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V'� t!� '�' t/} tf� i/} t/} tn. 0 _ U r, m m m o ;q N lD Ln N m lD O N u Ln O O o m ri et ri 00 m m m r-+ Ln ® N lD CD N ri ri m L.O f� to ci r-i ri m m � 00 N aJ O Ln N O O O Ln Ct m �. N Ln 6 01 f� O L.D 0 O 4� N N 9 00 -1 fvl M lD Ln ri m W .1 ri ate+ lD I'D m N N N ci O V) w cl� LU 0 @ 00 2 m u tI� to tnl tI-� tn. V)- th V)- tI� try tI� to th to to tnn .-, M + a, u ® V-4 m B e _ m ® r8 v m® © m ® m u o a- m +� +, ®, +� > Ln Q < u 3 0 V Ln Q Q h u Exhibit n AGENDA: May 2 ,2 COUNTY NEW IIANOVER AN ORDINANCE AMENDING THE FISCAL YEAR 2013 BUDGET BY BUDGET AMENDMENT 13- 222 E IT ORDAINED by the Board of County Commissioners of New Hanover County,North Carolina,that e following Budget Amendment 13-222 be made to the annual budget ordinance for the fiscal year d` June 3 ,2013, Section Details of Budget Amendment Strategic Focus : Superior Public Health,Safety and Education Strategic Objective( a public safety l crime prevention General Department: ' s Office itr • a Inc Sheriffs Office $45,571 Total , 71 . Revenue: Decrease Increase �w Sheriffs Office ®® S45,571 Total st 7 Section l ' To budget reimbursement of$34,694 for expenses for the Sheriffs Office personnel who worked during the 2013 Presidential Inauguration in on,D.C.Expenses reimbursed include salaries and wages,mileage d fuel rennbursement.The reunbursement totally covers the County's expense.The remaming fimds of 10,877 are reimbursement for FBI and Vice overtime and lab fees expenses incurred b a Sheriffs Office while wor ' on FBI cases. Section 3: Documentation of o This ordinance shall beeffective upon its adoption. NOW,THEREFORE, E IT RESOLVED the Board of County Commissioners of New Hanover County,North Carolina, the Ordinance for Budget Amendment 13-222,amending the annual budget ordinance for the fiscal year ending June 30,2013,is adopted. dopt this 20th day of May,2413. o0 0 o Woody White, Sheila .S t, ler to e oard Exhibit Book�=—V/ Pagei--211) AGENDA: May 20,2013 NEW IIANOVER COUNTY BOARD OF COMMISSIONERS AN ORDINANCE AMENDING THE FISCAL YEAR 2013 BUDGET BY BUDGET AMENDMENT 13- 223 BE IT ORDAINED by the Board of County Commissioners of New over County,North Carolina,that the following Budget Amendment 13-223 be made to the annual budget ordinance for the fiscal year ending June 30,2013. Section 1: Details of Budget Amendment Strategic Focus Area: Superior public Health,Safety and Education Strategic Objective(s): Provide health/wellness education,programs,and services Fund,General Department:Social Services E Decrease U=Le d1ML- Social Services $676 of j $0 76 Revenue: Decrease Increase Social Services $676 Total so $676 Section 2: Explanation To budget an additional allocation of$676 contributed by Piedmont Natural Gas(PNG)customers,employees and corporate donations.Allocations are only made to counties who have PNG customers,and are based on the number of PNG residential customers in each county.Counties can uze Share the Warmth funds until exhausted or until the end of the heating season. 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 over County,North Carolina.that the Ordinance for Budget Amendment 13-223,amending the annual budget ordinance for the fiscal year ending June 30,2013,is adopted. Adopted,this 20th day of May,2013. 14TY- rz r �Womiy White,C a Sheila L. Sc t,Clerk to the B o-ard- AGENDA: May 20,2013 COMMISSIONERS NEW HANOVER COUNTY BOARD OF AN ORDINANCE AMENDING THE FISCAL YEAR 2013 BUDGET Exhibit BY BUDGET AMENDMENT 1 - E IT ORDAINED by the Board of County Commissioners of New Hanover County,North Carolina, that the following Budget Amendment 13-225 be made to the annual budget ordinance for the fiscal year ending June 3 ,2013. Section : Details of e t Strategic s : Superior Public Health,Safety and Education Strategic Objective(s) : Support programs to improve educational performance General Department: Museum Expenditure.• Decremasue Increase museum 1 Total 1 Revenue: Decrease c Total 1 Section Explanation The National Endowment for the Arts has e Museum a grant for$16,000 for The Big Read program,wInch is designed to revitalize the role of literature in eric culture and to encourage citizens to read for pleasure enlightenment. e grant requires a 1:1 match;however,the$16,000 match will be vi ed by collaborating partners. The Big Read book selected for this project is The Things They Carried,by Tim.OBrien,who weaves stories from the perspective of American soldiers in Viet Nam.Mr.OBrien will come to Wilmington to lead discussions during the project.New Hanover County Library is the sponsoring library for the grant d is joined by UNCW Randall Library and Cape Fear Community College Library.In addition reading groups f1rom.these institutions, a over County High Schools and the Literacy Council will sponsor book discussions.Progminining will be provided by the World War II Wilmington Home Front Heritage Coalition,USS North a e ,Cameron e ,WHQR and Cape Fear who will be hosting"Mail Call,"a Smithsonian Institution Traveling it about care packages and correspondence recei by soldiers from the Revolution to the present, - e providing in-kind pu lici tch.However,because of the community partnerships, compellitig nature of the topic,and ' it by the author,the project should receive extensive exposure i area medi&Contacts have begun with area military installations encourage involvement o erso el stationed a Lower Cape Fear.The project will enlist participation in holiday campaigns to remember active duty and veteran soldiers o packages and cards. Section 3: Documentation of Adoption This ordinance shall be a `ve upon its adoption. NOW,THEREFORE,BE IT RESOLVED by the Board of County Co of ew Hanover County,North Carolina, e Ordinance for Budget Amendment 13-225, the atinual budget ,1rtrY. c e for the fiscal year ending June 30,201 is. d. Ca this 20th day of ay,2013. Q ) Woody lx' 0 °te,C MI., ch t,Clerk to e Exhibit Book��V Pagel-24 AGENDA: May 20,2013 NEW 14ANOVER COUNTY BOARD OF COMMISSIONERS AN ORDINANCE AMENDING THE FISCAL YEAR 2013 BUDGET BY BUDGET AMENDMENT 13- 226 BE IT ORDAINED by the Board of County Commissioners of New over County,North Carolina, that the following Budget Amendment 13-226 be made to the annual budget ordinance for the fiscal year ending June 30,2013. Section 1: Details of Budget Amendment Strategic Focus Area: Effective County Management Strategic Objective(s): Increase efficiency quality of key business processes Fund:General Department:Parks and Gardens E 3enditure! Decrease In crease Parks and Gardens Capital Outlay/Equipment $46,000 Total Revenue: Decrease Lncrease Parks and Gardens Sale of Fixed Assets $46,000 Total so $46,000 Section 2: Explanation To record the trade-in allowances of one(l)JD 5320 Tractor,(1)JCB 214 Backhoe,and(1)New Holland LS 170 SIddsteer offered for the purchase of(3)Kubota L 3800 Diesel Tractors. Section 3-. Documentation of Adoption This ordinance shall bee tive 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 13-226,amending the annual budget ordinance for the fiscal year ending June 30,2013,is adopted. (SE s2 day of May,2013. 0 3� Woody te,C shei&-F—sc—huTt,-Clerk to the Board Exhib", 0, AGENDA: May 20,2013 Book,��Vl Page </ NEW HANOVER COUNTY BOARD OF COMMISSIONERS AN ORDINANCE AMENDING THE FISCAL YEAR 2013 BUDGET BY BUDGET AMENDMENT 13- 227 BE IT ORDAINED by the Board of County Commissioners of New over County,No Carolina,that the following Budget Amendment 13-227 be made to the annual budget ordinance for the fiscal year ending June 30,2013. Section 1: Details of Budget Amendment Strategic Focus Area: Superior Public Health,Safety and Education Strategic Objective(s): Provide health wellness education,programs,and services Fund:General Department- Social Services Ex enditure. penditure: Decrease jjc�re Social S ces $M'000 wse-- Total $400,000 so Revenue: Rpgrease Soci d Services $400,000 ase Total Section 2: Explanation The North Carolina Division of Childcare Development&Earlier Education(DCD&EE)has notified the New over County Department of Social Services(DSS)that the state subsidy funding for child-care services is being reduced by S400,000 for FY12-13 due to sequestration,This will require DSS toe" to all of their time-limited daycare vouchers as of May 31,2013,which will affect 417 children.This reduction will impact the parents!ability to maintain or accept employment.A time-limited voucher is funding provided by DCD&EE to provide temporary funds for dayeare services for a specified period of time.DSS is required to inform families that their daycare assistance is only for a temporary period when issuing these vouchers.Due to the sequestration of funds,the time-limited flinding will end as of May 31,2013,which means families lose their daycare assistance and are put back on the waiting list to obtain services. Sequestration will also affect the state subsidy funding in FYI 3-14,which will result in a reduction of child- care services to clients,thus reducing expenses and revenues.Details are unknown at this time. Section 3: Documentation of Adoption This ordinance shall bee tive 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 13-227,amen e ual budget ordinance for the fiscal year ending June 30,2013,is adopted. dap this 2M day of May,2013. 7) S 0 L 0 'p, ............................................-, Woody White,C c t,Clerk to the Board Exhibit ® May ,2 13 Book�=Page NEW HANOVER COUNTY BOARD OF COMMISSIONERS AN ORDINANCE AMENDING THE FISCAL YEAR 2013 BUDGET BY BUDGET AMENDMENT 13- 228 BE IT ORDAINED by the Board of County Commissioners of New over County,No Carolina,that the following Budget Amendment 13-228 be made to the annual budget ordinance for the fiscal year ending June 30,2013. Section 1: Details of Budget Amendment Strategic Focus Area: Superior public Health,Safety and Education Strategic Objective(s): Increase public safety crime prevention Fund:General Department:Sherilrs Office EIV ,Lditure: Decrease Increase Sheriffs Office $300,000 Total $300,000 Revenue: Decrease Ineme Sheriffs Office $30 00 Total so $300 Section 2: Explanation To budget additional funds received from the Statewide Misdemeanant Confinement Program(S MCP)for housing inmates due to the implementation of the SMCP and the Justice Reinvestment Act of 2011.This caused an increase in inmate population, is resulted in increased expenditures,such as,supplies,food, medical,equipment etc.,which will be offset by the increase in revenue.Additional estimated revenue of $400,000 is expected to be received that is not budgeted and will be returned to fund balance at year end, 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 over County,North Carolina,that the Ordinance for Budget Amendment 13-228,amending the annual budget ordinance for the fiscal year ending June 30,2013,is adopted. Adopted,this 20th day of May,2013. 0 0 Woody White, -3� She L. Schult,Clerk to the oard f� 'ter t x tyy` /aSF�'tttt`,�' „ t�: "zrr��.�t�'� `:.. vmt,eJYdx�rx° ,_-:,:�vE" .: m4�q d�`-.',`r is l..- Px, t.: „a` l' tgg,,, ." --� �s�S 7t. :_.,'.p+ a ..� .cv"' ,s \ 'y�; -. r�. ;.mow a -C e x .�.,r,� . .�"+ z;` ";.tr, :^st�'s ,,r`,-` z-f -: i^� vtYS.. K u .✓'I"�..,�''vr"- xr; a... s 9. - ,t�.: = t`. , . c€'s- E,;:-,�i ak ,.. ki.«... .�,�.'..> .. . .;3.�a - ., r, t / . :H3 �,i�„' n ,�.`-+ x. ku.s,11 z 'n ffi,s ^,�ryg,� s.F�xi -R -mss:n.'_t }, � - t y� 1 9 '} y NEW HANOVER COUNTY BO OF COMMISSIONERS F �A� � �� ELDER ABUSE AWARENESS MONTH Exhibit PROCLAMATION OOk ( ` f' Page , } 6 3 � j+'m-fin <L � E AS, elder abuse is the broad term used to identify mistreatment of elderly and a disabled adults; and £ t k� r l �g WHEREAS, abuse and neglect of elderly and disabled adults is one of the most under- gp�— gp­� I recognize and under-reported social problems in this count and VMS �. u�` ,��E ' g p p country; WHEREAS, the magnitude of the problem is likely to increase for several reasons, �1� ,f 455, i ,especially with the anticipated rise in the number of elderly population; ands � � v WHEREAS, mistreatment can take many forms: physical abuse, emotional abuse, sexual t �411 € abuse, neglect by a caregiver, self-neglect I exploitation, 7 and financial exploitation; and l SPY'�°� �. �F�f�{� q+)p'� _ WHEREAS, between 500,000 to five million people suffer elder abuse every year- and } WHERE AS, it is estimated that approximately one out of every fourteen cases of elder £A 'r''��� abuse is reported; and . s f $ WHEREAS, abuse of the elderly is preventable. F MW M, NOW, THEREFORE, BE IT PI2®CLAIMED by the New Hanover Count y o Board f u Commissioners that June 2013 is recognized as Elder Abuse Awareness Month" in New Hanover County and that all residents and other jurisdictions are encouraged to become more aware of this problem and join in the prevention of elder abuse. a s� =r f l ADOPTED this the 20"' day of May, 2013. �e �p�t q "A y --- NEW HAN®V R CO T ' ny Y id s g�4e k �a ��lif . Q � o I a 1� Woody Whi , Chairman �� ATTE T: . t 41 rA NO Sheila L. Schult, Clerk to the Board }fir MFG si¢a' e Ba}�.. r Ole, N� e rr r Y, All �P E�h�bit r4xO RA hook a4a NEW HANOVER COUNTY BOARD OF COMMISSIONERS F STE CARE AWARENESS MONTH PROCLAMATION a4k� f£@ WHEREAS, in New Hanover County there are approximately 250 children of all ages in the custody of the Department of Social Services and of those children over half reside in foster homes grow h `�o`e;I p homes, di . hospitals and with relatives; and li4 WHEREAS, it is the goal of this community to provide these children with safe, stable and nurturin \t g .f 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 tit ��, Yy6L WHEREAS, foster parents frequently adopt their foster children, which results in a continual need for IG M, more foster families; and � k` Fa' WHEREAS, May is singled out as Foster Care Awareness Month to be the one month we publicly ikk Rqx recogni ze the tremendous contribution made by foster parents, numerous individuals and public andi 7 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 2013 be recognized as "Foster Care Awareness Month" in New Hanover County. G4#4 'b reEcognition oFURTHER oster Car®Awareness Monthe tha ks Hanover a11 fosterCmothersB and foster®fathersl forr their commitment of time and talents to these precious children and encourages all citizens to celebrate the f{ contributions of foster parents and child welfare professionals. The New Hanover County Board of t;>� Commissioners further encourages the community, businesses, faith-based organizations and families to 4'' participate in efforts to recruit and support foster families in New Hanover County. ,+,'�` AD � ke ADOPTED this the 20"'day of May, 2013 �P{ dpQ NEW HANO R COUN Yei� Woody White, Ch any' ATTEST- Y! Sheila L. Schult, Clerk to the Board k C\AN V�1 tuP Sjf ft ,.. �J e, ;�,`�� r W �' ` :, y hf z f♦ t,✓ f� r r° Exhibit Boo age BOND ORDER AUTHORIZING THE ISSUANCE OF NOT To EXCEED$72,000,000 GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF NEW HANOVER,NORTH CAROLINA WHEREAS, the County of New Hanover,North Carolina(the "County')has issued$47,425,000 aggregate principal amount of its General Obligation Refunding Bonds, Series 2004 (the "2004 Bonds'), $15,000,000 aggregate principal amount of its General Obligation School Bonds, Series 2006 (the "2006 Bonds'), and $50,000,000 aggregate principal amount of its General Obligation School Bonds, Series 2007(the "2007 Bonds'); WHEREAS, the Board of Commissioners (the "Board") of the County deems it advisable to refund$31,325,000 in aggregate principal amount of the 2004 Bonds maturing on and after November 1, 2014, $7,500,000 in aggregate principal amount of the 2006 Bonds maturing on and after February 1, 2017, and$27,500,000 in aggregate principal amount of the 2007 Bonds maturing on and after February 1,2018; WHEREAS, an application has been filed with the Secretary (the "Se cretmy") of the Local Government Commission of North Carolina(the "Commission')requesting Commission approval of the bonds hereinafter described as required by the Local Government and Act, and the Secretary has notified the Board that the application has been accepted for submission to the Commission. NOW, THEREFORE, BE IT ORDERED by the Board of Commissioners of the County of New Hanover,North Carolina,as follows: Section 1. The Board deems it advisable to refund $31,325,000 in aggregate principal amount of the 2004 Bonds maturing on and after November 1, 2014, $7,500,000 in aggregate principal amount of the 2006 Bonds maturing on and after February 1, 2017, and $27,500,000 in aggregate principal amount of the 2007 Bonds maturing on and after February 1,2018. Section 2. To raise the money required to pay the costs of refunding the 2004 Bonds, the 2006 Bonds, and the 2007 Bonds ass forth above, General Obligation Refunding Bonds of the County of New Hanover, North Carolina are hereby authorized and shall be issued pursuant to the Local Government and Act of North Carolina. The maximum aggregate principal amount of such General Obligation Refunding Bonds authorized by this bond order shall be and not exceed$72,000,000. Section 3. A tax sufficient to pay the principal of and interest on said General Obligation Refunding Bonds when due shall be annually levied and collected. Section 4. A sworn statement of the County's debt has been filed with the Clerk to the Board of Commissioners and is open to public inspection. Section 5. This bond order shall take effect on its adoption. The Clerk to the Board of Commissioners is directed to publish a notice of adoption as prescribed by The Local Government on Act, the bond order titled, "BOND ORDER AUTHORIZING THE ISSUANCE OF NOT To EXCEED $72,000,000 GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF NEW HANOVER,NORTH CAROLINA", which was introduced at the meeting of the Board of Commissioners held on May 20,2013. Adopted,this the 2&day of May 2013. NE COUNTY oody fie, TEST: BUS 2 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF NEW HANovER, NORTH CAROLINA MAKING CERTAIN STATEMENTS OF FACT CONCERNING PROPOSED BOND ISSUE WWEREAS, the Board of Commissioners is considering the issuance of bonds of the County of New Hanover, North Carolina (the "County') which shall be for the following purposes and in the following maximum amount: Not to exceed $72,000,000 of General Obligation Refunding Bonds to pay the costs of refimding in advance of their maturities $31,325,000 aggregate principal amount of the County of New Hanover, North Carolina General Obligation Refunding Bonds, Series 2004 maturing on and after November 1,2014, $7,500,000 aggregate principal amount of the County of New Hanover, North Carolina General Obligation School Bonds, Series 2006 maturing on and after February 1, 2017, and $27,500,000 aggregate principal amount of the County of New Hanover, North Carolina General Obligation School Bonds, Series 2007 maturing on and after February 1,2018. WHEREAS, certain findings o f fact by the Board of Commissioners must be presented to enable the Local Government Commission of the State of North Carolina to make certain determinations as set forth in Article 4 of Chapter 159 of the General Statutes, Section 52. NOW, THEREFOR& BE IT RESOLVED that the Board of Commissioners meeting in open session on the 20th day of May,2013,has made the following factual findings in regard to this matter: A. Facts Regarding Necessity of Proposed Financing. The proposed bonds are necessary and expedient to lower debts costs to the County. B. Facts Supporiing the Amount of Bonds Proposed, The sums estimated for these bonds are adequate and not excessive for the proposed purpose. C. Past Debt Management Police& The County's debt management policies have been carried out in compliance with law. The County employs a Finance Director to oversee compliance with applicable laws relating to debt management. The Board of Commissioners requires annual audits of County finances. In connection with these audits, compliance with laws is reviewed. The County is not in default in any of its debt service obligations. The County Attorney reviews all debt-related documents for compliance with laws. D. Past Budgetary and Fiscal Management Policies. The County's budgetary and fiscal management policies have been carried out in compliance with laws. Annual budgets are closely reviewed by the Board of Commissioners before final approval of budget ordinances. Budget amendments changing afiinction total or between functions are presented to the Board of Commissioners at regular Board of Commissioners meetings. The Finance Director presents financial information to Board of Commissioners which shows budget to actual comparisons annually and otherwise as the County Manager deems necessary or as a member of the Board of Commissioners may request. E. Retirement of Debt. 'fhe schedule for issuing the bonds does not require a property tax increase. The schedule for issuance calls for issuing all of the bonds in Fiscal Year 2013, but issuance may be delayed until such time as the County receives sufficient net present value savings therefrom. F. Financing Team. The County Manager and the Finance Director, with advice from the County Attorney, are hereby authorized and directed to (1) retain Parker Poe Adams & Bernstein LLP, 1 Meigh, North Carolina, as bond counsel, (2)retain Stephens Inc., Charlotte, North Carolina, and First Southwest Company, Charlotte, North Carolina, collectively as underwriter for the bonds, and (3)approve the selection of Pillsbury Winthrop Shaw Pittman LLP,New or New Yor as counsel to the underwriter. Adopted,this the 2CP day of May 2013. Y. LEW�atR Woody White, Chainn A ST: 3; 82 Sheila Schult,Clerk to the Board 2 RESOLUTION F THE BOARD OF COMMISSIONERS OF THE COUNTY OF NEw HANOVER, NORTH CAROLINA PROVIDING FOR THE ISSUANCE GENERAL OBLIGATION COMMUNITY COLLEGE S, SERIES 2013A, GENERAL L ATI S, SERIES 2013B AND GENERAL OBLIGATION REFUNDING S, SERIES 2013C, OF THE COUNTY OF NEw HANOVER,NORTH e Bond Order hereinafter-described has been adopted, it is desirable to make provision for the issuance of a 2013 Bonds ( s defined here' ) authorized by said and Orders defined herein); WHEREAS, the County of ew Hanover,North Carolina (the "County") desires to issue its not to exceed $55,000,000 General Obligation Community College Bonds, Series 2013 (the "21 Bonds" or the "New Money Bonds"), its not to exceed $40,000,000 General Obligation Refunding Bonds, Series 2013 (the "2013B Bonds") and its not to exceed $32,000,000 General Obligation Refunding o s, Series 2013 (the "20130 Bonds" and together with the 2013B Bonds, the "Refiinding Bonds ), and requests that the Local Government Commission (the "Commission") ( ) sell e New Money Bonds through a competitive sale and(b) sell the Refunding Bonds through a negotiated sale to Stephens Inc. and First Southwest Company(collectively,the "Underwriter") in accordance with e terms and conditions set forth in a Bond Purchase Agreement to be dated on or about June 12, 2013 (the "2013B Bond Purchase Agreement") o e County, the Commission and the Underwriter relating to the 2013B onds and a Bond chase Agreement to be dated on or about June 1 , 2013 (the "20130 Bond Purchase Agreement,"and together with e 2013B Bond Purchase Agreement, the "Bond Purchase Agreements") o e County, the Commission and the Underwriter relating to the 2013 C Bonds; WHEREAS, copies of the forms of following documents relating to the transactions describe above have been filed with e County and have been made available to the Board of o issioners of e Co (the "Board of Commissioners"); 1. the Bond Purchase Agreements; 2. the Preliminary Official Statement with respect to the New Money Bonds to be dated on or about May 24, 2013, together with the Official Statement wi respect to the New Money Bonds to be dated on or about June 4, 2013 (collectively, the "New Money Bond Official Statement"); d 3. the Preliminary Official Statement i respect to the 2013B Bonds to be dated on or about June 5,2013,together with the Official Statement wi respect to the 2013B onds to be dated on or about June 12, 2013 "2013B Bond Official Statement') and the Preliminary Official Statement with respect to the 20130 Bonds to be dated on or about June 5, 2013, together with the Official Statement with respect to the 2013C Bonds to be dated on or about June 1 , 2013 (the "20130 Bond Official Statement," and together with the New Money Bond Official Statement, e "Official Statements"); and 4. e Escrow Agreement(as defined herein). z NOW, TBEREFORE, BE ITRESOLVED by the Board of Commissioners as follows: Section 1. For purposes of this Resolution,the following words have the meanings ascribed to them below: "Arbitrage and Tax Regulatory Agreements" means the Arbitrage and Tax Regulatory Agreements executed by the County related to the 2013 Bonds. "Bond Orders" means, collectively, the Refunding Bond Order and the Community College on Order. "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. "Community College and Order" means the and Order authorizing $164,000,000 General obligation Community College Bonds, adopted by the Board on September 2, 2008, effective when approved by the voters of the County at a referendum duly called and held on November 4,2008. "Community College Projects" means the provision of facilities for Cape Fear Community College, including the construction and renovation of buildings for classrooms, laboratories, training facilities and administrative offices and the provision of related parking facilities, and including the acquisition and installation of fiirnishings and equipment and the acquisition of land or rights-in-land required therefore,and to pay capital costs of such improvements,pursuant to and in accordance with the Community College and Order. "Escrow Agent"means U.S.Bank National Association and any successor or assign. "Escrow Agreement"means the Escrow Agreement dated as of June 1,2013 between the County and the Escrow Agent, and any amendments thereto. "Federal Securities" means (a) direct obligations of the United States of America for the timely payment of which the full faith and credit of the United States of America is pledged; (b) obligations issued by any agency controlled or supervised by and acting as an instrumentality of the United States of America,the timely payment of the principal of and interest on which is fully guaranteed as full faith and credit obligations of the United States of America (including any securities described in (a)or(b) issued or held in t e n ame of the Trustee in book-entry form on the books of the Department of Treasury of the United States of America), which obligations, in either case, are held in the name of a trustee and are not subject to redemption or purchase prior to maturity at the option of anyone other than the holder; (c)any bonds or other obligations of the State of North Carolina or of any agency, instrumentality or local governmental it of the State of No Carolina which are (i) not callable prior to maturity or(ii)as to which irrevocable instructions have been given to the trustee or escrow agent with respect to such bonds or other obligations by the obligor to give due notice of redemption and to call such bonds for redemption on the date or dates specified, and which are rated oody's, if the 2013 Bonds are rated by Moody's, and S&P, if the 2013 Bonds are rated by S&P,within the highest rating category and which are secured as to principal, redemption premium, if any, and interest by a fimd consisting only of cash or bonds or other obligations of the character described in clause (a) or (b) hereof which fund may be applied only to the payment of such principal of and interest and redemption premium, if any, on such bonds or other obligations on the maturity date or dates thereof or the specified redemption date or dates pursuant to such irrevocable instructions, as appropriate; or(d) direct evidences of ownership of proportionate interests in future interest and principal payments on specified obligations described in (a) held by a bank or trust company as custodian, under which the owner of the investment is the real party in interest and has the 2 right to proceed directly and individually against the obligor on the underlying obligations described in (a), and which underlying obligations are not available to satisfy any claim of the custodian or any person claiming through the custodian or to who the custodian may be obligated. "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 2013 Bonds which establishes the final maturity amounts,the interest payment dates and the provisions for redemption. "Refimded Bonds"means,collectively,the Refimded 2004 Bonds,the Ra d 2006 Bonds and the Refunded 2007 Bonds. "Refunded 2004 Bonds"means the 2004 Bonds maturing on and after November 1,2014. "Refunded 2006 on "means the 2006 Bonds maturing on and after February 1,2017. "Refunded 2007 Bonds"means the 2007 Bonds maturing on and after February 1,2018. "Refunding and Order" means the and Order authorizing $72,000,000 General Obligation Refunding Bonds,adopted by the Board on May 20,2013,effective on its adoption. "S&P"means Standard&Poor's Ratings Services, a Standard&Poor's Financial Services LLC business, 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 designed by the County. "2004 Bonds" means the $47,425,000 aggregate principal amount of its General Obligation Refunding Bonds, Series 2004. "2006 Bonds" means the $15,000,000 aggregate principal amount of the County's General Obligation School Bonds, Series 2006. "2007 Bonds" means the $50,000,000 aggregate principal amount of the County's General Obligation School Bonds, Series 2007. "2013 Bonds" means, collectively, the New Money Bonds, authorized under the Community College and Order and the Refunding Bonds, authorized under the Refunding Bond Order. Sec don 2. The County shall issue its 2013A Bonds in an aggregate principal amount not to exceed $55,000,000, its 2013B Bonds in an aggregate principal amount not to exceed $40,000,000, and its 20130 Bonds in an aggregate principal amount not to exceed$32,000,000. Section 3. The 2013 Bonds shall be dated as of their date of issuance. The 2013 Bonds shall pay interest semiannually on June I and December 1, beginning December 1, 2013, unless the County Finance Director establishes different dates in her Pricing Certificate. The 2013A Bonds are being issued to finance the Community College Projects pursuant to and in accordance with the Community College and Order. The 2013B Bonds are being issued to refund the Refunded 2006 Bonds and the Refunded 3 2007 Bonds pursuant to and in accordance with the Refunding on Order. The 2013C Bonds are being issued to refund the Refunded 2004 Bonds pursuant to and in accordance with the Refunding and Order. Section 4. The New Money Bonds are payable in annual installments on June 1 ° each year and the Refunding Bonds are payable in annual installments on December I of each ye the County Finance Director establishes different dates in her Pricing Certificate. The maturities of the 2013 Bonds will be as set forth in the Pricing Certificate. S e c t i o n 5. The 2013A Bonds are to b e n umbered from "RA-l" consecutively and upward. The 2013B Bonds are to ben red from"RB-l" consecutively and upward. The 2013C Bonds are to ben bered from"RC-1" consecutively and upward. All 2013 Bonds 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 6. The 2013 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 2013 Bonds shall bear the original or facsimile signatures of the Chairman of the Board of Commissioners or County Manager 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 2013 Bonds. Section 7. The 2013 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 for each maturity will be issued to The Depository Trust Company, New York, New York ("DTC"), and immobilized in its custody. A book-entry system will b e e mployed, evidencing ownership of the 2013 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 2013 Bonds will be payable to DTC or its nominee as registered owner of the 2013 Bonds in immediately available funds. The principal of and interest on t h e 2013 on will be payable t o o wners of 2013 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 DT C, its participants or persons act'ng through such participants. If (a)DTC determines not to continue to act as securities depository for the 2013 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 2013 Bonds would adversely affect the interests of the beneficial owners of the 2013 Bonds, the County will discontinue the book-entry system with DTC. If the County fails to identify another qualified securities depository to replace DTC, the County will authenticate and deliver replacement 2013 on in accordance with DTC's rules and procedures. Section 8. If the Pricing Certificate designates a date for the 2013 Bonds on and after which the 2013 Bonds are subject to redemption, then such 2013 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 2013 Bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption,with such redemption premium, if any,designated for the 2013 Bonds in the Pricing Certificate. If the 2013 Bonds are subject to optional redemption and if less than all the 2013 Bonds are called for redemption, the County shall select the maturity or maturities of the 2013 Bonds to be redeemed in such manner as the County in its discretion may determine, and DTC and its participants shall determine which 2013 Bonds within a maturity are to be redeemed by lot;provided, however,that the portion of any 4 Bond to be redeemed must be in rici aI amount of 5,0 or integral multiples thereof and that, in selecting 2013 Bonds for redemption, each Bond is to be considered as representing at number of 2013 Bonds which is obtained by ivi ig the principal amount of such Bond by $5,000. When the County elects to redeem any 2013 Bonds, notice of such redemption of such 2013 Bonds, stating a do date,redemption price and ideti the 2013 Bonds or portions thereof to be redeemed by reference to sir numbers and finther stating that on such redemption date there are due and payable on each Bond or portion thereof so to be redeemed, the principal thereof and interest accrued tote 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 ate in writing to DTC.or its nominee a registered owner of such 2013 Bonds, by prepaid certified or registered United States mail, at the address provided to the County by C, 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 2013 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 2013 Bonds or portions thereof to be redeemed at the last address shown on a registration books kept by the County. The County will also mail or transmit by facsimile a coy of the notice of redemption i in the time set fort above (1)to the Commission and( ) to the Municipal Securities Rule Making Board 'WW")in a electronic format as prescribed by the MSRB. Section e 2013A Bonds and the provisions for the registration of the 2013A Bonds and for the approval of e 2013A Bonds by e Secretary of e Commission are to be in substantially the form set forth in the Appendix A hereto. The 2013B Bonds and the provisions for the registration of e 2013B Bonds and for the approval of e 2013B Bonds by the Secretary of the Commission are to be in substantially the form set forth in e Appendix B hereto. The 2013C Bonds and the provisions for the registration of e 2013C Bonds and for the approval of the 2013C Bonds by the Secretary of e Commission are to be in substantially the form set forth in a Appendix C hereto. Section a 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 x purposes of a interest on the 2013 Bonds, 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 e all lawfW actions within its power necessary to rescind or correct such actions or omissions promptly upon having knowledge thereof. The County o led es that the continued exclusion of interest on the 2013 Bonds from e owner's gross income for federal income tax purposes depends, in on compliance with arbitrage limitations imposed by Section 148 of e Code. The County covenants that it will comply 1 the requirements of Section 148 of the Code, including a rebate requir t it will not permit at any time any of e proceeds of the 2013 Bonds or other funds under its control be used,directly or indirectly, to acquire any asset or obligation, the acquisition of which of cause the 2013 Bonds to be "arbitrage bonds"for purposes of Section 148 of the Code. The Finance Director is hereby authorized to execute an Arbitrage and Tax Regulatory Agreement with respect to the 2013 Bonds. ctia ll. The Finance Director is hereby directed to create and establish special fund to be designated "County of e over, North Carolina General Obligation Bonds, Series 2013 Project Fund" (the "Project d") and within the Project Fund, one account for the proceeds of e 2013 Bonds (the "2013A Bonds Account'), one account for the proceeds of the 2013B Bonds (the "2013 Bonds Account') and one account for the proceeds of the 20130 Bonds (t "20130 Bonds cco t'). The Finance Director shall deposit the proceeds from the sale of the 2013A Bonds in e 2013A Bonds Account of the Project Fund. From e proceeds of the 2013B Bonds,the State Treasurer shall transfer an aunt as provided in the Pricing Certificate to the Escrow Agent for deposit in e Escrow Fund (as defined in the Escrow Agreement) created under the Escrow Agreement in accordance with terms of the Escrow Agreement and transfer the balance of the proceeds from the sale of the 2013B Bonds to the 20130 Bonds Account. From the proceeds of the 20130 Bonds,the State Treasurer shall hold the amount provided in e Pricing Certificate needed to redeem the Refunded 2004 Bonds and transfer the balance of 5 e proceeds from the sale of the 20130 Bonds to the 20130 Bonds Account. On November 1, 2013,the State Treasurer shall transfer to DTC or its nominee as registered owner of e Reftirided 2004 Bonds the aunt needed to redeem s Refunded 2004 Bonds. The County Manager and Finance Director of e County are hereby authorized and directed to enter into the Escrow Agreement, a form of which has been made available to the Board,but with such changes,modifications, additions or deletions therein as shall to them seem necessary,desirable or appropriate, eir execution thereof to constitute conclusive evidence of the Board's approval o d all changes, modifications, additions or deletions therein from the form content of e Escrow Agreement presented to the Board, and that from after the execution and delivery of e Escrow Agreement, the County Manager and the Finance Director are hereby authorized, empowered and directed to do all such acts and things and to execute all such documents as y be necessary to carry out and comply with a provisions of e Escrow Agreement as executed, Funds on deposit in e 2013A Bonds Account shall be used to pay the costs of e Community College Projects, including the costs of issuance of e 2013A Bonds. Proceeds on eposit in e 2013B on s Account shall be used to pay the costs of issuance of the 2013B Bonds. Proceeds on osit in e 2013 Bonds Account shall be used to pay the costs of issuance of 2013C Bonds. Funds on deposit in Project Fund shall be invested reinvested by the Finance Director as permitted by the laws of e State of o Carolina. The Finance Director shall keep a' t " adequate records pertaining to each account and all disbursements from each account so as to satisfy the requirements of e laws of e State of oh Carolina and assure that the County maintains its covenants with respect to the exclusion of the interest on the 2013 Bonds from oss income for purposes of e erl income tio . To the extent any funds remain e 2013A Bonds Account on ove er 15, 2018, the Finance Director shall apply the remaining proceeds of the 2013A Bonds to pay interest on the 2013A Bonds on ec r 1, 2018. To the extent any funds remain in the 2013B Bonds Account on ove ber 15, 2013, the Finance Director shall apply the remaining proceeds of e 2013B Bonds to pay interest on e 2013B Bonds on December 1, 2013. To the extent any funds remain in the 20130 Bonds Account on November 15, 2013, e Finance Director shall apply the remaining proceeds of the 20130 Bonds to pay interest on the 2013 Bonds on December 1,2013. Section 2. Actions taken by officials of e County to select paying and transfer agents, and bond registrar, or alternate or successor agents and registrars pursuant to Section 159E-8 of e Registered b is Obligations Act, Chapter 159E of the General Statutes of o Carolina, are hereby authorized and ap rove . Section 13. The Commission is hereby requested ( ) sell the 2012A on s through competitive sale to the bidder whose bid results in e lowest interest cost to the City, determined on the basis of a net interest cost method ) sell the Refunding Bonds through a negotiated sale to the Underwriter pursuant to the terms of the Bond Purchase Agreements at a true interest cost not to exceed 2.50%. The form content of a Bond Purchase Agreements are in all respects approved and confirmed, and the Chairman of e Board of Commissioners, the County Manager or the Finance Director of e County is hereby authorized, empowered cte to execute and deliver the Bond Purchase Agreements for and on behalf of e County, including necessary counterparts, in substantially e form 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 a 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 e Bond Purchase Agreements,the Chairman of a 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 Agreements as executed. Section 14. The Chairman of e 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 6 to cause the 2013 Bonds to be prepared and, when they shall have been duly sold by the Local Government Commission, to execute the 2013 Bonds and to turn the Refunding Bonds over to the registrar and transfer agent of the County for delivery through the facilities of DTC to the Underwriter. Section 15. The form and content of the Official Statements 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 Statements 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, County Manager or the Finance Director of the County may deem necessary, desirable or appropriate. Section 1 6. 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 17. 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 2013 Bonds,as follows: (1) by not later than seven months after the end of each Fiscal Year to the Municipal Securities Rulemaking Board(the "A&RB') 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 to not earlier than the end of the preceding Fiscal Year for the type of information included under the captions 'ITM COUNTY—DEBT INFORMATION" and 11-TAx INFORMATION" (excluding information on overlapping units) in 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 not in excess of 10 business days after the occurrence of the event,to the MSRB,notice of any of the following events with respect tote 2013 Bonds: (a) principal and interest payment delinquencies; (b) non-payment related defaults,if material; (c) unscheduled draws on the debt service reserves reflecting financial difficulties; (d) unscheduled draws on any credit enhancements reflecting financial difficulties; (e) substitution of any credit or liquidity providers,or their failure to perform; 7 (f) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or in determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material events affecting the tax status of the 2013 Bonds; (g) modification of the rights of the beneficial owners of the 2013 Bonds, if material; (h) call of any of the 2013 Bonds, if material,and tendera ers; (i) defeasance of any of the 2013 Bonds; 0) release, substitution o r s ale of any property securing repayment of the 2013 Bonds,if material; (k) rating changes; (1) bankruptcy, insolvency,receivership or similar event of the County; (in) the consummation of a merger, consolidation, or acquisition involving the County or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to such actions,other than pursuant to its terms, if material;and (n) appointment of a successor or additional trustee or the change of name of a trustee, if material; and (4) in a timely manner to the MSRB, 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. The County agrees that its undertaking under this Paragraph is intended to be for the benefit of the registered owners and the beneficial owners of the 2013 Bonds and is enforceable by any of the registered owners and the beneficial owners of the 2013 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 2013 Bonds. An action must be instituted, had and maintained in the manner provided in this Paragraph for the benefit of all of the registered owners and beneficial owners of the 2013 Bonds. All documents provided to the MSRB as described in this Paragraph all 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 providing such information in a manner the SEC subsequently authorizes in lieu of the manner described above. The County may modify from time to time, consistent with the Rule,the information provided or the forinat 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; 8 (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 2013 Bonds. Any 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 Paragraph 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 2013 Bonds. Sec don 18. Those portions of this Resolution other than Section 17 may be amended or supplemented,from time to time,without the consent of the owners of the 2013 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 2013 Bonds and would not cause the interest on the 2013 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 2013 Bonds, exclusive of 2013 Bonds, if any, owned by the County,but a modification or amendment(1)may not,without the express consent of any owner of 2013 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 21, must be limited as described therein. Any act one pursuant to a modification or amendment consented to by the owners of the 2013 Bonds is bind® on all owners of the 2013 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 one and performed as fully and freely as if expressly permitted by the terms oft is 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 2013 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 2013 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 2013 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 2013 Bonds then outstanding have consented to the proposed amendment,the amendment will bee ectiv as of the.date stated in the notice. SeMon.19. Nothing in this Resolution precludes (a)the payment of the 2013 Bonds from the proceeds of refunding bonds or(b)the payment of the 2013 Bonds from any legally available funds. 4 If the County causes to be paid, or has made provisions to pay, on maturity or on redemption before maturity, to the owners of the 2013 Bonds the principal of the 2013 Bonds (including interest to become due thereon)and,premium, if any,on the 2013 Bonds,through setting aside trust funds or setting apart in a reserve fimd o r s pecial trust account created pursuant to this Resolution or otherwise,or through the irrevocable segregation for that purpose in some sinking fund or other fund or trust account with an escrow agent or otherwise, moneys sufficient therefor, including, but not limited to, interest earned or to bee ed on Federal Securities,the County shall so notify Moody's and S&P, and then such 2013 Bonds shall be considered to have been discharged and satisfied, and the principal of the 2013 Bonds(including premium, if any, and interest thereon) shall no longer be deemed to be outstanding and unpaid; provided, however, that nothing in this Resolution requires the deposit of more than such Federal Securities as may be sufficient, taking into account both the principal amount of such Federal Securities and the interest to become due thereon,to implement any such defeasance. If such a defeasance occurs and after the County receives an opinion of a nationally recognized verification agent that the segregated moneys or Federal Securities together with interest earnings thereon are sufficient t o e ffect a defeasance, the County shall execute and deliver all such instruments as may be necessary t o e ffect such a defeasance and desirable to evidence such release, discharge and satisfaction. Provisions shall be made by the County, for the mailing of a notice to the owners of the 2013 Bonds that such moneys are so available for such payment. Section Z . 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 2013 Bonds and the execution, delivery and performance of the on Purchase Agreements are in all respects approved and confirmed. Section 21. 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 2013 Bonds authorized hereunder. Section 22. 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. S e c t i o n 2 3. This and Resolution is effective on its adoption. Adopted,this the 2e day of May 2013. NWH V UN Ty. rl 0 E oody White, h an ood V Cha an y TTEST: Sheila Sc ult Cl to heila L. Sc t, Clerk to the Board 10 APPENDix A Form of 2013A and No.RA- UNITED STATES OF AMERICA STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER INTEREST RATE MATURITY DATE AT DATE CUSEP JUNE 1,_ JUNE 27,2013 REGISTERED OWNER: CEDE&CO. PRINCIPAL SUM: DOLIARS GENERAL OBLIGATION COMMUNITY COLLEGE BOND,SERIES 2013A THE COUNTY OF NEW HANOVER, NORTH CA EVA (the "County') acknowledges itself indebted and f o r value received hereby promises to pay to t h e Registered Owner named above, on the Maturity Date specified above, on surrender hereof, the Principal Sum shown above and to pay to the Registered Owner hereof interest thereon f r o m t h e date of t h i s and until i t s hall Mature at the Interest to per annum specified above,payable on December 1, 2013 and semiannually thereafter on June I and December I of each year. Principal of and interest on this Bond are payable in immediately available funds to The Depository Trust Company ("DTC') or its nominee as registered owner of the 2013A Bonds and is payable to the owner of the 2013A Bonds shown on the records of DTC at the close of business on the 15 ` day of the month preceding an interest payment date or a bond payment date. The County is not responsible or liable for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. This on is issued in accordance with the Registered Public Obligations Act, Chapter 159E of the General Statutes of North Carolina,and pursuant to The Local Government Finance Act,a bond order adopted by the Board of Commissioners of the County on September 2, 2008 and effective when approved by the voters of the County at a referendum duly called and held. The 2013A Bonds are issued to provide funds to finance the cost of providing facilities for Cape Fear Community College, including the construction and renovation of buildings for classrooms, laboratories, training facilities and administrative offices and the provision of related parking facilities, and including the acquisition and installation of furnishings and equipment and the acquisition of land or rights-in-land required therefore, and capital costs of such improvements. [Add redemption language] It is hereby certified and recited that all conditions, acts and things required by the Constitution or statutes of the State of No Carolina to exist, be performed or happen precedent to or in the issuance of this Bond, exist,have been performed and have happened, and that the amount of this Bond,together with all other indebtedness of the County, is within every debt and other limit prescribed by said Constitution or statutes. The faith and credit of the County are hereby pledged to the punctual payment of the principal of and interest on this on in accordance with its terms. This Bond is not valid or obligatory for any purpose until the certification hereon has been signed by authorized representative of e Local Government Commission. flV WI77VESS WHEREOF,the County has caused this Bond to bear the original or facsimile of the signatures of the Chairman of the Board of Commissioners of the County and the Clerk to the Board of Commissioners of the County and an original or facsimile of the seal of the County to be imprinted h this Bond to be dated as of the Dated Date above. G } ®�P a cult, Woody ite, airman o issi nrs e o o Commissioners Board o ution: June 27,2013 The issue hereof has been approved under the provisions of The Local Government Bond Act. T.VANCE HonomAN Secretary of the Local Government Commission 12 APPENDix B Form of 2013B Bond No.RB- UNITED STATES OF AMERICA STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER LMREST RATE MATURITY DATE AT DATE !gusl]p DECEMBER 1, JUNE 27,2013 REGISTERED OWNER: CEDE&CO. PRINCIPAL SUM: DOLLARS GENERAL OBLIGATION REFUNDING BOND,SERIES 2013B THE COUNTY OF NEW HANOVER, NORTH CAROLINA (the "Co wily') acknowledges itself indebted and for value received hereby promises to pay to the Registered Owner named above, on the Maturity Date specified above, on surrender hereof, the Principal Sum shown above and to pay to the Registered Owner hereof interest thereon from the date of this on until it shall mature at the interest to per annurn specified above,payable on December 1,2013 and semiannually thereafter on June I and December I of each year. Principal of and interest on this Bond are payable in immediately available funds to The Depository Trust Company("DYC")or its nominee as registered owner of the 2013B Bonds and is gayable to the owner of the 2013B Bonds shown on the records of DTC at the close of business on the 15 day of the month preceding an interest payment date or a bond payment date. The County is not responsible or liable for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. This Bond is issued in accordance with the Registered Public Obligations Act, Chapter 159E of the General Statutes of North Carolina, and pursuant to The Local Government Finance Act, a bond order adopted by the Board of Commissioners of the County on May 20, 2013 and effective on the date of its adoption. The 2013B Bonds are issued to provide funds to refund in advance of their maturities the County's $15,000,000 General Obligation School Bonds, Series 2006 maturing on and after February 1, 2017 and the County's$50,000,000 General Obligation School Bonds, Series 2007 maturing on and after February 1,2018. [Add redemption language,if any] It is hereby certified and recited that all conditions,acts and things required by the Constitution or statutes of the State of North Carolina to exist, be performed or happen precedent to or in the issuance of this Bond, exist,have been performed and have happened,and that the amount of this Bond,together with all other indebtedness of the County, is within every debt and other limit prescribed by said Constitution or statutes. The faith and credit of the County are hereby pledged to the punctual payment of the principal of and interest on this Bond in accordance with its terms. This Bond is not valid or obligatory for any purpose until the certification hereon has been signed by an authorized representative of the Local Government Commission. Error!Unknown document property name. B-1 FORM OF ASSIGNMENT ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sells,assigns and transfers unto (Please print or typewrite Name and Address, including Zip Code, and Federal Taxpayer Identification or Social Security Number of Assignee) the within and and all rights thereunder,and hereby irrevocably constitutes and appoints Attorney to register the transfer of the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature guaranteed by: NoTiCE.- Signature must be guaranteed by NOTICE.- The signature to this assignment must a Participant in the Securities Transfer correspond with the name as it appears on the Agent Medallion Program ("Stamp") or face of the within Bond in every particular, similar pro gram. without alteration, enlargement or any change whatever. TRANSFER FEE MAY BE REQUIRED 13 EV WITNESS WHEREOF,the County has caused this on to bear the original or facsimile of the signatures of the Chairman of the Board of Commissioners of the County and the Clerk to the Board of Commissioners of the County and an original or facsimile of the seal of the County to be imprinted hereon and this Bond to be dated as of the Dated Date above. it Schult, Woody White airman f C the Board of Commissioners *Board of missi7oners fz q1 on: June 27,2013 The issue hereof has been approved under the provisions of The Local Government Bond Act. T.VANcE HOLLOMAN Secretary of the Local Govemment Commission Error!Unknown document property name. B-2 FoRm oF ASSIGNMENT ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sells,assigns and transfers to (Please print or typewrite Name and Address, includkng Zip Code,and Federal Taxpayer Identification or Social Security Number of Assignee) the within and and all rights thereunder,and hereby irrevocably constitutes and appoints Attorney to register the transfer of the within Bond on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature guaranteed by: NoncE.- Signature must b ed by No signature to this assignment must a Participant in the Securities Transfer correspond with the name as it appears on the Agent Medallion Program ("Stamp") or face of the within and in every particular, similar program. without alteration, enlargement or any change whatever. TRANSFER FEE MAY BE REQUIRED Error!Unknown document property name. B-3 Form of 20130 Bond No.RC- UNITED TATS OF AMERICA STATE F NORTH CAROLINA COUNTY F NEW RANovER INTEREST RATE ATE DATED DATE LU—SIEP DECEMBER 1, AUGUST 6,2013 REGISTERED CO. PRINCIPAL GENERAL OBLIGATION REFUNDING BOND,SERIES THE COUNTY OF NEW H,4NOVER, NORTH C,4 O (the "County') acknowledges itself indebted and for value received hereby promises to pay to the Registered Owner n d above, on Maturity ate specified above, on surrender ero , the Principal Sum shown above and to pay to the Registered Owner hereof interest ereo o the date of is Bond until it shall mature at the Interest Rate per annum specified above,payable on December 1,2013 and semiannually a er on June 1 and December 1 of each year. Principal of and interest on is Bond are payable in e iately available funds to The Depository Trust Company(" C")or its nominee as registered owner of e 20130 Bonds d is Xayable to the owner of the 20130 Bonds shown on the records of C at the close of business on e 15 day of e month preceding interest payment date or a bond payment date. The County is not responsible or Iible for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. This Bond is issued in c r ce with the Registered Public Obligations Act, Chapter 159E of e General Statutes of o Carolina, pursuant to The Local Government Finance Act, a bond order adopted by the Board of o issiors of the County on ay 20, 2013 and effective on the date of its adoption. The 20130 Bonds are issued to provide funds to refund in advance of eir maturities the County's $47,425,000 General Obligation School Bonds, Series 2004 maturing on d after November 1, 2014. redemption ,if any] It is hereby certified and recited that all conditions,acts and things required by the Constitution or statutes of the State of North Carolina to exist, be performed or happen precedent to or in the issuance of is Bond,exist,have been performed and have happened,and that the amount of is Bond,together with I other indebtedness of the County, is within every debt and other limit prescribed by said Constitution or statutes. The faith and credit of e County are hereby pledged to the punctual payment of the principal of and interest on this Bond in accordance with its terms. is Bond is not valid or obligatory for any purpose until the certification hereon has been signed by an authorized representative of the Local Government Commission. Error!Unknown document property name. -4 17V WITNESS CAF,the County has caused this Bond to bear the original or facsimile of e signatures of the Chairman of the Board of o issioners of e County and the Clerk to the Board of Commissioners of the County and an original or facsimile of the seal of the County to be imprinted hereon is Bond to be dated as of a Dated Date above. %a a cult, oo y VAite,C airman t ` e o of Commissioners oar o Co issioners � x 5 August 6,2013 The issue hereof has been approved under e provisions of The Local Government Bond Act. T.VANCE HonomAN Secretary of the Local Government Commission Error!Unknown document property name. - FORM OF ASSIGNMENT ASSIGNMENT FOR VAL UE RECEIVED the undersigned hereby sells,assigns and transfers to (Plea sie print or typewrite Name and Address, including Zip Code, and Federal Taxpayer Identification or Social Security Number of Assignee) the within and and all rights thereunder,and hereby irrevocably constitutes and appoints Attorney to register the transfer of the within on on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature guaranteed by: NOTICE' Signature must be guaranteed by NOTICE: The signature to this assignment must a Participant in the Securities Transfer correspond with the name as it appears on the Agent Medallion Program ("Stamp") or face of the within Bond in every particular, similar program. without alteration, enlargement or any change whatever. TRANSFER FEE MAY BE REQUIRED Error!Unknown document property name. B-6