HomeMy WebLinkAboutRES-2000-104 Resolution Providing Final Approval of Terms and Documents for Orange County High School Financing Resolution Providing Final Approval of Terms and Documents
For New Orange County High School Financing Project
WHEREAS.
The Board of Commissioners of Orange County, North Carolina, has
previously approved and determined to carry out a plan for the construction and
financing (the "Project") of a new Orange County high school (the "New School").
The County's Finance Officer has presented to this meeting the draft
documents listed on Exhibit A (the "Documents") and a draft dated November 9,
2000, of an official statement providing for the disclosure of information to
prospective investors. All of these items relate to the County's carrying out the
Project and appear to be in forms appropriate for carrying out the Project.
BE IT THEREFORE RESOLVED by the Board of Commissioners of
Orange County, North Carolina, as follows:
1. Determination To Proceed with Project -- The Board confirms its
decision to carry out the Project in accordance with the plan described in the
Documents.
2. Approval of Documents; Direction To Execute Documents -- The
Board approves the forms of the Documents submitted to this meeting and directs
the Board's Chair to execute and deliver those Documents to which the County is a
party. The Documents in their final form must be in substantially the forms
presented, with such changes as the Chair may approve; the execution and delivery
of any Document by the Chair shall be conclusive evidence of such officer's
approval of any such changes. The Documents in final form, however, must
provide for the amount to be financed by the County not to exceed $14,000,000
and for financing term not to extend beyond December 31, 2010.
3. Approval of Official Statement - The Board approves the draft official
statement submitted to this meeting as the form of the preliminary official statement
pursuant to which the Certificates (as defined in Exhibit A) will be offered for sale.
The preliminary official statement as distributed to prospective investors must be in
substantially the form presented, with such changes as the Finance Officer may
approve. The Board directs the Finance Officer, after the sale of the Certificates, to
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complete and otherwise prepare the preliminary official statement as an official
statement in final form. The Board directs the Board's Chair to execute and deliver
the final official statement in such form as such officer may approve upon
recommendation from the Finance Officer.
4. Authorization to Finance Officer To Complete Closing - The Board
authorizes and directs the Finance Officer to hold executed copies of the
Documents, and any other documents authorized or permitted by this resolution, in
escrow on the County's behalf until the conditions for the delivery of the
Documents have been completed to such officer's satisfaction, and thereupon to
release the executed copies of such documents for delivery to the appropriate
persons or organizations. Without limiting the generality of the foregoing, the
Board specifically authorizes the Finance Officer to approve changes to any
documents (including the Documents and any closing certifications) previously
signed by County officers or employees, provided that such changes shall not
substantially alter the intent of such documents from that expressed in the forms of
such documents as executed by such officers. Such officer's authorization of the
release of any such document for delivery shall constitute conclusive evidence of
,such officer's approval of any such changes.
5. Authorization to School Board Attorney - The Board authorizes and
approves actions taken and to be taken by the attorney for the Orange County
School Board in connection with the conveyance of the site of the New School to
the County and in obtaining a title insurance policy on that site for the County's
benefit, and waives any conflict that may arise between such activities on the
County's behalf and the attorney's representation of the School Board.
6. Miscellaneous Provisions -- All County officers and employees are
authorized and directed to take all such further action as they may consider
necessary or desirable in furtherance of the execution and delivery of the
Documents in final form and the other purposes of this resolution. All such prior
actions of County officers and employees are ratified, approved and confirmed. In
the Chair's absence, the Vice Chair may assume any responsibility or carry out any
function assigned to the Chair in this resolution. All other resolutions, or parts
thereof, in conflict with this resolution are repealed, to the extent of the .conflict.
This resolution shall take effect immediately.
This the 21" day of November, 2000