Loading...
HomeMy WebLinkAboutAgenda - 02-17-2003-5bORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: February 17, 2003 Action Agenda Item No. -~j ~- b SUBJECT• Resolution for Sale of 2001 Bonds and Refunding of 1993 Bonds DEPARTMENT: Finance PUBLIC HEARING: (YIN) No ATTACHMENT(S): Resolution for Bond Sale Proposed Projects for November 2001 Bonds & Alternative Financing - INFORMATION CONTACT: Ken Chavious, ext 2453 Fiscal Years 2002-03 and 2003-04 TELEPHONE NUMBERS: Draft Official Statement Hillsborough 732-8181 (Under Separate Cover) Chapel Hill 968-4501 Durham 688-7331 Mebane 336-227-2031 PURPOSE: To consider adoption of a resolution formally authorizing the March 11, 2003 sale of the 2001 referendum bonds and the 1993 refunding bonds approved by the Board in previous actions. BACKGROUND: During the past several weeks, the Finance Director has worked with the Local- Government Commission (LGC) and Bond Counsel to pursue a sale of the $19,175,000 in bonds approved by the voters on November 6, 2001. In addition, the Board has taken action authorizing the Finance Director to pursue a refunding of a portion of bonds issued in 1993. Both of these initiatives are currently scheduled by the LGC for March 11, 2003. The 2001 referendum bonds are being issued in accordance with the Board approved plan and include: $13,750,000 School Bonds $ 1,300,000 Affordable Housing Bonds $ 3,625,000 Parks and Open Space bonds $ 500,000 Senior Centers The refunding bonds are estimated at an amount not to exceed $28,000,000 including issuance costs, and savings have been estimated to be in excess of $110,000 annually and slightly less than $1.3 million for the remaining term in accordance with the most recent analysis. The LGC requires the County to adopt a resolution formally authorizing the sale and the refunding. The authorization for both actions has been included in one resolution. The resolution accomplishes the following: • Formally authorizes the sale of the 2001 bonds. • Formally authorizes the sale of the refunding bonds. • Formally pledges the County's taxing power to provide for the payments on the bonds. • Authorizes the Finance Director, in consultation with the LGC, to set the final payment schedule • Approves the form of the official Statement prepared by the County and the LGC. • Makes the required continuing disclosure commitments. • Authorizes County staff to complete the process of issuing bonds. The resolution has been prepared by Bond Counsel in compliance with the requirements of the LGC. FINANCIAL IMPACT: Staff will pursue a repayment structure on the 2001 bonds that will include interest only for the first fiscal year (2003-2004). These interest payments are currently estimated to be $749,495 and will be included in the Manager's 2003-2004 recommended budget. Annual principal payments of $550,000 will begin in the 2004-2005 fiscal year. Savings on the issuance of the refunding bonds is detailed above. RECOMMENDATION(S): The Manager recommends that the Board adopt the resolution formally authorizing the sale of the 2001 bonds and the 1993 refunding bonds. 3 RESOLUTION FOR A BOND SALE WHEREAS: The voters of Orange County, North Carolina (the "County"), on November 6, 2001, approved the issuance of County general obligation bonds for various purposes, including schools, senior centers, affordable housing and parks, recreation and open space. The County has not yet issued any of the bonds approved at the 2001 election (the "Referendum Bonds") . In addition, on January 21, 2003, the County's Board of Commissioners (the "Board") authorized the issuance of up to $28,000,000 of County general obligation refunding bonds (the "Refunding Bonds"). The Refunding Bonds do not require referendum approval. The Referendum Bonds and the Refunding Bonds will be referred to collectively in this resolution as the "Bonds". The Board has determined that the County should now issue the Refunding Bonds and a portion of the Referendum Bonds. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Determination To Sell Referendum Bonds -The County will issue and sell Referendum Bonds for their authorized purposes, as follows: $13,750,000 of the $47,000,000 authorized and unissued school bonds; $500,000 of the $4,000,000 authorized and unissued bonds for senior centers; $1,300,000 of the $4,000,000 authorized and unissued bonds for certain housing purposes; and $3,625,000 of the $20,000,000 authorized and unissued bonds for parks, recreation and open space purposes. These bonds will be sold as a single issue of bonds to be designated "General Obligation Public Improvement Bonds, Series 2003." 2. Determination To Sell Refunding Bonds -- The County will also issue and sell the Refunding Bonds for their authorized purpose. The Refunding Bonds will be sold as a separate issue but simultaneously with the Referendum Bonds. The 4 Refunding Bonds will be designated "General Obligation Refunding Bonds, Series 2003 ." 3. Interest Rate and Payment Provisions -- Each Bond will bear interest at such rate as is determined at the time of its sale. Interest on each Referendum Bond will be payable semiannually on each March 1 and September 1, beginning September 1, 2003, (a) from April 1, 2003, if it is authenticated prior to September 1, 2003, or (b) otherwise from the March 1 or September 1 that is, or immediately precedes, the date on which it is authenticated (unless payment of interest thereon is in default, in which case such Referendum Bonds will bear interest from the date to which interest has been paid). Interest on each Refunding Bond will be payable semiannually on each June 1 and December 1, beginning June 1, 2003 , (a) from April 1, 2003 , if it is authenticated prior to June 1, 2003, or (b) otherwise from the June 1 or December 1 that is, or immediately precedes, the date on which it is authenticated (unless payment of interest thereon is in default, in which case such Refunding Bonds will bear interest from the date to which interest has been paid). Principal, premium, if any, and interest on the Bonds will be payable in lawful money of the United States of America. 4. Principal Payment Schedule -- The principal of the Bonds will be payable on such dates and in such years and amounts as the Finance Officer determines after consultation with the LGC, except that the final maturity for the Bonds must not extend beyond December 31, 2025 . The Finance Officer will execute a certificate prior to the initial delivery of the Bonds designating the principal payment schedule for the Bonds (including, in the case of the Refunding Bonds, the aggregate principal amount of such Bonds), and such certificate will be conclusive evidence of the Finance Officer's approval and determination of the payment schedule. 5. Pledge of Faith, Credit and Taxing Power -- The County's full faith and credit are hereby irrevocably pledged for the payment of the principal of and interest on the Bonds. Unless other funds are lawfully available and appropriated for timely payment of the Bonds, the Board will levy and collect an annual ad valorem 5 tax, without restriction as to rate or amount, on all locally taxable property in the County sufficient to pay the principal of and interest on the Bonds as the same become due. 6. Approval of Official Statement for Offering -There has been made available to each member of the Board a draft of an official statement (the "Official ~~ Statement) relating to the Bonds, pursuant to which the Bonds will be offered for sale. The Official Statement remains subject to completion and amendment. The Official Statement is approved as the form of official statement pursuant to which the Bonds will be offered for sale. The actions of the Finance Officer, in collaboration with the LGC, to prepare the text of the Official Statement are ratified, approved and confirmed. The Board approves the LGC's distribution of the Official Statement to prospective purchasers of the Bonds. The Official Statement as so distributed must in substantially the form presented to this meeting, with such changes as the Finance Officer may approve. The Board acknowledges that it is the County's responsibility to ensure that the Official Statement, in its final form, neither contains an untrue statement of a material fact nor omits to state a material fact required to be included therein for the purpose for which such Official Statement is to be used or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. By the adoption of this resolution, the Board members approve the Official Statement as materially correct and complete, and further acknowledge and accept their own responsibility for causing the County to fulfill these responsibilities for the Official Statement. 7. Redemption Provisions -- The Refunding Bonds will not be subject to redemption prior to maturity. The Referendum Bonds will be subject to redemption prior to maturity upon such terms and conditions as the Finance Officer, upon advice from the LGC, may determine. The Finance Officer must execute a certificate prior to the initial delivery of the Referendum Bonds designating redemption terms and conditions, and such certificate will be conclusive evidence of the Finance Officer's approval and determination of such terms and conditions. 6 8. Form of Bonds -- The Bonds will be in substantially the form set out in Exhibit A. The Bonds will be dated April 1, 2003, will be in fully registered form, in denominations of $5,000 and integral multiples thereof, and will be numbered R-1 upward separately within each series or consecutively across the series, as the Finance Officer may determine. The Bonds must be signed by the manual or facsimile signature of the Board's Chair, must be countersigned by the manual or facsimile signature of the Board's Clerk or any Assistant Clerk, and the County's seal must be affixed thereto or a facsimile thereof printed thereon. No Bond will be valid unless at least one of the signatures appearing on such Bond (which may be the signature of the LGC's representative required by law) is manually applied or until such Bond has been authenticated by the manual signature of an authorized officer or employee of a bond registrar selected by the County. 9. Finance Officer as Registrar; Payments to Registered Owners -- The Finance Officer is appointed Registrar for the Bonds. As Registrar, the Finance Officer will maintain appropriate books and records of the ownership of the Bonds. The County will treat the registered owner of each Bond as the person exclusively entitled to payment of principal, premium, if any, and interest and the exercise of all rights and powers of the owner, except that interest payments will be made to the person shown as owner on the registration books on the 15th day of the month preceding each interest payment date. 10. Advertising Bonds for Sale -- There has been made available to the Board a draft of a Notice of Sale and Bid Form relating to the Bonds (the "Notice of Sale"). The Finance Officer, in collaboration with the LGC, is authorized and directed to take all proper steps to advertise the Bonds for sale substantially in accordance with the draft Notice of Sale, which is approved, provided that the Finance Officer, in collaboration with the LGC, may make such changes in the Notice of Sale not inconsistent with this resolution as such officer may consider to be in the County's best interest. In addition, the Finance Officer is authorized and directed to provide for the publication of a notice of sale of the Bonds, in such form as such officer may determine, at least one time each in both (a) a newspaper having general circulation 7 in the County and (b) a recognized national financial journal, in each case at least five days before the sale date for the Bonds, all in accordance with LGC guidelines. 11. LGC To Sell Bonds -The County asks the LGC to sell the Bonds, to receive and evaluate bids and to award the Bonds to the successful purchaser. 12. Completing Official Statement after Sale -- After bids have been received and the LGC has awarded the Bonds to the successful purchaser, the Finance Officer is authorized and directed to prepare, in collaboration with the LGC, a supplement to the Official Statement containing, among such other matters as may be appropriate, information required pursuant to Rule 15c2-12 ("Rule 15c2- 12") promulgated by the United States Securities and Exchange Commission under the United States Securities Act of 1934, as amended. The County, together with the LGC, will arrange for the delivery within seven business days of the date the Bonds are sold of a reasonable number of copies of the supplemented Official Statement to the successful bidder on the Bonds for delivery to each potential investor requesting a copy of the supplemented Official Statement and to each person to whom such bidder and members of the bidding group initially sell the Bonds. 13. Finance Officer To Complete Bond Closing -After the sale of the Bonds, the Finance Officer and all other County officers and employees are authorized and directed to take all proper steps to have the Bonds prepared and executed in accordance with their terms and to deliver the Bonds to the purchaser upon payment for the Bonds. The Finance Officer is authorized and directed to hold the executed Bonds, 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 Bonds and other documents have been completed to the Finance Officer's satisfaction, and thereupon to release the executed Bonds and other documents for delivery to the appropriate persons or organizations. Without limiting the generality of the foregoing, this authorization and direction is specifically extended to authorize the Finance Officer (a) to enter into such agreements or take such other actions as such officer may deem appropriate in 8 connection with obtaining bond insurance for the Bonds and providing for the refunding contemplated by this resolution (such as giving notice of redemption and executing an escrow agreement with an escrow agent), and (b) to approve changes to any documents or closing certifications previously signed by County officers or employees, provided that the Bonds will be in substantially the form approved by this resolution and that any such changes will not substantially alter the intent of such certificates from that expressed in the forms of such certificates as executed by such officers or employees. The Finance Officer's authorization of the release of any such document for delivery will constitute conclusive evidence of such officer's approval of any such changes. 14. Undertaking for Continuing Disclosure -- The County undertakes, for the benefit of the beneficial owners of the Bonds, to provide continuing disclosure with respect to the Bonds as described in Exhibit B. The provisions for continuing disclosure will terminate upon payment, or provision having been made for payment (in a manner consistent with Rule 15c2-12), in full of the principal of and interest on all of the Bonds. 15. Finance Officer as Disclosure Official -- The Board designates the Finance Officer, on the County's behalf, to deem the supplemented Official Statement to be a "Final Official Statement" within the meaning of Rule 15c2-12. The LGC's distribution of the supplemented Official Statement will be conclusive evidence that the County has deemed it final as of its date. The Board further designates the Finance Officer as the County officer to be primarily responsible for the County's compliance with its undertakings for continuing disclosure provided for in this resolution. The Finance Officer will provide for the filings and reports (including the reports of material events) constituting the continuing disclosure provided for in this resolution. 16. Resolutions As To Tax Matters -- The County will not take or omit to take any action the taking or omission of which will cause the Bonds to be "arbitrage bonds, " within the meaning of Section 148 of the "Code" (as defined below), or "private activity bonds" within the meaning of Code Section 141, or otherwise cause interest on the Bonds to be includable in gross income for federal income tax purposes. Without limiting the generality of the foregoing, the County will comply with any Code provision that may require the County at any time to pay 9 to the United States any part of the earnings derived from the investment of the proceeds of the Bonds, and the County will pay any such required rebate from its general funds. For this paragraph, "Code" means the United States Internal Revenue Code of 1986, as amended through the closing date of the Bonds, including applicable Treasury regulations. 17. Book-Entry System for Bond Registration -- The Bonds will be issued by means of a book-entry system, with one bond certificate for each maturity of each series of bonds immobilized at The Depository Trust Company, New York, New York ("DTC"), and not available for distribution to the public. The book-entry system for registration will operate as described in the Official Statement. Therefore, (a) the County will pay principal, premium, if any, and interest on the Bonds to DTC or its nominee as registered owner of the Bonds, (b) the County will not be responsible or liable for such transfer of payments to parties other than DTC or for maintaining, supervising or reviewing the records maintained by DTC or any other person related to the Bonds, and (c) the County will not mail redemption notices (or any other notices related to the Bonds) to anyone other than DTC or its nominee so long as the book-entry system of registration with DTC is in effect. The County may elect to discontinue the book-entry system with DTC. The Finance Officer is authorized and directed to enter into any agreements he deems appropriate to put into place the book-entry system with DTC . 18. Confirmation of Financial Advisor -The Board confirms the selection of Ferris, Baker, Watts & Co. to serve as the County's financial advisor with respect to the refunding. 19. Call of Prior Bonds for Redemption -The Board authorizes and directs the Finance Officer to make, on the County's behalf, an irrevocable call for redemption of such of the County's general obligation Refunding Bonds, Series 1993, and its general obligation School Bonds, Series 1993, as the Finance Officer (after consultation with the LGC) deems beneficial to the County. The Finance Officer will make this call for redemption by the execution and delivery of an appropriate certificate in connection with the original delivery of the Refunding Bonds. 10 20. 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 connection with the furtherance of the purposes of this resolution. All such prior actions of County officers and employees are ratified, approved and confirmed. Upon the absence, unavailability or refusal to act of the Chair or the Finance Officer, the County Manager may assume any responsibility or carry out any function assigned to the Chair or the Finance Officer in this resolution All other resolutions, or parts thereof, in conflict with this resolution are repealed, to the extent of the conflict. This resolution takes effect immediately. 11 EXHIBIT A -Form of Bonds REGISTERED REGISTERED Number R-X UNITED STATES OF AMERICA STATE OF NORTH CAROLINA ORANGE COUNTY General Obligation LPublic Improvement/ Refundingl Bond. Series 2003 INTEREST RATE MATURITY DATE DATED DATE CUSIP [March/June] 1, April 1, 2003 684 609 XXX REGISTERED OWNER: *****CEDE & CO.***** PRINCIPAL AMOUNT: **** THOUSAND DOLLARS ($ ,000)*** ORANGE COUNTY, NORTH CAROLINA (the "County "), for value received, promises to pay to the registered owner hereof, or registered assigns or legal representative, the principal amount stated above on the maturity date stated above, [subject to prior redemption as described herein,] and to pay interest on this Bond semiannually on each [June 1 and December 1, beginning June 1, 2003 , at the annual rate stated above. Interest is payable (a) from June 1, 2003, if this Bond is authenticated prior to April 1, 2003, or (b) otherwise from the June 1 or December 1] that is, or immediately precedes, the date on which this Bond is authenticated (unless payment of interest hereon is in default, in which case this Bond will bear interest from the date to which interest has been paid). Principal, premium, if any, and interest are payable in lawful money of the United States of America. 12 This Bond is one of an issue of the County's [$19,175,000 General Obligation Public Improvement Bonds / $28,000,000 General Obligation Refunding Bonds], Series 2003 (the "Bonds"), of like date and tenor, except as to number, denomination, rate of interest, [privilege of redemption] and maturity. The Bonds are issued pursuant to a resolution adopted by such Board on February 17, 2003, and the Constitution and laws of the State of North Carolina, including the Local Government Bond Act. The County's full faith and credit are pledged for the payment of principal of and interest on this Bond. The Bonds are issued by means of a book-entry system, with one bond certificate for each maturity immobilized at The Depository Trust Company, New York, New York ("DTC"), and not available for distribution to the public. Transfer of beneficial ownership interests in the Bonds in the principal amount of $5,000 or any integral multiple thereof will be effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. Principal, premium, if any, and interest on the Bonds are payable by the County to DTC or its nominee as registered owner of the Bonds. The County is not responsible or liable for such transfer of ownership or payments or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. [The Bonds are not subject to redemption prior to maturity.] [Bonds maturing prior to March 1, 2013, are not subject to redemption prior to maturity. Bonds maturing on March 1, 2013, and thereafter are redeemable, at the County's option, from any moneys that may be made available for such purpose, in whole on any date not earlier than March 1, 2012 or in part on any interest payment date not earlier than March 1, 2012 at prices as follows: March 1, 2012 to February 28, 2013, a redemption price of 101 % of the principal amount of each Bond to be redeemed and thereafter, a redemption price of 100 % of such principal amount, in each case plus interest accrued to the date fixed for redemption. ] If less than all of the Bonds stated to mature on different dates are called for redemption, the Bonds will be redeemed in the inverse order of their maturities. If 13 less than all of the Bonds of any one maturity are called for redemption, the particular Bonds or portions of Bonds of such maturity to be redeemed will be selected by lot in such manner as the County in its discretion may determine; provided, however, that the portion of each Bond to be redeemed will be in the principal amount of $5,000 or some integral multiple thereof, and that, in selecting Bonds for redemption, each Bond will be considered as representing that number of Bonds which is obtained by dividing the principal amount of such Bond by $5,000. Notwithstanding the foregoing, so long as a book-entry system with DTC is used for determining beneficial ownership of Bonds, if less than all of the Bonds within a maturity are to be redeemed, DTC and its participants will determine which of the Bonds within any such maturity are to be redeemed. If a portion of a Bond is called for redemption, a new Bond in principal amount equal to the unredeemed portion thereof will be issued to the registered owner upon the surrender thereof. The County will give notice of redemption by certified or registered mail to DTC or its nominee as the registered owner of the Bonds. The County will mail such notice not more than 60 days and not less than 30 days prior to the date fixed for redemption. The County is not responsible for sending notices of redemption to anyone other than DTC or its nominee. If (a) DTC determines not to continue to act as securities depository for the Bonds or (b) the County so elects, 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 deliver replacement Bonds in the form of fully- registered certificates. The County Finance Officer has been appointed Registrar for the Bonds. As Registrar, the Finance Officer will maintain appropriate books and records indicating ownership of the Bonds. The County will treat the registered owner of this Bond as the person exclusively entitled to payment of principal, premium, if any, and interest and the exercise of all other rights and powers of the owner, except that interest payments will be made to the person shown as owner on the County's registration books on the 15th day of the month preceding each interest payment date. 14 All acts, conditions and things required by the Constitution and laws of the State of North Carolina to happen, exist or be performed precedent to and in the issuance of this Bond have happened, exist and have been performed, and the issue of Bonds of which this Bond is one, together will all other indebtedness of the County, is within every debt and other limit prescribed by the Constitution and laws of the State of North Carolina. IN WITNESS WHEREOF, Orange County, North Carolina, has caused this Bond to signed by the Chair of its Board of Commissioners, to be countersigned by the Clerk to such Board, its seal to be affixed hereto and this Bond to be dated [Dated Date] . COUNTERSIGNED: (SEAL) [Sample only - do not siQnl [Sample only - do not siQn1 Clerk, Board of Commissioners Chair, Board of Commissioners Orange County, North Carolina Orange County, North Carolina The Bonds have been approved by the North Carolina Local Government Commission in accordance with the Local Government Bond Act. Sample only - do not si~nl Janice T. Burke Acting Secretary, Local Government Commission 15 ASSIGNMENT FOR VALUE RECEIVED the undersigned hereby sell(s), assign(s) and transfer(s) unto (Please print or type transferee's name and address, including zip code) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OR TRANSFEREE: the within appointing _ books kept premises. Dated: bond and all rights thereund for the registration thereof, er, hereby irrevocably constituting and Attorney, to transfer said bond on the with full power of substitution in the Signature Guaranteed: NOTICE: Signature(s) must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company (Signature of Registered Owner) NOTICE: The signature above must correspond with the name of the registered owner as it appears on the front of this bond in every particular without alteration or enlargement or any change whatsoever. 16 Exhibit B -- Undertaking for Continuing Disclosure The County undertakes, for the benefit of the beneficial owners of the Bonds, to provide the following: (a) by not later than seven months from the end of each of the County's fiscal years, to each nationally recognized municipal securities information repository ("NRMSIR"), and the state information depository for the State of North Carolina ("SID"), if any, audited County financial statements for such fiscal year, if available, prepared in accordance with Section 159-34 of the General Statutes of North Carolina, as it may be amended form time to time, or any successor statute, or, if such audited financial statements are not available by seven months from the end of any fiscal year, unaudited County financial statements for such fiscal year, to be replaced subsequently by audited County financial statements to be delivered within 15 days after such audited financial statements become available for distribution; (b) by not later than seven months from the end of each of the County's fiscal years, to each NRMSIR, and to the SID, if any, (i) the financial and statistical data as of a date not earlier than the end of the preceding fiscal year (which data will be prepared at least annually, will specify the date as to which such information was prepared and will be delivered with any subsequent material events notices specified in subparagraph (c) below) for the type of information included under heading "The County -Debt Information" and "- Tax Information" in the final Official Statement (excluding any information on overlapping or underlying units), and (ii) 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 (a) above; (c) in a timely manner, to each NRMSIR or to the Municipal Securities Rulemaking Board ("MSRB"), and to the SID, if any, notice of any of the following events with respect to the Bonds, if material: (1) principal and interest payment delinquencies; (2) non-payment related defaults; 17 (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on any credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions or events affecting the tax-exempt status of the Bonds; (7) modifications to rights of the beneficial owners of the Bonds; (8) Bond calls; (9) defeasances; (10) release, substitution or sale of any property securing repayment of the Bonds; and (11) rating changes; and (d) in a timely manner, to each NRMSIR or to the MSRB, and to the SID, if any, notice of a failure of the County to provide required annual financial information described in (a) or (b) above on or before the date specified. If the County fails to comply with the undertaking described above, any beneficial owner of the Bonds may take action to protect and enforce the rights of all beneficial owners with respect to such undertaking, including an action for specific performance; provided, however, that failure to comply with such undertaking will not be an event of default and will not result in any acceleration of payment of the Bonds. All actions will be instituted, had and maintained in the manner provided in this paragraph for the benefit of all beneficial owners of the Bonds. 18 The County reserves the right to modify from time to time the information to be provided to the extent necessary or appropriate in the County's judgment, provided that: (a) 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; (b) the information to be provided, as modified, would have complied with the requirements of Rule 15c2-12 as of the date of the final Official Statement, after taking into account any amendments or interpretations of Rule 15c2-12, as well as any changes in circumstances; and (c) any such modification does not materially impair the interests of the beneficial owners, as determined either by parties unaffiliated with the County or by the approving vote of the registered owners of a majority in principal amount of the Bonds pursuant to the terms of the bond resolution, as it may be amended from time to time, at the time of the amendment. 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. R N O O N ~~ N id O a. N ~ N w M L d ~ c ~ '~ d c ~ ~ ''AA > V/ r C V ~ N V ~ M 'C W y 0 '~ fl. L O ~ L ~ Q. ~ T O N Q O 'n L ~/ Q L Z O C .~ V Q N ~ d LL ~£ ... N~ V o .4; a a~ ~ d QQO O~ L = a 0 w C ~ 609 b09 EA N H iAi R 69 609 609 ~ ~ ~ H M M f A fA N i At fl M M C~ er ,~ M Q N O OO O Oo t~ 0 0 0 69 O O 0 0 0 0 0 0 0 0 0 0 0 0 O 0 EA oo O O O O O O M 0 0 0 0 0 0 fA 69 M 0 LL ~ = O 0 ~ 0 p g 0 0 0 0 0 o 0 o 0 ui o 0 0 o 0 0 o 0 0 0 ~ 0 0 O 0 0 I~ 0 0 O 0 0 O 0 ~ 0 0 O 0 0 N ~ V j pp to 119 ~ p l1~ O 11) N r In N 0 ti CO ~O M 4 ~ Q~ m N r 1~ r ? 1~ 69 69 fi? 69 69 M r ~ ti r- r ~ r I~ ~ 69 69 ~ 69 69 69 W N 69 69 N ~ iA d? 69 E9 Q 0 (~ t~ H fA 609 ~A 69 69 609 N M ~ H ill M' ~ O O O q m v ~ 0 ~ g O 8 C3 O ~ N Itf ti vt M 69 fR ~ r r M 4 ~ i9 6A M N Q O N O ~ ~ p O O fR O O QQ cS O O O S O O ~ O b4 O O O $ O O o O O 0 O O 0 O fR p S 0 O O o O 6R? O E O N O O O LL ~ o o o o o ~ Q o Ln 0 O 0 0 O 0 M o O g ui N o O o O o to h o O ~ Sri N o O g $ r o~ ti r m ~ ~ ~ O ti M 6N9 ~ 69 6N9 ~ ~ ~ 6 9 M ~ ER N M r r r 69 r E9 H M1 r ~ ~ N V d d +~+ O ~ ev ++ '+'' p ~ N V '~ LL r (~ ~ ~ {~ (~ O L. O ~ ~ U c ~ N ~ o 0 ~ ~ V ~ ~ H ~ t ~ ~ V O L ~ C a Y ~ U ~ o a ~ ~ a ~ ~ .~ a w o H ~ ~ ~ `° U c ~ ~ .~ •~ ~ ~ w p W 01 a~ ~ ~., O a~ C71 U W H O ' 0 O 0.. Y fa L a C N ~ y ` ~ (C d C m O ~ ` y d f0 ~ Q U n- Y V ~ U O ~ E " = N m ~ C O t G N P 0.. O O `, LL U ~ 'y ~ C (0 ~p L c0 a~ o ~ 2 « O v_1 Y ~ Q ~ ' c w U L ~ O O ` ~ ~ f0 a~ a~ o = - d U _ r+ _ a~ ~ yU U ~ ~ O ~ ~ a~ Q ~ a~ c ~ ~ y - t m co ' Z d ~ a s V ~ c ' oU o U (n fA Cn Y N ~° s .C ~ Z ~ O ~' ~ p•~ ~a +. ~E U o d o c O ' N s ~ o L E o f0 x X0 2 0 0 0 0 0 0 0 ~ a i U U w m LL. C~ o 2 JQ fn (n ~ o ms d U Z ~ ~, U O v~ a Q V v~ O ~ c R M O