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HomeMy WebLinkAboutAgenda - 02-29-2000-5aORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: February 29, 2000 Action Agenda Item No. ,5-.q SUBJECT: Band Sale Resolutions DEPARTMENT: Finance PUBLIC HEARING: (Y/N) No ATTACHMENT(S): Resolution Providing For Bond Sale Resolution Approving Initial and Continuing Disclosure Draft OfFicial Statement (Under Separate Cover) INFORMATION CONTACT: Ken Chavious, ext 2453 Bob Jessup_ TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Hill 968501 Durham 688-7331 Mebane 33fi-227-2031 PURPOSE: To consider adopting resolutions required for the sale of $40,175,000 in general obligation bonds for Schools, Parks and Public Buildings. BACKGROUND: During the past several months the County Commissioners have taken various actions related to the upcoming sale of the bonds authorized by the voters in the November 1997 referendum. In addition, the Board authorized the staff to pursue the issuance of two-thirds Bonds for projects approved in the CIP. All requirements of the Local Government Commission (LGC) have been met thus far for both sets of bonds and the bond sale is scheduled for April 4, 2000. The sale will include $34.5 million for schools, $2.830 million for parks and 2.845 million two-thirds bonds for public buildings. The final Board action required on the bond sale schedule is the adoption of two resolutions. Resolution Providin For A Bond Sale - This resolution essentially provides the official approval of the final amount of the bonds to be sold and establishes the maturity structure for the bonds. Resolution Approving Initial and Continuing Disclosure For Bonds - This resolution approves the form of .the official statement and the terms of the County's continuing disclosure requirements. This resolution is a relatively new requirement of the Securities and Exchange Commission that insures that the County will provide certain financial information to institutions holding County bonds after the bond sale as well as throughout the term of the debt. In addition, the resolution designates the Finance Director as the individual responsible for insuring the disclosure requirements are met. The resolutions have been prepared by bond counsel and are attached. FINANCIAL IMPACT: Bond issuance costs in the $35,000 to $50,000 range will be paid in the current year. Funding will come from capital fund balance and will be reimbursed once the bond proceeds are received and interest accrued. Debt service payments on the bonds will begin next fiscal year. The annual amount of the debt payments will be determined once the bonds are sold and will be included in the Manages recommended budget for the fiscal year 2000-2001. After the sale of these proposed bonds, the balance of the 1997 bonds unissued are as follows: Schools $12,500,000 Parks 3,170,000 Affordable Housing 1,800,000 Sanitary Sewer 1.200.000 Total Unissued $18,670,000 RECOMMENDATION(S): The Manager recommends that the Board adopt the attached resolutions. 3 RESOLUTION PROVIDING FOR A BOND SALE WHEREAS: The voters of Orange County, North Cazolina (the "County"), on November 4, 1997, approved the issuance of (a) $47,000,000 of the County's general obligation bonds to pay capital costs of providing school facilities (the "School Bonds"), and (b) $6,000,000 of general obligation bands to pay capital costs of providing parks and recreation facilities (the "Pazks Bonds"). In addition, on February 1, 2000, the County's Board of Commissioners (the "Board") authorized the issuance of $2,846,000 County general obligation public buildings bonds. These bonds do not require referendum approval. The Boazd has now determined to issue a portion of such bonds. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. The County shall issue and sell (a) $34,500,000 of the unissued School Bonds and (b) $2,830,000 of the unissued Parks Bonds for their respective authorized purposes. Such School Bonds and Parks Bonds shall be combined for sale as a single issue (referred to in this resolution as the "Referendum Bonds") (the Referendum Bonds and the Two-Thirds Bonds will be referred to collectively in this resolution as the "Bonds"). 2. The County shall also issue and sell $2,845,000 of the Two-Thirds Bands for their authorized purpose. The Two-Thirds Bonds shall be sold as a sepazate issue but simultaneously with the Referendum Bands. 3. The Two-Thirds Bonds shall be designated "Public Improvement Bands, Series 2000A," and the Referendum Bonds shall be designated "Public Improvement Bonds, Series 2000B." All the Bonds shall be dated April 1, 2000, shall be in fully registered form in denominations of $5,000 and integral multiples thereof, and shall be numbered from R-1 upwazd separately within each series. 4. The principal of the Referendum Bonds shall be payable in installments on April 1 in years and amounts as follows: $1,100,000 in years 2001-2006; $1,200,p00 in years 2007-2013; $3,800,000 in years 2014-2017; $4,400,000 in 2018; and $930,000 in 2019. 5. The principal of the Two-Thirds Bonds shall be payable in installments on April 1 in years and amounts as follows: $100,000 in years 2001-2014; $400,000 in years 2015-2017; and $245,000 in 2018. 6. Each Bond shall beaz interest at such rate as shall be determined at the time of its sale. Interest on each Bond shall be payable semiannually on each April 1 and a October 1, beginning October 1, 2000, (a) from April 1, 2000, if it is authenticated prior to October 1, 2000, or (b) otherwise from the April 1 or October 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 Bonds shall bear interest from the date to which interest has been paid). Principal, premium, if any, and interest shall be payable in lawful money of the United States of America. 7. Bonds maturing prior to April 1, 2011, shall not be subject to redemption prior to maturity. Bonds maturing an April 1, 2011, and thereafter shall be redeemable, at the County's option from any moneys that may be made available for such purpose, either in whole or in part, an ar after April 1, 2010, at the principal amount of the Bands to be redeemed, together with interest accrued thereon to the date fixed for redemption, plus a premium of 1 /2 of 1 % of the principal amount of each Bond to be redeemed for each period of 12 months or part thereof between the redemption date and the maturity date of such Bonds, such premium not to exceed 2% of such principal amount. If less than all of the Bonds stated to mature on different dates shall be called for redemption, the Bonds shall be redeemed in the inverse order of their maturities. If less than all of the Bonds of any one maturity are called for redemption, the Bonds or portions thereof of such maturity to be redeemed shall be selected by lot in such manner as the County in its discretion may determine; provided, however, that the portion of any Band to be redeemed shall be in the principal amount of $5,000 or some integral multiple thereof and that, in selecting Bands for redemption, each Bond shall be considered as representing that number of Bonds which is obtained by dividing the principal amount of such Bond by $5,000. If a portion of a Bond is called far redemption, a new Bond in amount equal to the unredeemed portion thereof shall be issued to the registered owner upon the surrender thereof. For the purposes of these redemption rules, the County shall treat the Referendum Bonds and the Two-Thirds Bands as a single issue. The County shall give native of redemption by certified or registered mail to the registered owners of the Bonds. The County shall mail such notice not more than 60 days and not less than 30 days prior to the date fixed for redemption. 8. The County's full faith and credit are 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 shall levy and collect an annual ad valorem 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. 9. The Bonds shall be in substantially the form set out in Exhibit A. The Bonds shall be signed by the manual or facsimile signature of the Board's Chair ar Vice Chair, shall be countersigned by the manual ar facsimile signature of the Board's Clerk or any Assistant Clerk, and the County's seal shall be affixed thereto or a facsimile thereof printed thereon, but no Bond shall be valid unless at least one of the signatures appearing 5 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. 10. The Finance Officer is appointed Registrar for the Bands. As Registrar, the Finance Officer shall maintain appropriate books and records of the ownership of the Bonds. The County shall 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 shall be made to the person shown as owner on the registration books on the 15th day of the month preceding each interest payment date. 11. The County requests that the LGC sell the Bonds. After the LGC has awarded the Bonds to the successful bidder, all County officers and employees are authorized and directed to take all proper steps to have the Bands prepared and executed in accordance with their terms and to deliver the Bonds to the purchasers thereof upon payment therefor. 12. There has been presented 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 Norice of Sale not inconsistent with this resolution as he may consider to be in the County's best interest. 13. The Finance Officer is authorized and directed to provide for the publication of a notice of sale of the Bonds, in such farm as he may determine, at least one time each in both (a) a newspaper having general circulation in the County and (b) a recognized national financial journal, in each case at least five days prior to the sale date for the Bands, all in accordance with LGC guidelines. 14. 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 he may deem appropriate in connection with obtaining bond insurance for the Bands, or (b) to approve changes to any documents or closing certifications previously signed by County officers or employees, provided that the Bonds shall be in substantially the farm approved by this resolution and that any such changes shall 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 6 Officer's authorization of the release of any such document for delivery shall constitute conclusive evidence of his approval of any such changes. 15. Resolutions As To Tax Matters -- The County shall not take or omit to take any action the taking or omission of which will cause the Bonds to be "arbitrage bands," within the meaning of Section 14$ of the "Code" (as defined below), or "private activity bonds" within the meaning of Code Section 141, or otherwise cause interest on the Bands to be includable in gross income for federal income tax purposes. Without limiting the generality of the foregoing, the County shall comply with any Code provision that may require the County at any time to pay to the United States any part of the earnings derived from the investment of the proceeds of the Bonds, and the County shall pay any such required rebate from its general funds. For this paragraph, "Code" means the United States Internal Revenue Code of 19$6, as amended through the closing date of the Bonds, including applicable Treasury regulations. 16. Book Entry System for Bond Registration -- The Bonds shall be 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 amounts of $5,000 or any integral multiple thereof shall be effected an the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. The County shall pay principal, premium, if any, and interest on the Bonds to DTC or its nominee as registered owner of the Bonds. The County shall 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. 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 shall deliver fully-registered certificates as replacements far Bonds in book-entry form. Such certificates shall be in such form as the Board may hereafter authorize. So long as a book-entry system with DTC is used far determining beneficial ownership of Bonds, if less than all of the Bonds within any maturity are to be redeemed, DTC shall determine (or provide for the determination of) which of the Bonds within such maturity are to be redeemed. Sa long as DTC or its nominee is the registered owner of all the Bonds, the County shall not be responsible for mailing notices of redemption to anyone other than DTC or its nominee. 17. 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. 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. 8 EXHIBIT A -Form of Bonds REGISTERED REGISTERED Number R-X UNITED STATES OF AMERICA STATE OF NORTH CAROLINA ORANGE COUNTY Public Im rovement Bond Series z000A /Public Im rovement Bond Series 2000B INTEREST RATE MATURITY DATE DATED DATE CUSIP A ril 1, Aril 1, 2000 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 April 1 and October 1, beginning October 1, 2000, at the annual rate stated above. Interest is payable (a) from April 1, 2000, if this Bond is authenticated prior to October 1, 2000, or (b) otherwise from the April 1 or October 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 shall 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. [This Bond is one of an issue of the County's $37,330,000 Public Improvement Bonds, Series 2000B (the "Bonds"), of like date and tenor, except as to number, denomination, rate of interest, privilege of redemption and maturity. The Bands have been authorized by a bond order adopted by the County's Board of Commissioners on August 2S, 1997, and are issued pursuant to a resolution adapted by such Board on February 29, 2000, and the Constitution and laws of the State of North Carolina, including the Local Government Band Act.] [This Bond is one of an issue of the County's $2,845,000 Public Improvement Bonds, Series 2000A (the "Bonds"), of like date and tenor, except as to number, 9 denomination, rate of interest, privilege of redemption and maturity. The Bonds have been authorized by a bond order adopted by the County's Board of Commissioners on February 1, 2000, and are issued pursuant to a resolution adopted by such Board an February 29, 2000, and the Constitution and laws of the State of North Carolina, including the Local Government Bond Act, to provide funds, together with other available funds, to pay capital costs of providing public buildings.] 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 shall 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. Bonds maturing prior to April 1, 2011, are not subject to redemption prior to maturity. Bonds maturing on April 1, 2011, and thereafter are redeemable, at the County's option from any moneys that may be made available for such purpose, either in whole or in part, on or after April 1, 2010, at the principal amount of the Bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption, plus a premium of 1/2 of 1% of the principal amount of each Bond to be redeemed for each period of 12 months or part thereof between the redemption date and the maturity date of such Bonds, such premium not to exceed 2% of such principal amount. If less than all of the Bonds stated to mature on different dates shall be called for redemption, the Bonds shall be redeemed in the inverse order of their maturities. If 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 shall 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 shall be in the principal amount of $5,000 or some integral multiple thereof, and that, in selecting Bands for redemption, each Bond shall 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 shall 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 shall be issued to the registered owner upon the surrender thereof. 10 The County shall give notice of redemption by certified or registered mail to DTC or its nominee as the registered owner of the Bonds. The County shall 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 far 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 shall 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 shall maintain appropriate books and records indicating ownership of the Bonds. The County shall treat the registered owner of this Band 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 shall 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. All acts, conditions and things required by the Constitutian 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 impressed hereon and this Bond to be dated April 1, 2000. COUNTERSIGNED: (SEAL) jSam~le only - do not sienl Clerk, Board of Commissioners, Orange County, North Carolina f Sample only - do not si~nl Chair, Board of Commissioners, Orange County, North Carolina The Bonds have been approved by the North Carolina Local Government Commission in accordance with the Local Government Bond Act. s/Robert M. High Secretary, Local Government Commission ASSIGNMENT FOR VALUE RECEIVED the undersigned se11(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 bond and all rights thereunder, irrevocably constituting and appointing Attorney, to transfer said bond on the books kept for the registration thereof, with full power of substitution in the premises. Dated: 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 the registered owner as it appears on the front of this bond in every particular without alteration or enlargement or any change whatsoever. tz Resolution A~pnroving Initial and Continuing Disclosure for Bonds WHEREAS: The Board of Commissioners (the "Board") of Orange County, North Carolina (the "County"), has approved the issuance and sale of County general obligation bands in the aggregate principal amount of $40,175,000 (the "2000 Bonds"). There has been provided to each member of the Board the form of an official statement (the "Official Statement") relating to the 2000 Bonds, pursuant to which the 2000 Bonds will be offered for sale. The Official Statement remains subject to completion and amendment. The Finance Officer has advised the Board concerning the County's obligation for complete and accurate disclosure in the initial offering of the 2000 Bonds, and the need for the County to make certain undertakings concerning continuing disclosure. BE IT THEREFORE RESOLVED by the Board of Commissioners of Orange County, North Carolina, as follows: 1. Approval of Official Statement for Offering -- The Official Statement is approved as the form of official statement pursuant to which the 2000 Bonds shall be offered for sale. The actions of the Finance Officer, in collaboration with representatives of the North Carolina Local Government Commission (the "LGC"), to prepare the Official Statement are ratified, approved and confirmed. The Board approves the LGC's distribution of the Official Statement to prospective purchasers of the 2000 Bonds. The Official Statement as so distributed shall be in substantially the form presented to this meeting, with such changes as the Finance Officer may approve. 2. Completion of Official Statement after Sale -- After bids have been received and the LGC has awarded the 2004 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, shall arrange for the delivery within seven business days of the date the 2000 Bonds are sold of a reasonable number of copies of the supplemented Off cial Statement to the successful bidder on the 2000 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 2000 Bands. 3. Official Statements Deemed Final -- The Finance Officer is authorized, on the County's behalf, to deem the supplemented Official Statement to be a "Final 13 Official Statement" within the meaning of Rule 15c2-12. The LGC's distribution of the supplemented Official Statement shall be conclusive evidence that the County has deemed it final as of its date. A11 County officers are authorized and directed to execute the final supplemented Official Statement in the form approved by the Finance Officer. 4. Undertaking for Continuing Disclosure -The County undertakes, far the benefit of the beneficial owners of the 2000 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 became 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 shall be prepazed at least annually, shall specify the date as to which such information was prepared and shall 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 aze 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 2000 Bonds, if material: (1) principal and interest payment delinquencies; (2) non-payment related defaults; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on any credit enhancements reflecting financial difficulties; 14 (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 2000 Bonds; (7) modifications to rights of the beneficial owners of the 2000 Bands; (8) Band calls; (9) defeasances; (10) release, substitution or sale of any property securing repayment of the 2000 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 infarmarian 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 2000 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 shall not be an event of default and shall not result in any acceleration of payment of the 2000 Bonds. A11 actions shall be instituted, had and maintained in the manner provided in this paragraph for the benefit of all benef cial owners of the 2000 Bonds. The County reserves the right to modify from time to time the infarmation to be provided to the extent necessary or appropriate in the County's judgment, provided that: (i) 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; (ii) 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 (iii) 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 2000 15 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 shall explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided. The provisions of this Section shall 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 2000 Bonds. S. Designation of Primary Responsible Official -The Boazd designates the Finance Officer as the County officer to be primarily responsible for the County"s compliance with its undertakings in this resolution. The Finance Officer shall provide for the filings and reports provided for in this resolution (including the reports of material events as described above). 6. Miscellaneous Provisions -- All other actions of County officers and employees in furtherance of the purposes of this resolution aze ratified, approved and confirmed. All other resolutions, ar parts thereof, in conflict with this resolution aze repealed, to the extent of the conflict. This resolution shall take effect immediately.