Minutes - Dec. 7, 2015 Reg. Meeting

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BK -00027 PG:0985 thereunder in an aggregate principal amount not to exceed $23,250,000 to provide funds, together with any other available funds, to (i) refund all or a portion of the Series 2006 Certificates and (ii) pay certain financing costs relating thereto. (c) The Corporation will advance to the County amounts sufficient to pay the costs specified in subsection (b) of this Section, and the County will repay the advancement in installments, with interest (the "Installment Payments"). (d) The County's obligations under the Contract will be secured by the existing deed of trust granting a lien on the sites the high school, middle school and parks and recreation facilities previously financed pursuant to the Contract, together with all improvements and fixtures located or to be located thereon. (e) In order to provide the amount of the advance, the Corporation will enter into a Supplemental Indenture, Number 3, between the Corporation and U.S. Bank National Association (the "Trustee"), supplementing and amending an Indenture of Trust, dated as of January 1, 2004, as heretofore supplemented and amended, between the Corporation and First - Citizens Bank & Trust Company (succeeded by the Trustee), pursuant to which the Corporation will execute and deliver one or more certificates of participation evidencing proportionate and undivided interests in the right to receive the Installment Payments under the Contract. (f) It is in the best interest of the County to enter into the Contract in that such plan of refinancing will result in considerable debt service savings for the County. (g) Entering into the Contract is preferable to a general obligation bond and revenue bond issue in that (i) the obligation to be refinanced is an outstanding installment financing agreement; (ii) the County does not have sufficient authority to issue non -voted general obligation bonds pursuant to Article V, Section 4 of the North Carolina Constitution because the County has not 0