Minutes - Dec. 21, 2015 Reg. Meeting

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BK:00027 PG -1043 incurred in connection with the sale, execution and delivery of the 2016 Certificate. The rate of interest on the Installment Payments with respect to the 2016 Certificate shall be 2.79% per annum. Section 3. The 2016 Certificate shall be sold to the Purchaser in an amount equal to the par amount thereof. The final maturity of the 2016 Certificate shall not be later than April 1, 2028. Section 4. The Board hereby approves the Third Contract Amendment and the Escrow Agreement in substantially the forms presented at this meeting. The Chair of the Board, the County Manager and the Finance Director of the County are each hereby authorized to execute and deliver on behalf of the County the Third Contract Amendment and the Escrow Agreement in substantially the forms presented at this meeting, containing such modifications as the person executing such documents shall approve, such execution to be conclusive evidence of approval by the Board of any such changes. The Clerk to the Board or any assistant or deputy Clerk to the Board is hereby authorized to affix the official seal of the County to each of said documents and to attest the same to the extent required. Section 5. The Board hereby approves the Third Supplement and the 2016 Certificate in substantially the forms presented at this meeting. Section 6. No deficiency judgment may be rendered against the County in any action for breach of any contractual obligation under the Contract, and the taxing power of the County is not and may not be pledged directly or indirectly to secure any moneys due under the Contract. Section 7. The Chair of the Board, the County Manager, the Finance Director, the County Attorney and the Clerk to the Board, and any other officers, agents and employees of the County, are hereby authorized and directed to deliver such certificates, opinions and other items of evidence as shall be deemed necessary to consummate the transactions described above. Section 8. The County hereby calls the Refunded 2006 Certificates maturing on or after April 2018 for redemption on April 1, 2017, at a redemption price equal to 100% of the principal amount of such Refunded 2006 Certificates to be redeemed, together with accrued interest thereon to the redemption date, all in accordance with the provisions of the Contract, the Indenture and the Escrow Agreement. Notice of such redemption shall be provided in the manner set forth in the Escrow Agreement Section 9. This resolution shall take effect immediately upon its passage; provided, however, that the provisions set forth in Section 8 hereof shall not take effect until, and shall be contingent upon, the issuance of the 2016 Certificate. Upon motion of Commissioner Smith , the foregoing resolution entitled "RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF AN AMENDMENT NUMBER THREE TO THE INSTALLMENT FINANCING CONTRACT AND RELATED DOCUMENTS IN CONNECTION WITH THE REFINANCING OF CERTAIN INSTALLMENT FINANCING OBLIGATIONS OF THE COUNTY" was passed by the following vote: 2