5-2-16 Reg. Meeting - Laserfiche WebLink

Home Browse Search

BK -00028 PG -0236 the Note will not be included in the gross income of the owner of the Note for purposes of federal income tax. Section 7. The proposal set forth in the Note Purchase Agreement, to be dated as of the date of delivery thereof (the "Note Purchase Agreement"), among the Local Government Commission of North Carolina, the County and the Purchaser, the form of which is presented at this meeting, providing for the purchase of the Note by the Purchaser at a purchase price equal to 100% of the principal amount of the Note, subject to the approval thereof by the Local Government Commission, is hereby approved. The Local Government Commission is hereby requested to sell and award the Note to the Purchaser on behalf of the County, subject to the approval of the County, in accordance with the terms of the Note Purchase Agreement. The Chair or Vice Chairman of the Board, the County Manager and the Finance Director of the County are each hereby individually designated to approve on behalf of the County the sale of the Note to the Purchaser for such purchase price and upon such terms and conditions as the officer approving the sale shall determine, subject to the provisions of this resolution. The Chair or Vice Chairman of the Board, the County Manager and the Finance Director of the County are each hereby individually authorized and directed in the name and on behalf of the County to execute and deliver the Note Purchase Agreement in substantially the form presented, together with such modifications as the officer executing and delivering the Note Purchase Agreement, with the advice of counsel, may deem necessary and appropriate, such execution and delivery to be conclusive evidence of the approval and authorization in all respects of the form and content thereof. Section 8. The Chair and Vice Chairman of the Board, the County Manager, the Finance Director, the Clerk to the Board and the County Attorney, and their respective deputies or assistants, are hereby authorized and directed to take such other actions and to execute and deliver such other documents, certificates, undertakings, agreements or other instruments as may be necessary or appropriate to effectuate the sale and issuance of the Note in a manner consistent with the terms of this resolution. Section 9. This resolution shall take effect immediately upon its adoption. Upon motion of Commissioner Robert T. Reives, the foregoing resolution entitled "RESOLUTION PROVIDING FOR THE SALE AND ISSUANCE OF A $5,000,000 GENERAL OBLIGATION COMMUNITY COLLEGE BOND ANTICIPATION NOTE, SERIES 2016" was adopted by the following vote: Ayes: Dalrymple, Frazier, Knecht, Oldham, Reives Sloan and Smith Noes: N/