11-19-1996 Minutes - Laserfiche WebLink

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q~;:::- 3 ft; 3 'I $500,000, to Five Points Bank for a purchase price equal to the principal amount thereof. Said Series 1996 Bond shall bear interest from date of issue until maturity at the rate of 6.75 % per annum. Said Series 1996 Bond shall become due 5 years from date of issue, shall be payable in equal monthly installments of principal and interest over such term to maturity, all in accordance with the terms of said 1996 Bond. All installment payments shall be applied fIrst to accrued interest and then to principal. Said Series 1996 Bond shall be issued in fully registered form and the County Treasurer is hereby designated as Paying Agent and Registrar for the Series 1996 Bond (the "Paying Agent"). Said Series 1996 Bond shall be executed on behalf of the County by the Chairperson (or in the Chairperson's absence, the Vice Chairperson) and the County Clerk by their manual or facsimile signatures and by being sealed with the County's seal. Said Series 1996 Bond shall be authenticated by the Paying Agent. Said Series. 1996 Bond shall be in substantially the form approved above with any such changes as the executing offIcers shall deem appropriate for and on behalf of the County, including issuance in a principal amount less than $500,000 as may be determined upon consultation with Mid- Nebraska Foundation, Inc., and Five Points Bank. The County reserves the right to amend this resolution for purposes of designating a successor to the Paying Agent, as paying agent and registrar for the Series 1996 Bond, whenever the Board of Supervisors determines such designation appropriate. Section 5. The Paying Agent shall keep and maintain for the County books for the registration and transfer of the Series 1996 Bond at the County's offIces at the Hall County Courthouse (or any annex thereto where the County Treasurer's principal office may be located) in Grand Island, Nebraska. The name and registered address of the registered owner of the Series 1996 Bond shall at all times be recorded in such books. The Series 1996 Bond may be transferred pursuant to its provisions at the County's offIces by surrender of such Series 1996 Bond for notation of transfer, accompanied by a written instrument of transfer, in form satisfac- tory to the Paying Agent, duly executed by the registered owner in person or by such owner's duly authorized agent, and thereupon the Paying Agent on behalf of the County will register such transfer upon its books and make notation thereof on said Series 1996 Bond and deliver such Series 1996 Bond at the Paying Agent's office to the transferee owner (or send it by registered mail to the transferee owner thereof at such transferee owner's expense). All transfers of the Series 1996 Bond shall be upon the basis of a private placement, and each proposed trans- feree registered owner shall furnish the Paying Agent with assurances in form satisfactory to the Paying Agent that such Series 1996 Bond is being purchased for investment purposes only, with- out view to redistribution and upon the independent credit judgment and investigation of the pro- posed transferee. The County and the Paying Agent shall not be required to transfer the Series 1996 Bond during any period from any record date until its immediately following interest payment date or to transfer the Series 1996 Bond when called for redemption, in whole or in part, for a period of 5 days next preceding the date fIxed for redemption or partial redemption. The record date for each monthly installment payment to the registered owner shall be the fIfth business day next preceding such payment date. Section 7. The Series 1996 Bond .shall be dated and delivered upon such date as is mutuallv a2reeable to the County, Five Points Bank and Mid-Nebraska Foundation, Inc., and the proceeds of the sale of such bond shall be loaned to Mid-Nebraska Foundation, Inc., in accordance with the terms of the Loan Agreement. Section 8. For the payment of the Series 1996 Bond, the County hereby pledges and assigns all payments due under the Loan Agreement and all funds held under the Escrow Agreement until disbursed (other than payments due to the County from the Borrower for indemnifIcation under the terms of the Loan Agreement). Payments due under the Loan Agreement are hereby directed to be paid directly to Five Points Bank as registered owner of the Series 1996 Bond, or to its registered assigns as shown from time to time on the books of record of the Paying Agent. The Series 1996 Bond and interest thereon shall not constitute nor give rise to a pecuniary liability of The County of Hall, in the State of Nebraska, or any charge against its general credit or taxing powers, and said Series 1996 Bond shall be payable solely from the payments due from Mid-Nebraska 'Foundation, Inc., under the Loan Agreement. Section 9. The Chairperson (or in the Chairperson's absence, the Vice Chairperson) and County Clerk (or either of them) are hereby authorized and directed to execute such other instruments, documents and certifIcations and to take such other actions as may be . necessary to complete the sale and issuance of the Series 1996 Bond and as may be necessary to complete the transactions contemplated by the documents and actions approved and authorized in this Resolution.