|
exist, have happened and have been performed in regular and due time,
<br />form and manner as required by law, and the Authority is now duly
<br />authorized and empowered, pursuant to each and every requirement of law,
<br />to consummate such refinancing for the purpose, in the manner and upon
<br />the terms herein provided;
<br />Section 2. All of the recitals herein contained are true and correct and the
<br />Governing Board so finds.
<br />Section 3. The forms of Master Installment Agreement and the First Supplement,
<br />on file with the Secretary of the Authority, are hereby approved, and the Chair or Vice -
<br />Chair of the Authority, or such other member of the Governing Board as the Chair may
<br />designate, the Executive Director of the Authority, the Treasurer of the Authority and the
<br />Controller of the Authority (the "Authorized Officers ") are each hereby authorized and
<br />directed, for and in the name and on behalf of the Authority, to execute and deliver the
<br />Master Installment Agreement and the First Supplement in substantially said form, with
<br />such changes therein as the Authorized Officer executing the same may require or
<br />approve, such approval to be conclusively evidenced by the execution and delivery
<br />thereof; provided, however, that the aggregate amount of the principal components of the
<br />installment payments evidenced under the First Supplement shall not exceed $17,000,000
<br />and the true interest cost applicable to the interest components of the installment
<br />payments shall not exceed 4.00 %.
<br />Section 4. The form of Indenture, on file with the Secretary of the Authority, is
<br />hereby approved, and the Authorized Officers are each hereby authorized and directed,
<br />for and in the name and on behalf of the Authority, to execute and deliver the Indenture in
<br />substantially said form, with such changes, insertions and omissions therein as the
<br />Authorized Officer executing the same may require or approve, such approval to be
<br />conclusively evidenced by the execution and delivery thereof; provided, however, that the
<br />aggregate amount of the Bonds shall not exceed $17,000,000, the final maturity date of
<br />the Bonds shall be no later than September 1, 2031 and the true interest cost applicable to
<br />the Bonds shall not exceed 4.00% and, provided, further, that such changes, insertions
<br />and omissions shall be consistent with the terms of the Bonds established by the
<br />Purchase Contract as finally executed.
<br />Section 5. The issuance of not to exceed $17,000,000 aggregate principal amount
<br />of the Bonds, in the principal amounts, bearing interest at the rates and maturing on the
<br />dates as specified in the Indenture as finally executed, is hereby authorized and approved.
<br />Section 6. The form of Purchase Contract, on file with the Secretary of the
<br />Authority, is hereby approved, and the Authorized Officers are each hereby authorized and
<br />directed, for and in the name and on behalf of the Authority, to execute and deliver the
<br />Purchase Contract in substantially said form, with such changes therein as the Authorized
<br />Officer executing the same may require or approve, such approval to be conclusively
<br />evidenced by the execution and delivery thereof; provided, however, that the underwriter's
<br />discount for the sale of the Bonds shall not exceed 0.484% of the aggregate principal
<br />amount of such Bonds.
<br />SAFA Resolution No. 2014 -004
<br />Page 3 of 5
<br />
|