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<br />Date
<br />C)
<br />01-02-86
<br />07-03-86
<br />12-31-86
<br />01-04.88
<br />UM
<br />Amount of Principal
<br />Payment
<br />$109,425.00
<br />490,000,00
<br />995,000.00
<br />772,900.00
<br />c: .
<br />4 Ya=1
<br />$5,165,000,00
<br />51055,757.00
<br />41565,575.00
<br />3,570,575.00
<br />21797,675.00
<br />3,80. The County has paid all interest on the Bonds through January 1,
<br />3.90. It is, therefore, necessary and desirable to adopt this 1988
<br />Amending Resolution to amend and supplement the Series No, 2 Resolution with
<br />regard to certain interest rate, payment, redemption, flow -of -funds and security
<br />provisions applicable to the Bonds; to modify such Bonds accordingly; and to
<br />establish certain provisions regarding: (i) compliance with applicable federal
<br />income tax laws, (ii) assignment of the Bonds by the Holder to the Purchaser,
<br />(iii) payment to the Holder of the Principal Amount and the Interest Amount, (iv)
<br />execution and delivery of, and performance by the County and the Purchaser of
<br />their respective obligations under, all closing documents required in connection
<br />herewith, as approved by Bond Counsel (hereinafter, the "Closing Documents"),
<br />and (v) satisfaction by the County and the Purchaser of any other requirements,
<br />as approved by Bond Counsel, with respect hereto. The transaction contemplated
<br />hereunder is hereinafter referred to as the 111988 Transaction,"
<br />ARTICLE 4 AMENDMENTS TO SERIESRESOLUTION,
<br />Resolution is hereby amended, as follows:
<br />4.10. Section 2, beginning on page 2, shall be amended by adding the
<br />following definition immediately after definition M. "H(1). "Resolution" shall
<br />mean this resolution as amended and supplemented from time to time as permitted
<br />hereunder."
<br />4,20. Section 5, beginning on page 4, shall be amended by (A)
<br />Inserting in the tenth (10th) line of the first paragraph thereof, after the
<br />words "and shall bear interest", the words "prior to the 1988 Closing Date"; (B)
<br />inserting in the thirteenth (13th) line of the first paragraph thereof, after
<br />the word "installments", the words "applicable on and prior to the 1988 Closing
<br />Date"; (C) adding after the first paragraph thereof, the following new
<br />paragraph:
<br />"From and including the 1988 Closing Date, the Bonds shall bear
<br />interest at the rate of 8.478 per annum, payable on January 1st of each year
<br />thereafter until maturity. The amortization installments applicable after the
<br />1988 Closing Date, in lieu of those applicable on and prior to the 1988 Closing
<br />Date, are hereby established for the Bonds as $349,709.38 each year, to and
<br />including the maturity date, and such Bonds, as will be selected by lot, shall be
<br />deemed to be due on January 1 of each year. In the event of any optional partial
<br />redemption of the Bonds, each remaining mandatory amortization installment, as
<br />specified above, shall be reduced by an equal amount, so as to establish a now
<br />amortization schedule providing full amortization with equal annual amortization
<br />installments, the last of which shall be due on January 1, 1996."; and
<br />(D) inserting at
<br />the beginning of the second
<br />(2nd) paragraph
<br />thereof,
<br />before the words "if any
<br />of the Bonds", the words "Prior
<br />to the 1988
<br />Closing
<br />Date," and inserting at the and of such paragraph,
<br />after the words
<br />"in (a)
<br />above", the words "through,
<br />but not including, the 1988
<br />Closing Date."
<br />4.30, Section 11, as set forth beginning on page 2 of the 1965
<br />Amending Resolution, shall be amended by (A) adding, at the beginning of the
<br />second (2nd) paragraph thereof, before the word "principal", the words "On and
<br />prior to the 1988 Closing Date, pursuant to the provisions of Section 5 of the
<br />Resolution", and (B) adding, at the and of the second (2nd) paragraph thereof,
<br />after the words "redemption price", the following:
<br />3
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