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Newspaper Archive of
The Lone Tree Reporter
Lone Tree, Iowa
March 26, 2009     The Lone Tree Reporter
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March 26, 2009
 
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Page 6 The Lone Tree Reporter Thursd., March 26, 2009 Continued... from page 5 obligation to such Participants or the persons for whom they act as nominees with respect to payment to or providing of notice for such Participants or the persons for whom they act as nominees. As used herein, the term "Beneficial Owner" shall hereinafter be deemed to include the person for whom the Participant acquires an interest in the Bonds. DTC will receive payments from the County, to be remitted by D.TC to the Participants for subsequent disbursement to the Beneficial Owners. The ownership interest of each Ben- eficial Owner in the Bonds will be recorded on the records oftbe Participants whose own- ership interest will be recorded on a computer- ized book-entry system kept by DTC. When reference is made to any action which is required or permitted to be taken by the Bene- ficial Owners, such reference shall only relate to those permitted to act (by statute, regula- tion or otherwise) on behalf of such Benefi- cial Owners for such purposes. When notices are given, they shall be sent by the County to DTC, and DTC shall forward (or cause to be forwarded) the notices to the Participants so that the Participants can forward the same to the Beneficial Owners. Beneficial Owners will receive written con- firmations of their purchases from the Partici- pants acting on behalf of the Beneficial Own- ers detailing the terms of the Bonds acquired. Transfers of ownership interests in the Bonds will be accomplished by book entries made by DTC and the Participants who act on behalf of the Beneficial Owners. Beneficial Own- ers will not receive certificates representing their ownership interest in the Bonds, except as specifically provided herein. Interest and principal will be paid when due by the County to DTC, then paid by DTC to the Participants and thereafter paid by the Participants to the 13eneficial Owners. Section 5. The Bonds shall be in substantially the following form: (Form of Bond) UNITED STATES OF AMERICA STATE OF IOWA JOHNSON COUNTY GENERAL OBLIGATION EMERGENCY COMMUNICATION BUILDING BOND, SERIES 2009A No. $ MATURITY BOND RATE DATE DATE CUSIP April 1, % June 1, 2009 Johnson County (the "County"), in the State of Iowa, for value received, promises to pay on the maturity date of this Bond to Cede & Co. New York, New York or registered assigns, the principal sure of THOUSAND DOLLARS in lawful money of the United States of America upon presentation and surrender of this Bond at the office of the Johnson County Treasurer, Iowa City, Iowa (hereinafter re- ferred to as the "Registrar" or the "Paying Agent"), with interest on said sum, until paid, at the rate per annum specified above from the date of this Bond, or from the most recent in- terest payment date on which interest has been paid, on June 1 and December 1 of each year, commencing December 1, 2009, except as the provisions hereinafter set forth with respect to redemption prior to maturity may be or be- come applicable hereto. Interest on this Bond is payable to the registered owner appearing on the registration books of the County at the close of business on the fifteenth day of hereon completed and duly executed by the has promulgated certain amendments to registered owner or the duly authorized attor- Rule 15c2-12 under the Securities Exchange ney for such registered owner. Act of 1934 (17 C.F.R. § 240.15c2-12) (the The County, the Registrar and the Paying "Rule") that make it unlawful for an under- Agent may deem and treat the registered writer to participate in the primary offering of owner hereof as the absolute owner for the municipal securities in a principal amount of purpose of receiving payment of or on account $1,0OO,OO0 or more unless, before submitting of principal hereof, premium, if any, and in- a bid or entering into a purchase contract for terest due hereon and for all other purposes, such securities, it has reasonably determined and the County, the Registrar and the Paying that the issuer or an obligated person has Agent shall not be affected by any notice to undertaken in writing for the benefit of the the contrary, holders of such securities to provide certain And It Is Hereby Certified and Recited that disclosure information to prescribed informa- all acts, conditions and things required by the tion repositories on a continuing basis so long laws and Constitution of the State of Iowa, as such securities are outstanding. to exist, to be had, to be done or to be per- On the date of issuunee and delivery of the formed precedent to and in the issue of this Bonds, the County will execute and deliver Bond were and have been properly existent, a Continuing Disclosure Certificate pursuant had, done and performed in regular and due to which the County will undertake to corn- form and time; that the General Fund and the ply with the Rule. The County covenants and faith, credit, revenues and resources and all agrees that it will comply with and carry out the real and personal property of the County the provisions of the Continuing Disclosure have been irrevocably pledged for the prompt Certificate. Any and all of the officers of the payment hereof, both principal and interest; County are hereby authorized and directed to and that the total indebtedness of the County, take any and all actions as may be necessary including this Bond, does not exceed any con- to comply with the Rule and the Continuing stitutienal or statutory limitations. Disclosure Certificate. IN TESTIMONY WHEREOF, Johnson Section 10. All resolutions or parts thereof in County, Iowa, by its Board of Supervisors, conflict herewith are hereby repealed to the has caused this Bond to be sealed with the extent of such conflict. facsimile of its official seal, to be executed Motion by Stutsman, second by Meyers, to with the duly authorized facsimile signature approve Resolution 03-12-09-01. of its Chairperson and attested with the duly RESOLUTION 03-12-09-02 authorized facsimile signature of its County RESOLUTION PROVIDING FOR THE Auditor, all as of April 1, 2009. SALE AND ISSUANCE OF $11,000,000 JOHNSON COUNTY, IOWA GENERAL OBLIGATION EMERGENCY By (DO NOT SIGN) COMMUNICATION EQUIPMENT BONDS, Chairperson, Board of Supervisors SERIES 2009B Attest: WHEREAS, pursuant to the provisions of See- (DO NOT SIGN) tion 331.402(3) of the Code of Iowa, Johnson County Auditor County, Iowa (the "County"), has heretofore (Seal) proposed to contract indebtedness and enter Registration Date: (Registration Date) into a loan agreement (the "LoanAgreemeat") REGISTRAR'S CERTIFICATE OF AU- in the prineipal amount of$11,000,000 to pro- THENTICATION vide funds to pay the cost, to that extent, of This Bond is one of the Bonds described in the acquiring eqmpment for a Joint Emergency within-mentioned resolution. Communication System, and has published By (DO NOT SIGN) notice of the proposed action and has held a Johnson County Treasurer hearing thereon; and ABBREVIATIONS WHEREAS, pursuant to advertisement of sale The following abbreviations, when used in bids for the purchase of $11,OO0,OO0 General this Bond, shall be construed as though they Obligation Emergency Communication Equip- were written out in full according to appli- merit Bonds, Series 2009B (the "Bonds"), to cable laws or regulations: be issued in evidence of the County's obliga- as tenants in UTMA tion under the LoanAgreement, were received TEN COM- common and canvassed on behalf of the County and the substance of such bids noted in the minutes; as tenants by and TEN ENT- the entireties (Custodian) WHEREAS, upon final consideration of all As Custodian for bids, the bid of Robert W. Baird & Company, Incorporated (the "Purchaser") is the best, such bid proposing the lowest interest cost to as joint ten- the County; ants with NOW, THEREFORE, Be It Resolved by the JT TEN- right of (Minor) Board of Snpervisors of Johnson County, under Uniform Iowa, as follows: survivorshipTransfers to Mi- Section 1. The County hereby determines and not as nots Act to enter into the Loan Agreement with the tenants in Purchaser, in substantially the form attached hereto, providing for a loan to the County in common the principal amount of $11,000,000, for the (State) purpose set forth in the preamble hereof. Additional abbreviations may also be used The Chairperson of the Board and the County though not in the list above. Auditor are hereby authorized and directed ASSIGNMENT to sign the Loan Agreement on behalf of the For valuable consideration, receipt of which County, and the Loan Agreement is hereby is hereby acknowledged, the undersigned as- approved. signs this Bond to Section 2. The bid of the Purchaser referred to in the preamble hereof is hereby accepted, and the Bonds, dated April I, 2009, maturing (Please print or type name and address of As, on June 1 in each of the years in the principal signee) amounts and bearing interest at the respective rates as follows: the month next preceding the interest pay- ment date, and shall be paid by check or draft PLEASE INSERT SOCIAL SECURITY OR mailed to the registered owner at the address OTHER shown on such registration books. IDENTIFYING NUMBER OF ASSIGNEE This Bond shall not be valid or become oblig- and does hereby irrevocably appoint atory for any purpose until the Certificate of , Attorney, to transfer this Bond Authentication hereon shall have been signed on the books kept for registration thereof with by the Registrar. full power of substitution. This Bond is one of a series of Bonds (the Dated: "'Bonds") issued by the County to evidence its Signature guaranteed: obligation under a certain Loan Agreement, dated as of April 1, 2009 (the "Loan Agree- ment"), entered into by the County for the (Signature guarantee must be provided in ac- purpose of providing funds to pay a portion of eordance with the prevailing standards and the cost of the construction of an Emergency procedures of the Registrar and Transfer Communication Building. Agent. Such standards and procedures may The Bonds are issued pursuant to and in strict require signatures to be guaranteed by eer- compliance with the provisions of Section tain eligible guarantor institutions that par- 331.402(3) of the Code of Iowa, 2007, and tieipate m a recognized signature guarantee all other laws amendatory thereof and supple- program.) mental thereto, and in conformity with a reso- lution of the County Board of Supervisors au- thorizing and approving the Loan Agreement NOTICE: The signature to this Assignment and providing for the issuance and securing must correspond with the name of the regis- the payment of the Bonds (the "Resolution"), tered owner as it appears on this Bond in every and reference is hereby made to the Resolu- particular, without alteration or enlargement tion and the Loan Agreement for a more tom- or any change whatever. plete statement as to the source of payment Section 6. The Bonds shall be executed as of the Bonds and the rights of the owners of herein provided as soon after the adoption of the Bonds. this resolution as may be possible and there- The County reserves the right to prepay part or upon shall be delivered to the Registrar for all of the Bonds maturing in each of the years registration, authentication and delivery to 2019 and 2020, prior to and in any order of or upon the direction of the Purchaser, upon maturity on June 1, 2018,or onany date there- receipt of the loan proceeds, and all action after upon terms of par and accrued interest, heretofore taken in connection with the Loan if less than all of the Bonds of any like matu- Agreement and the sale of the Bonds is hereby rity are to be redeemed, the particular part of ratified and confirmed in all respects. those Bonds to be redeemed shall be selected Section 7. The County hereby pledges the by the Registrar by lot. The Bonds may be General Fund and the faith, credit, revenues called in part in one or more units of $5,000. and resources and all of the real and personal If less than the entire principal amount of any property of the County for the full and prompt Bond in a denomination of more than $5,000 payment of the principal of and interest on the is to be redeemed, the Registrar will issue and Bonds. deliver to the registered owner thereof, upon Section 8. It is the intention of the County that surrender of such original Bond, a new Bond interest on the Bonds be and remain excluded from gross income for federal income tax or Bonds, in any authorized denomination, in a total aggregate principal amount equal to the purposes pursuant to the appropriate provi- unredeemed balance of the original Bond. No- sions of the Internal Revenue Code of 1986, tice of such redemption as aforesaid identify- as amended, and the Treasury Regulations in ing the Bond or Bonds (or portion thereof) to effect with respect thereto (all of the forego- be redeemed shall be sent by electronic means ing herein referred to as the "Internal Revenue or mailed by certified mail to the registered Code"). In furtherance thereof, the County owners thereof at the addresses shown on the covenants to comply with the provisions of County's registration books not less than 30 the Internal Revenue Code as they may from days prior to such redemption date. All of time to time be in effect or amended and fur- such Bonds as to which the County reserves ther covenants to comply with the applicable and exercises the right of redemption and as future laws, regulations, published rulings and to which notice as aforesaid shall have been court decisions as may be ueeessary to insure given and for the redemption of which funds that the interest on the Bonds will remain ex- are duly provided, shall cease to bear interest eluded from gross income for federal income on the redemption date. tax purposes. Any and all of the officers of the This Bond is fully negotiable but shall be County are hereby authorized and directed to fully registered as to both principal and inter- take any and all actions as may be necessary to est in the name of the owner on the books of comply with the covenants herein contained. the County in the office of the Registrar, after The County hereby designates the Bonds as which no transfer shall be valid unless made "Qualified Tax Exempt Obligations" as that on said books and then only upon presentation term is used in Section 265(b)(3)(B) of the of this Bond to the Registrar, together with ei- Internal Revenue Code. ther a written instrument of transfer satisfac- Section 9. Continuing Disclosure. The Securi- rely to the Registrar or the assignment form ties and Exchange Commission (the "SEC") Principal Interest Rate YearAmount Per Annure 2010 $590,OO0 3.00% 2011 $775,000 3.OO% 2012 $800,000 3.OO% 2013 $830,000 3.00% 2014 $860,000 3.00% 2015 $890,000 3.25% 2016 $930,000 3.50% 2017 $970,000 3.50% 2018 $1,010,0003.75% 2019 $1,060,0004.OO% 2020 $1,115,0004.00% 2021 $1,170,OO04.00% are hereby awarded and authorized to be is- sued to the Purchaser at the pnee specified in such bid, together with accrued interest. Section 3. The form of agreement of sale (the "Sale Agreement") of the Bonds to the Purchaser is hereby approved, and the Chair- person of the Board and County Auditor are hereby authorized to execute the Sale Agree- meat for and on behalf of the County. The County Treasurer is hereby designated as the Registrar and Paying Agent for the Bonds and may be hereinafter referred to as the "Registrar" or the "Paying Agent." The County reserves the right to prepay part or all of the Bonds maturing in each of the years 2019 to 2021, inelnsive, prior to and in any order of maturity on June 1, 2018, or on any date thereafter upon terms of par and accrued interest. If less than all of the Bonds of any like maturity are to be redeemed, the particu- lar part of those Bonds to be redeemed shall be selected by the Registrar by lot. The Bonds may be called in one or more units of $5,0OO. If less than the entire principal amount of any Bond in a denomination of more than $5,OO0 is to be redeemed, the Registrar will issue and deliver to the registered owner thereof, upon surrender of such original Bond, a new Bond or Bonds, in any authorized denomination, in a total aggregate principal amount equal to the unredeemed balance of the origit/al Bond. No- tice of such redemption as aforesaid identify- ing the Bond or Bonds (or portion thereof) to be redeemed shall be sent by electronic means or mailed by certified mail to the registered owners thereof at the addresses shown on the County's registration books not less than 30 days prior to such redemption flate. All of such Bonds as to which the County reserves and exercises the right of redemption and as to which notice as aforesaid shall have been given and for the redemption of which funds are duly provided, shall cease to bear interest on the redemption date. All of the interest on the Bonds shall be payable December 1, 2009, and semiannu- ally thereafter on the first day of June and December in each year. Payment of interest on the Bonds shall be made to the registered owner~ appearing on the registration books oftheCounty at the close of business on the fifteenth day of the month next preceding the UNITED STATES OF AMERICA interest payment date and shall be paid by STATE OF IOWA JOHNSON COUNTY check or draft mailed to the registered own- GENERAL OBLIGATION EMERGENCY ers at the addresses shown on such registration COMMUNICATION EQUIPMENT BOND, books. Principal of the Bonds shall be pay- SERIES 2009B able in lawful money of the United States of No. $ America to the registered owners or their legal representatives upon presentation and surrea- M AT U R I T YB O N D der of the Bond or Bonds at the office of the RATE DATE DATE CUSIP Paying Agent. April1, The Bonds shall be executed on behalf of the % June 1, 2009 County with the official manual or facsimile Johnson County (the "County"), in the State signature of the Chairperson of the Board and of Iowa, for value received, promises to pay attested with the official manual or facsimile on the maturity date of this Bond to signature of the County Auditor and shall Cede & Co. have the County's seal impressed or printed New York, New York thereon, and shall be fully registered Bonds or registered assigns, the principal sum of without interest coupofis. In ease any officer THOUSAND DOLLARS whose signature or the facsimile of whose sig- in lawful money of the United States of nature appears on the Bonds shall cease to be America upon presentation and surrender of such officer before the delivery of the Bonds, this Bond at the office of the Johnson County such signature or such facsimile signature Treasurer, Iowa City, Iowa (hereinafter re- shall nevertheless be valid and sufficient for ferred to as the "Registrar" or the "Paying all purposes, the same as if such officer had Agent"), with interest on said sure, until paid, remained in office until delivery, at the rate per annum specified above from the The Bonds shall not be valid or become oblig- date of this Bond, or from the most recent in- atory for any purpose until the Certificate of terest payment date on which interest has been Authentication thereon shall have been signed paid, on June 1 and December 1 of each year, by the Registrar. commencing December 1, 2009, except as the The Bonds shall be fully registered as to prin- provisions hereinafter set forth with respect cipal and interest in the names of the owners to redemption prior to maturity may be or be- on the registration books of the County kept come applicable hereto. Interest on this Bottd by the Registrar, and after such registration, is payable to the registered owner appearing payment of the principal thereof and interest on the registration books of the County at thereon shall be made only to the registered the close of business on the fifteenth day of owners or their legal representatives or as- the month next preceding the interest pay- signs. Each Bond shall be transferable without ment'date, and shall be paid by check or draft cost to the registered owner thereof only upon mailed to the registered owner at the address the registration books of the County upon pre- shown on such registration books. sentation to the Registrar, together with either This Bond shall not be valid or become oblig- a written instrument of transfer satisfactory to atory for any purpose until the Certificate of the Registrar or the assignment form thereon Authentication hereon shall have been signed completed and duly executed by the registered by the Registrar. owner or the duly authorized attorney for such This Bond is one of a series of Bonds (the registered owner "Bonds") issued by the County to evidence its The record and identity of the owners of the obligation under a certain Loan Agreement, Bonds shall be kept confidential as provided dated as of April 1, 2009 (the "Loan Agree- by Section 22.7 oftbe Code oflowa, ment"), entered into by the County for the Section 4. Notwithstanding anything above to purpose of providing funds to pay a portion the contrary, the Bonds shall be issued initially of the cost of acqutring equipment for a Joint as Depository Bonds, with one fully regis- Emergency Communication System. tered Bond for each maturity date, in princt- The Bonds are issued pursuant to and in strict pal amounts equal to the amount of principal compliance with the provisions of Section maturing on each such date, and registered in 331.402(3) of the Code of Iowa, 2007, and the name of Cede & Co., as nominee for The all other laws amendatory thereof and supple- Depository Trust Company, New York, New mental thereto, and in conformity with a reso- York ("DTC"). On original issue, the Bonds lutiun of the County Board of Supervisors an- shall be deposited with DTC for the purpose thorizing and approving the Loan Agreement of maintaining a book-catty system for record- and providing for the issuance and securing ing the ownership interests of its participants the payment of the Bonds (the "Resolution"), and the transfer of those interests among its and reference is hereby made to the Resolu- participants (the "Participants"). In the event tion and the Loan Agreement for a more corn- that DTC determines not to continue to act plete statement as to the source of payment as securities depository for the Bonds or the of the Bonds and the rights of the owners of County determines not to continue the book- the Bonds. entry system for recording ownership inter- The County reserves the right to prepay part ests in the Bonds with DTC, the County will or all of the Bonds matunng in each of the discontinue the book-entry system with DTC. years 2019 to 2021, inclusive, prior to and If the County does not select another quali- in any order of maturity on June 1, 2018, or fled securities depository to replace DTC (or on any date thereafter upon terms of par and a successor depository) in order to continue accrued interest. If less than all of the Bonds a book-entry system, the County will register of any like maturity are to be redeemed, the and deliver replacement Bonds in the form of particular part of those Bonds to be redeemed fully registered certificates, in authorized de- shall be selected by the Registrar by lot. The nominations of $5,000 or integral multiples of Bonds may be called in part irr one or more $5,000, in accordance with instructions from units of $5,000. If less than the entire prin- Cede & Co., as nominee for DTC. In the event cipal amount of any Bond in a denomination that the County identifies a qualified securities of more than $5,000 is to be redeemed, the depository to replace DTC, the County will Registrar will issue and deliver to the regis- register and deliver replacement Bonds, fully tered owner thereof, upon surrender of such registered in the name of such depository, or original Bond, a new Bond or Bonds, in any its nominee, in the denominations as set forth authorized denomination, in a total aggregate above, as reduced from time to time prior to principal amount equal to the unredeemed maturity in connection with redemptions or balance of the original Bond. Notice of such retirements by call or payment, and in such redemption as aforesaid identifying the Bond event, such depository will then maintain the or Bonds (or portion thereof) to be redeemed book-entry system for recording ownership shall be sent by electronic means or mailed by interests in the Bonds. certified mail to the registered owners thereof Ownership interests in the Bonds may be at the addresses shown on the County's reg- purchased by or through Participants. Such istration books not less than 30 days prior to Participants and the persons for whom they such redemption date. All of such Bonds as acquire mterests in the Bonds as nominees to which the County reserves and exercises will not receive certificated Bonds, but each the right of redemption and as to which notice such Participant will receive a credit balance as aforesaid shall have been given and for the m the records of DTC in the amount of such redemption of which funds are duly provided, Participant's interest in the Bonds, which will shall cease to bear interest on the redemption be confirmed in accordance with DTC's start- date. dard procedures. Each such person for which This Bond is fully negotiable but shall be a Participant has an interest in the Bonds, as fully registered as to both principal and inter- nominee, may desire to make arrangements est in the name of the owner on the books of with such Participant to have all notices of the County in the office of the Registrar, after redemption or other communications "of the which no transfer shall be valid unless made County to DTC, which may affect such per- on said books and then only upon presentation son, forwarded in writing by such Participant of this Bond to the Registrar, together with ei- and to have notification made of all interest ther a written instrument of transfer satisfac- payments, tory to the Registrar or the assignment form The County will have no responsibility or hereon completed and duly executed by the obligation to such Participants or the persons registered owner or the duly authorized attor- for whom they act as nominees with respect hey for such registered owner. to payment to or providing of notice for such The County, the Registrar and the Paying Participants or the persons for whom they act Agent may deem and treat the registered as nominees, owner hereof as the absolute owner for the As used herein, the term "Beneficial Owner" purpose of receiving payment of or on account shall hereinafter be deemed to include the of principal hereof, premium, if any, and in- person for whom the Participant acquires an terest due hereon and fo~ all other purposes, interest in the Bonds. and the County, the Registrar and the Paying DTC will receive payments from the County, Agent shall not be affected by any notice to to be remitted by DTC to the Participants for the contrary. subsequent disbursement to the Beneficial And It Is Hereby Certified and Recited that Owners. The ownership interest of each Ben- all acts, conditions and things required by the eficial Owner in the Bonds will be recorded laws and Constitution of the State of Iowa, to on the records of the Participants whose own- exist, to be had, to be done or to be performed ership interest will be recorded on a computer- precedent to and in the issue of this Bond ized book-entry system kept by DTC. were and have been properly existent, had, When reference is made to any action which is done and performed in regular and due form required or permitted to be taken by the Bene- and time; that provision has been made for the fieial Owners, such reference shall only relate levy of a sufficient continuing annual tax on to those permitted to act (by statute, regula- all the taxable property within the County for tion or otherwise) on behalf of such Benefi- the payment of the .principal of and interest cial Owners for such purposes. When notices on this Bond as the same will respectively be- are given, they shall be sent by the County to come due; that the faith, credit, revenues and DTC, and DTC shall forffard (or cause to be resources and all the real and personal prop- forwarded) the notices to the Participants so erty of the County are irrevocably pledged for that the Participants can forward the same to the prompt payment hereof, both principal and the Beneficial Owners. interest; and that the total indebtedness of the Beneficial Owners will receive written con- County, including this Bond, does not. exceed firmations of their purchases from the Partici- any constitutional or statutory limitations. pants acting on behalf of the Beneficial Own- IN TESTIMONY WHEREOF, Johnson ers detailing the terms of the Bonds acquired. County, lowa, by its Board of Supervisors, Transfers of ownership interests in the Bonds has .caused this Bond to be sealed with the will be accomplished by book entries made by . facsimile of its official seal, to be executed DTC and the'Participants who act on behalf with the duly authorized facsimile signature of the Beneficial Owners. Beneficial Own- of its Chairperson and attested with the duly ers will not receive certificates representing authorized facsimile signature of its County their ownership interest in the Bonds, except Auditor, all as of April 1, 2009. as specifically provided herein. Interest and JOHNSON COUNTY, IOWA principal will be paid when due by the County By (DO NOT SIGN). to DTC, then paid by DTC to the Participants Chairperson, Board of Supervisors and thereafter paid by the Participants to the Attest: Beneficial Owners. (DO NOT SIGN). Section 5. The Bonds shall be in substantially County Auditor the following form: (Seal) (Form of Bond) Registration Date: (Registration Date) REGISTRAR'S CERTIFICATE OF AU- THENTICATION This Bond is one of the Bonds described in the within-mentioned resolution. By (DO NOT SIGN). Iohnson County Treasurer ABBREVIATIONS The following abbreviations, when used in this Bond, shall be construed as though they were written out in full according to appli- cable laws or regulations: as tenants in UTMA TEN COM- common as tenants by the en- (Custo- TEN ENT- tireties .~ dian) As Custodian for JT TEN- as joint ten- ants with right of (Minor) survivor-under Uniform ship andTransfers to Minors not as Act tenants in common (State) Additional abbreviations may also be used though not in the list above. ASSIGNMENT For valuable consideration, receipt of which is hereby acknowledged, the undersigned as- signs this Bond to (Please print or type name and address of As- siguee) PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE and does hereby irrevocably appoint , Attorney, to transfer this Bond on the books kept for registration there- of with full power of substitution. Dated: Signature guaranteed: (Signature guarantee must be provided in ac- cordance with the prevailing standards and procedures of the Registrar and Transfer Agent. Such standards and procedures may • require signatures to be guaranteed by cer- tain eligible guarantor institutions that par- ticipate in a recognized signature guarantee program.) NOTICE: The signature to this Assignment must correspond with the name of the regis- tered owner as it appears on this Bond in every particular, without alteration or enlargement or any change whatever. Section 6. The Bonds shall be executed as herein provided as soon after the adoption of this resolution as may be possible and there- upon shall be delivered to the Registrar for registration, anthentieation and delivery to or upon the direction of the Purchaser, upon receipt of the loan proceeds, and all action heretofore taken in connection with the Loan Agreement and the sale of the Bonds is hereby ratified and confirmed in all respects. Section 7. For the purpose of providing for the levy and collection of a direct annual tax suf- ficient to pay the principal of and interest on the Bonds as the same becomes due, there is hereby ordered levied on all the taxable prop- erty in the County in each of the years while the Bonds are outstanding, a tax sufficient for that purpose, and in furtherance of this pro- vision, but not in limitation thereof, there is hereby levied on all the taxable property in the County the following direct annual tax for col- lection in each of the following fiscal years: For collection in the fiscal year beginning July l, 2009, sufficient to produce the net annual sure of $1,036,541.67; For collection in the fiscal year beginning July 1, 2010, sufficient to produce the net annual sure of $1,140,050.00; For collection in the fiscal year beginning July 1, 2011, sufficient to produce the net annual sum of $1,141,800.00; For collection in the fiscal year beginning July 1, 2012, sufficient to produce the net annual sum of $1,147,800.00; For collection in the fiscal year beginning July 1,2013, sufficient to produce the net annual sure of $1,152,900.00; For collection in the fiscal year beginning July 1, 2014, suffioient to produce the net annual sum of $1,157,100.00; For collection in the fiscal year beginning July 1, 2015, sufficient to produce the net annual sum of $1,168,175.00; For collection in the fiscal year beginning July 1, 2016, sufficient to produce the net annual sum of $1,175,625.00; For collection in the fiscal year beginning July l, 2017, sufficient to produce the net annual sum of $1,181,675.00; For collection in the fiscal year beginning July 1, 2018, sufficient to produce the net annual sum of $1,193,800.00; For collection in the fiscal year beginning July 1, 2019, sufficient to produce the net annual sum of $1,206,400.00; For collection in the fiscal year beginning July 1, 2020, sufficient to produce the net annual sum of $1,216,800.00. Section 8. A certified copy of this resolution shall be filed with the County Auditor, and the Auditor is hereby instructed to enter for col- lection and assess the tax hereby authorized. When annually entering such taxes for col- lection, the County Auditor shall include the same as a part of the tax levy for Debt Ser- vice Fund purposes of the County and when collected, the proceeds of the taxes shall be converted into the Debt Service Fund of the County and set aside therein as a special ac- count to be used solely and only for the pay- ment of the principal of and interest on the Bonds hereby authorized and for no other Continual... on page 7