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<br /> The Issuer shall appoint such registrars, transfer agents,
<br />depositaries or other agents as may be necessary for the registration,
<br />registration of transfer and exchange of Bonds within a reasonable time
<br />according to then current commercial standards and for the timely payment
<br />of principal, interest and any redemption premium with respect to the
<br />Bonds. The Finance Officer of the Issuer is hereby appointed the
<br />registrar, transfer agent and paying agent for the Bonds (collectively the
<br />"Bond Registrar"), subject to the right of the governing body of the Issuer
<br />to appoint another Bond Registrar, and as such shall keep at his office the
<br />books of the Issuer for the registration, registration of transfer,
<br />exchange and payment of the Bonds as provided in this resolution.
<br /> Section 6. The Issuer covenants that, to the extent permitted by
<br />the Constitution and laws of the State of North Carolina, it will comply
<br />with the requirements of the Code except to the extent that the Issuer
<br />obtains an opinion of bond counsel to the effect that noncompliance would
<br />not result in interest on the Bonds being includable in gross income of
<br />their owners for purposes of federal income taxation.
<br /> Section 7. The action of the County Manager and the Finance
<br />Officer of the Issuer in applying to the Local Government Commission of
<br />North Carolina to advertise and sell the Bonds is hereby ratified and
<br />confirmed and the Local Government Commission of North Carolina is hereby
<br />requested to ask for sealed bids for the Bonds by publishing notices and
<br />printing and distributing an Official Statement relating to the sale of the
<br />Bonds. Such Official Statement, dated January 20, 1989 and substantially
<br />in the form presented at this meeting, is hereby approved and the Chairman
<br />of the Board of Commissioners for the Issuer, the County manager and the
<br />Finance Officer of the Issuer are each hereby authorized to approve changes
<br />in such Official Statement and to execute such Official Statement for and
<br />on behalf of the Issuer.
<br />Section 8. This resolution shall take effect upon its passage.
<br />Upon motion of Commissioner Hamby, seconded by Commissioner Moss,
<br />the foregoing resolution entitled: "RESOLUTION PROVIDING FOR THE ISSUANCE
<br />OF $17,000,000 SCHOOL BONDS, SERIES 1989" was passed by the following vote:
<br /> Ayes: Commissioners Hamby, Moss, Melvin, and Simmons and Chairman
<br />Lentz.
<br /> Noes: None
<br /> Thereupon, Commissioner Hamby introduced the following resolution, a
<br />copy of which had been provided to each Commissioner and which was read by
<br />title:
<br />
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF
<br />$2,000,000 TECHNICAL COLLEGE BONDS
<br />
<br />BE IT RESOLVED by the Board of Commissioners for the County of
<br />Cabarrus:
<br /> Section 1. The Board of Commissioners has determined and does hereby
<br />find and declare:
<br /> (a) That an order authorizing $2,000,000 Technical College Bonds
<br />was adopted by the Board of Commissioners for the County of Cabarrus on
<br />October 19, 1987, which order was approved by the vote of a majority of the
<br />qualified voters of said County who voted thereon at a referendum duly
<br />called and held on December 15, 1987.
<br /> (b) That none of said bonds has been issued, that no notes have
<br />been issued in anticipation of the receipt of the proceeds of the sale of
<br />said bonds and that it is necessary to issue all of said bonds at this
<br />time.
<br /> (c) That the maximum period of usefulness of the educational
<br />facilities to be constructed with the proceeds of said bonds is estimated
<br />as a period of 40 years from March 1, 1989, the date of said bonds as
<br />hereinafter provided, and that such period expires on March 1, 2029.
<br /> Section 2. Pursuant to said order, there shall be issued bonds
<br />of the County of Cabarrus (the "Issuer") in the aggregate principal amount
<br />of $2,000,000, designated "Technical College Bonds" and dated March 1, 1989
<br />(the "Bonds"). The Bonds shall be stated to mature (subject to the right
<br />of prior redemption as hereinafter set forth) annually, March 1, $50,000
<br />1990 to 1997, inclusive, $75,000 1998 and 1999, $100,000 2000 and $150,000
<br />2001 to 2009, inclusive, and shall bear interest at a rate or rates to be
<br />determined by the Local Government Commission of North Carolina at the time
<br />the Bonds are sold, which interest to the respective maturities thereof
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