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Ayes: CommiSsioners Privette, Carpenter ·nd Carruth, Vice Chairman
<br />Suggs and ChalrmanrFreeman.
<br /> Noes: None
<br />
<br /> The Chairman ithen announced that the order entitled: 'ORDER AU~ORIZING
<br />$69,610,000 REFUND~G BONDS" had been adopted.
<br />
<br /> The Clerk to,the Board of Comnu~ssioners was thereupon directed to cause
<br />said order to be p~lished, together with the appended statement as required
<br />by The Local Government Bond Act, as ·mended, once in The Independent
<br />Tribune.
<br />
<br /> [F-2 (c)] Resolutes Previdin~ for the Issuance of U~ to $21,725,000 General
<br />Obli~·tion Rsfundi~g Bonds, Series 2003
<br /> Co~missioner /Carpenter introduced the following resolution, a summary
<br />of which had bees provided to each Commissioner, a copy of which was
<br />available with the ~lerk to the Board and which was read by title:
<br />
<br /> Reiolu~ion No. 2003-23
<br /> RESOLUTION PROVIDING FOR THE ISSUANCE OF UP TO
<br /> $21~725,000 GEI~RAL OBLIGATION REFUNDING BONDS,
<br /> 9ERIES 2003
<br />
<br /> BE IT RESOL%q
<br />North Carolina (the
<br />
<br /> Section 1.
<br />represent:
<br /> (a) That
<br />$69,610,000 Refund~
<br />order has taken elf
<br /> (b) That nc
<br />have been issued i
<br />of any of the Refu:
<br />all or a portion
<br />together with any
<br />of each maturity o
<br />April 1, 1992 and
<br />(collectively, the
<br /> (c) That th,
<br />any other funds nec
<br /> (d) That thc
<br />can be finally p·i
<br />the Issuer, ·s d
<br />
<br />D by the Board of Commissioners of the County of C·barrus,
<br /> 'Issuer"):
<br />
<br />~he Board has determined and does hereby find, declare and
<br />
<br />In order (the 'Refunding Bond Order") authorizing
<br />ng Bonds was adopted by the Bo·rd on July 21, 2003, which
<br />eot.
<br />,ne of the Refunding Bonds have been issued, that no notes
<br /> anticipation of the receipt of the proceeds of the sale
<br /> lding Bonds and that it is necessary at this time to issue
<br /> )f said Refunding Bonds 9nd to use the proceeds thereof,
<br /> ~ther funds necessary, to ·dy·nco refund all or · portion
<br />the Issuer's outstanding Water Bonds, Series 1992, dated
<br />Refunding Bonds, Series 1993, dated Novon%bar 1, 1993
<br />'Bonds To Be Refunded").
<br />I prospective Bonds To Be Refunded financed, together with
<br />essary, various public improvements of the Issuer.
<br />shortest period of time in which the Bonds TO Be Refunded
<br />without ~king it unduly burdensome on the taxpayers of
<br />~termined by the Local Government Commission of North
<br />
<br />Carolina, is a period which expires not later than Deco.er 31, 2015.
<br />
<br /> Section 2.
<br />bonds of the
<br />$21,725,000, subje
<br />'General Oblig·tim
<br />2003, or such otb
<br />Finance Officer
<br />the County Manage:
<br />behalf of the Issu~
<br />of the Bonds by
<br />$21,725,000, as del
<br />make ·ny such in¢
<br />opened. The Bonds
<br />redemption and to
<br />
<br />~rsuant to the Refunding Bond Order there shall be issued
<br />;uer in an aggregate principal ·mount not to exceed
<br />=t to adjustment as hereinafter set forth, designated
<br />~ Refunding Bonds, Series 2003" and dated as of August 1,
<br />~r date as may be designated by the County Manager or
<br />le "Bonds"). The Chairman or Vice-Chairman of the Bo·rd,
<br />~ or the Fin·nco Officer, respectively, each acting on
<br />ir, may increase or decrease the aggregate principal an~unt
<br />any ·mount, so long ·s such ·~unt shall not exceed
<br />iermined to be in the best interest of the Issuer, and may
<br />tease or decrease either before or after the bids are
<br />· hall be stated to mature (subject to the right of prior
<br />tdJustment as hereinafter set forth) annually, March 1 (or
<br />
<br />such other
<br />sentence), $3,100,
<br />2007, $2,445,000
<br />$34~,000 2012, $10(
<br />Vice-Chairman of ti
<br />each acting on bah
<br />· mount of the Bone
<br />opening of bids (
<br />aggregate principal
<br />no annual inst·11m~
<br />smallest prior ann~
<br />or rates to be
<br />Carolina at the t~
<br />maturities thereof
<br />is designated by ti
<br />the sale of the Bo~
<br />
<br />date designated in accordance with the immediately preceding
<br /> DO0 2004, $2,765,000 2005, $2,655,000 2006, $2,550,000
<br /> 1008, $2,345,000 2009, $1,870,000 2010, $640,000 2011,
<br /> ,000 2013. The foregoing notwithstanding, the Chairman or
<br /> ~e Board, County Mana9er or Finance Officer, respectively,
<br /> Ilf Of the Issuer, may increase or decrease the principal
<br /> is maturing at each maturity, either before or after the
<br /> ~ncluding elimination of · maturity), provided that the
<br /> amount of the Bonds shall not exceed $21,725,000 and that
<br /> nt shall be more than four times as great in amount as the
<br /> tel installment. The Bonds shall bear interest at · rate
<br /> [etermined by the Local Government Commission of North
<br /> me the Bonds are sold, which interest to the respective
<br /> shall be pay·bls on March 1, 2004 (or such other date as
<br /> ~e County Man·gar or the Finance Officer in connection with
<br /> Ldo) and semiannually thereafter on Septen~er I and March I
<br />
<br />
<br />
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