|
DRAFT
<br />
<br /> 188
<br />
<br /> (a) That an order authorizing not exceeding $49,000,000 School Bonds (the
<br />"School Bonds") was adopted by the Board for the Issuer on March 7, 1996, which
<br />order was approved by the vote of a majority of the qualified voters of said
<br />County who voted thereon at a special referendum duly called and held on May 7,
<br />1996.
<br /> (b) That none of said bonds have been issued, that no notes have been
<br />issued in anticipation of the receipt of the proceeds of the sale of said bonds
<br />and that it is necessary to issue at this time $49,000,000 of said bonds in
<br />accordance with the provisions of Section 2 of this resolution.
<br /> (c) That the maximum period of usefulness of the capital project(s) to
<br />he financed with the proceeds of said School Bonds, Series 1997 to be issued is
<br />estimated as a period of 40 years from February 1, 1997, the date of said School
<br />Bonds. Series 1997 as hereinafter provided, and that such period expires on
<br />February 1, 2037.
<br /> Section 2. Pursuant to said orders, there shall be issued bonds of the
<br />Issuer in the aggregate principal amount of $49,000,000 designated "School Bonds,
<br />Series 1997" and dated February 1, 1997 (the "Bonds"). The Bonds shall be stated
<br />to mature (subject to the right of prior redemption as hereinafter set forth)
<br />annually, February 1, $1,700,000 1998 to 2008, inclusive, $1,800,000 2009,
<br />$2,500,000 2010, $3,400,000 2011 to 2017, inclusive, and $2,200,000 2018, and
<br />shall bear Interest at a rate or rates to be determined by the Local Government
<br />Commission of North Carolina at the time the Bonds are sold. which interest to
<br />the respective maturities thereof shall be payable on August 1, 1997 and semi-
<br />annually thereafter on February 1 and August 1 of each year until payment of such
<br />principal sum. Bach Bond shall bear interest from the interest payment date next
<br />preceding the date on which it is authenticated unless it is (a) authenticated
<br />upon an interest payment date in which event it shall bear interest from such
<br />interest payment date or (b) authenticated prior to the first interest payment
<br />date in which event it shall boar interest from its date; provided, however, that
<br />if at the time of authentication interest is in default, such Bond shall bear
<br />interest from the date to which interest has been paid.
<br /> The principal of and the interest and any redemption premium on the Bonds
<br />shall be payable in any coin or currency of the United States of America which
<br />is legal tender for the payment of public and private debts on the respective
<br />dates of payment thereof.
<br /> The Bonds initially will be issued by means of a book-entry system with no
<br />physical distribution of Bond certificates to be made except as hereinafter
<br />provided. Initially one fully registered Bond certificate for each stated
<br />maturity of the Bonds for each designation, in the aggregate principal amount of
<br />the Bonds of such stated maturity and registered in the name of the Securities
<br />Depository Nominee (defined below), a nominee of the Securities Depository
<br />(defined below), will be issued and required to be deposited with the Securities
<br />Depository and immobilized in its custody. The book-entry system of the
<br />Securities Depository will evidence positions held in the Bonds by the Securities
<br />Depository's participants, with beneficial ownership of the Bonds tn the
<br />principal amount of $5,000 or any whole multiple thereof being evidenced in the
<br />records of such participants. Transfers of beneficial ownership will be effected
<br />on the records of the Securities Depository and its participants pursuant to
<br />rules and procedures established by the Securities Depository and its
<br />participants.
<br /> The Issuer and the Bond Registrar will recognize the Securities Depository
<br />Nominee or the Securities Depository, as the case may be, while the regIstered
<br />owner of Bonds, as the owner of Bonds for all purposes, including payments of
<br />principal of, and redemption premium, if any, and interest on the Bonds, notices
<br />and voting. The principal of and any redemption premium on each Bond shall be
<br />payable to the Securities Depository Nominee or any other person appearing on the
<br />registration books of the Issuer hereinafter provided for as the registered owner
<br />of such Bond or his registered assigns or legal representative at the office of
<br />the Bond Registrar mentioned hereinafter or such other place as the Issuer may
<br />determine upon the presentation and surrender thereof as the same shall become
<br />due and payable. Payment of the interest on each Bond shall be made by the Bond
<br />Registrar on each interest payment date to the registered owner of such Bond (or
<br />the previous Bond or Bonds evidencing the same debt as that evidenced by such
<br />Bond) at the close of business on the record date for such interest, which shall
<br />be the 15th day (whether or not a business day) of the calendar month next
<br />preceding such interest payment date, by check mailed to such person at his
<br />address as it appears on such registration books or, during the continuation of
<br />the book-entry system, by such other method of payment as the Issuer may deter-
<br />mine to be necessary or advisable with the concurrence of the Securities
<br />Depository. Transfer of principal and interest and any redemption premium
<br />payments to participants of the Securities Depository will be the responsibility
<br />
<br />
<br />
|