AG 1992 09 21 - Laserfiche WebLink

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RESOLUTION AUTHOR IZING THE AMENDMENT OF THE WATER AND SEWER DISTRICT OF THE COUNTY OF CABARRUS REFLrNDING BOND DATED JUNE 1, 1988 AND ISSUED IN THE ORIGINAL PRINCIPAL AMOUNT OF $5,053,100 WHEREAS, in order to participate in the Farmers Home Administration Discount Purchase Program the Water and Sewer District of the County of Cabarrus (the "Issuer") has issued its Refunding Bond dated June 1, 1988 in the original principal amount of $5,053,100 (the "Bond"), the proceeds of which Bond were used to buy-back from the Fa~,,,ers Home Adm[nistration certain other obligations of the Issuer; and WHEREAS, Wachovia Bank of North Carolina, N.A. (formerlycalled Wachovia Bank and Trust Company, N.A.), a national banking association with its principal office in Winston-Salem, North Carolina (the "Bank"), init/ally purchased the Bond and as of the date of this Resolution is the registered owner of the Bond; and WHEREAS, the Issuer and the Bank have agreed, pursuant to a eommltment letter from the Bank to the Issuer dated September .3, 1992, to make one or more changes to the terms and provisions of the Bond in order to reduce the total amount of debt service payments to be made by the Issuer under the Bond. NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners for the County of Cabarrus, North Carolina, as the governing body of the Issuer, as follows: 'Section 1. In order to reduce the total amount of debt service payments to be made by the Issuer under the Bond, the Bond shall be amended as follows: (a) Schedule A attached to the Bond shall be amended to read as follows: Schedule A Year of Principal Maturity (June 1) Amount 1993 1994 1995 1996 1997 1998 1999 2O00 2001 2002 2003 2004 $159,500.00 201,800.00 218,400.00 168,900.00 186,400.00 205 700.00 227 000.00 250 500.00 276 400.00 305 000.00 336 600.00 371 400.00 W#48.444.4