|
NOTICE OF SALE
<br /> $7,~71
<br /> WATER AND SEWER DISTRICT
<br /> OF CABARRUS COUNTY, NORTH CAROLINA
<br /> WATER ReND ANTICIPATION NOTES
<br />
<br /> Sealed bid~ will bc received until 11 o'clock A. M., Norih Carolina Time, September 17, 1955, b)' the
<br />undersigned at its office in the City of Raleigh, North Carolina, such bids to be opened at said time and
<br />place on said day, for the purchase of 87.271,000 Water Bond Anticipation Notes of the Water and Sewer
<br />District of Caharrus County, North Carolina, dated October 1, 1985, maturing on October 1, 1956,
<br />without option of prior payment, and bearing interest payable at the maturity of the notes, to which no in-
<br />terest coupons will be attached. Deliver).' of the notes will be made on or about their date at place of pur-
<br />chaser's choice against payment therefor iu FEDERAL RESERVE FUNDS.
<br /> Bidders are requested to name the denomination or denominations, the interest rate, and the city or
<br />town and bank or foist company therein at which principal and interest will he payable. There will be no
<br />auction.
<br /> No bid for less than the face value of the notes plus aecrned interest will be entertained. The notes will
<br />be awarded to the bidder oIIering to purchase tile notes at the lowest cost to the District, such cost to be
<br />determined by deduetlng the amount of any p~emium bid from the aggregate amount of interest open all
<br />of the note~ from their dale to their maturity.
<br /> Each bid mtut be submitted on a form to be fornished with additional information by the under-
<br />signed, must be enclosed in a sealed em,elope marked "Bid for Notes". and must be accompanied by an of-
<br />ficial hank check, a eashies's eheek~ or a certified cheek upon an incorporated bank or trust company for
<br />$36.355 payable unconditionally to the order of the Stale Treaxurer of North Carolina. on which no in-
<br />terest will be allowed. Award or rejection of bids will be made on the date above stated fur receipt of bids
<br />and the cheeks of unsuccessful bidders will be returned i,nmedialely. The cheek of thd s,eee~mfld biddnr
<br />will be cashed hy the State Treasurer and invested for the benefit of the District and at clnslng thc principal
<br />amount of seth cheek will he applied as partial payment for the notes. In the event that thc successful hid-
<br />der fails to comply with the terms of his bid, the proceeds of such cheek will be retained as and for foil li-
<br />quldated damages. If the District fails to deliver the notes, the proct.~eds of such check and an)' interest ear-
<br />nings will be remitted to the successful bidder as and for fei! liqnidated damages.
<br /> The unqualified approving opinion of Brown, Wood, Ivey, Mitchell & Petty. Ness' York City, will be
<br />furnished without cost to tile purchaser. There will also be fnrnLshed tile tlsua{ closing papers. The right to reject all bids is reserved.
<br /> Copies of the Bid for Notes relating to the ontes may be ohtalned from the Local Government Com-
<br />mission, Albemarle Building, 3.~5 North SalishoD, Street, Raleigh, North Carolina ~7611.
<br />
<br /> LOCAL GOVERNMENT COMMISSION
<br /> Raleigh, North Carolina
<br /> By: John D. Fo'.lst
<br /> Seeretan.' of the Commission
<br />
<br /> FINANCIAL STATEMENT
<br />
<br />POPULATION -- Estimated Prcsent ]4,600.
<br />
<br />OUTSTANDING DEBT:
<br />
<br /> The District pr~u:ntly has no outstanding debt.
<br />
<br /> The Water and Sewer District of Cabarrtts County was created by thc Collnty Commissioners of
<br />Cabarru~ Connty on December 5, 1983. The District is composed of diiierent areas of Cabarras County'
<br />that are principally resident/al areas.
<br />
<br />TAXES:
<br />
<br /> The District has not levied a property tax since creation and present plans do not call for a tax levy.
<br />The bonds, when they are i~ued, will be retired from user fees and other charges for the ilse of or for the
<br />services and facilities fi~rnished. Estimated ass~-~ valuation $B9,000,000.
<br />
<br />BONDS AUTIIORIZED AND UNISSUED: $7:275,000 Water approved by the voters at a referendum
<br />on 3120!1984. The District has a loan commitment }'rom FHA }'or $7,271,I)00. which is thc amount o}' tile
<br />notes now offered, $1,,126,000 FHA grunt, $863.000 Clean Water grant and $1,500,000 County contribu-
<br />tion. A bond sale has not been esiahlL~hed at this t/mc.
<br />
<br />
<br />
|