|
522
<br />
<br /> The Board of Commissioners for the County of Cabarrus met in special
<br />session in the Commissioners' Meeting Room at the County Courthouse in Concord,
<br />North Carolina, on Monday, September 22, 1986, at 5:00 P.M. for consideration
<br />of passage of a resolution authorizing the sale of bonds of the Water and
<br />Sewer District of Cabarrus County and requesting the Local Government
<br />Commission of North Carolina to sell said bonds at private sale without
<br />advertisement.
<br /> Present - Chairman: James W. Lentz
<br /> Commissioners: Kenneth F. Payne
<br /> William G. Hamby, Jr.
<br /> Archie Y. Barnhardt
<br /> Marcelle M. Upright
<br /> Mr. Fletcher L. Hartsell, Jr., County Attorney, reviewed the necessary
<br />steps to complete the $7,271,000 water bond proceedings.
<br /> UPON MOTION of Commissioner Hamby, seconded by Commissioner Payne and
<br />unanimously carried, the Board adopted the following resolution acting in the
<br />capacity of the Board of Commissioners of the Water and Sewer District of
<br />Cabarrus County.
<br />
<br /> A special meeting of the Board of Commissioners for Cabarrus County,
<br />North Carolina, was held in the Commissioners' Meeting Room of the County
<br />Courthouse in Concord, North Carolina, the regular place of meeting, at
<br />5:00 P.M. on September 22, 1986.
<br />Present: Chairman James W. Lentz, presiding, and Commissioners Kenneth
<br />F. Payne, William G. Hamby, Jr., Archie Y. Barnhardt, and Marcelle M. Upright
<br /> Absent: None
<br />
<br />Commissioner Upright introduced the following resolution which was read:
<br />
<br />RESOLUTION PROVIDING FOR THE
<br />ISSUANCE OF $7,271,000 WATER BONDS
<br />
<br /> BE IT RESOLVED by the Board of Commissioners for Cabarrus County, North
<br />Carolina, as the governing body of the Water and Sewer District of Cabarrus
<br />County, in Cabarrus County, North Carolina:
<br />
<br /> Section 1. The Board of Commissioners has determined and does hereby
<br />find and declare:
<br />
<br /> (a) That an order authorizing not exceeding $7,275,000 Water Bonds of
<br />the Water and Sewer District of Cabarrus County was adopted by the Board of
<br />Commissioners for Cabarrus County, North Carolina, as the governing body of
<br />said District, on January 16, 1984, which order was approved by the vote of a
<br />majority of the qualified voters of said District who voted thereon at a
<br />referendum duly called and held on March 20, 1984.
<br />
<br /> (b) That none of said bonds has been issued and that there are out-
<br />standing $7,271,000 Water Bond Anticipation Notes of said District, which
<br />notes are dated October 1, 1985, mature on October 1, 1986 and bear interest
<br />at the rate of 5.39% per annum and which notes were issued in anticipation of
<br />the receipt of the proceeds of the sale of a like amount of said bonds.
<br />
<br /> (c) That it is necessary at this time to issue $7,271,000 of said bonds,
<br />all of the proceeds thereof to be applied to the payment of said outstanding
<br />notes at their maturity.
<br />
<br /> (d) That the maximum period of usefulness of the portion of the water
<br />system for said District to be constructed with the proceeds of said bonds is
<br />estimated as a period of forty years from June 1, 1986, the date of the bonds
<br />authorized hereby, and that such period expires on June 1, 2026.
<br />
<br /> Section 2. Pursuant to said order there shall be issued bonds of the
<br />Water and Sewer District of Cabarrus County, in Cabarrus County, North Carolina
<br />(the "Issuer"), in the aggregate principal amount of $7,271,000, designated
<br />"Water Bonds" and dated June 1, 1986 (unless said bonds shall be awarded to
<br />
<br />
<br />
|