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<br />August 21, 2006 (Regular Meeting)
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<br />Page 50
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<br />(b) That an order authorizing not exceeding $3,100,000 Community
<br />College Bonds was adopted by the Board on August 25, 2004, which order was
<br />approved by the vote of a majority of the qualified voters of said County who
<br />voted thereon at a special referendum duly called and held on November 2,
<br />2004.
<br />(c) That $50,000,000 of said School Bonds have been issued,
<br />designated as "School Bonds, Series 2005," dated March 1, 2005.
<br />(d) That none of said Community College Bonds have been issued.
<br />(e) That no notes have been issued in anticipation of the receipt of
<br />the proceeds of the sale of said School Bonds or Community College Bonds and
<br />that it is necessary at this time to issue $48,000,000 of Public Improvement
<br />Bonds, Series 2006, consisting of $44,900,000 of School Bonds and $3,100,000
<br />of Community College Bonds in accordance with the provisions of Section 2 of
<br />this resolution.
<br />(f) That the maximum period of usefulness of the capital proj ect (s)
<br />to be financed with the proceeds of said Public Improvement Bonds, Series
<br />2006 to be issued is estimated as a period of 40 years from September 1,
<br />2006, the date of said Public Improvement Bonds, Series 2006 as hereinafter
<br />provided, and that such period expires on September 1, 2046.
<br />
<br />Section 2. Pursuant to said orders, there shall be issued bonds of the
<br />County in the aggregate principal amount of $48,000,000 designated "Public
<br />Improvement Bonds, Series 2006" and dated September 1, 2006 (the "Bonds").
<br />The Bonds shall be stated to mature (subject to the right of prior redemption
<br />as hereinafter set forth) annually, March 1, $1,300,000 2008 to 2013,
<br />inclusive, $2,000,000 2014 to 2018, inclusive, $3,400,000 2019 to 2026,
<br />inclusive, and $3,000,000 2027, and shall bear interest at a rate or rates to
<br />be determined by the Local Government Commission of North Carolina at the
<br />time the Bonds are sold, which interest to the respective maturities thereof
<br />shall be payable on March 1, 2007 (or such other date as is designated by the
<br />County Manager or Finance Officer in connection with the sale of the Bonds)
<br />and semiannually thereafter on September 1 and March 1 of each year (or other
<br />semiannual dates designated by the County Manager or Finance Officer in
<br />connection with the sale of the Bonds) until payment of such principal sum.
<br />
<br />Section 3. Each Bond shall bear interest from the interest payment
<br />date next preceding the date on which it is authenticated unless it is (a)
<br />authenticated upon an interest payment date in which event it shall bear
<br />interest from such interest payment date or (b) authenticated prior to the
<br />first interest payment date in which event it shall bear interest from its
<br />date; provided, however, that if at the time of authentication interest is in
<br />defaul t, such Bond shall bear interest from the date to which interest has
<br />been paid.
<br />The principal of and the interest and any redemption premium on the
<br />Bonds shall be payable in any coin or currency of the United States of
<br />America which is legal tender for the payment of public and private debts on
<br />the respective dates of payment thereof.
<br />
<br />Section 4. The Bonds initially will be issued by means of a book-entry
<br />system with no physical distribution of Bond certificates to be made except
<br />as hereinafter provided. Initially one fully registered Bond certificate for
<br />each stated maturity of the Bonds for each designation, in the aggregate
<br />principal amount of the Bonds of such stated maturity and registered in the
<br />name of the Securities Depository Nominee (defined below), a nominee of the
<br />Securi ties Depository (defined below), will be issued and required to be
<br />deposited with the Securities Depository and immobilized in its custody. The
<br />book-entry system of the Securities Depository will evidence positions held
<br />in the Bonds by the Securities Depository's participants, with beneficial
<br />ownership of the Bonds in the principal amount of $5,000 or any whole
<br />multiple thereof being evidenced in the records of such participants.
<br />Transfers of beneficial ownership will be effected on the records of the
<br />Securi ties Depository and its participants pursuant to rules and procedures
<br />established by the Securities Depository and its participants.
<br />The County and the Bond Registrar will recognize the Securities
<br />Deposi tory Nominee or the Securities Depository, as the case may be, while
<br />the registered owner of Bonds, as the owner of Bonds for all purposes,
<br />including payments of principal of, and redemption premium, if any, and
<br />interest on the Bonds, notices and voting. The principal of and any
<br />redemption premium on each Bond shall be payable to the Securities Depository
<br />Nominee or any other person appearing on the registration books of the County
<br />hereinafter provided for as the registered owner of such Bond or his
<br />registered assigns or legal representative at the office of the Bond
<br />Registrar mentioned hereinafter or such other place as the County may
<br />determine upon the presentation and surrender thereof as the same shall
<br />become due and payable. Payment of the interest on each Bond shall be made
<br />by the Bond Registrar on each interest payment date to the registered owner
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