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July 21, 2003 Page 193
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<br /> Ayes: Commissioners Privette, Carpenter and Carruth, Vice Chairman
<br />Suggs and Chairman Freeman.
<br /> Noes: None
<br />
<br /> The Chairman then announced that the order entitled: "ORDER AUTHORIZING
<br />$69,610,000 REFUNDING BONDS" had been adopted.
<br />
<br /> The Clerk to the Board of Commissioners was thereupon directed to cause
<br />said order to be published, together with the appended statement as required
<br />by The Local Government Bond Act, as amended, once in The Independent
<br />Tribune.
<br />
<br /> [F-2 (c)] Resolutlon Providing for the Issuance of Up to $21,725,000 General
<br />Obli~a~i0n Ref~ndin~ Bonds, Series 2003
<br />
<br /> Commissioner Carpenter introduced the following resolution, a summary
<br />of which had been provided to each Commissioner, a copy of which was
<br />available with the Clerk to the Board and which was read by title:
<br />
<br /> Resolution No. 2003-23
<br />RESOLUTION PROVIDING FOR THE ISSUANCE OF UP TO
<br />$21,725,000 GENERAL OBLIGATION REFUNDING BONDS,
<br /> SERIES 2003
<br />
<br /> BE IT RESOLVED by the Board of Commissioners of the County of Cabarrus,
<br />North Carolina (the "Issuer"):
<br />
<br />Section 1. The Board has determined and does hereby find, declare and
<br />represent:
<br /> (a) That an order (the "Refunding Bond Order") authorizing
<br />$69,610,000 Refunding Bonds was adopted by the Board on July 21, 2003, which
<br />order has taken effect.
<br /> (b) That none of the Refunding Bonds have been issued, that no notes
<br />have been issued in anticipation of the receipt of the proceeds of the sale
<br />of any of the Refunding Bonds and that it is necessary at this time to issue
<br />all or a portion of said Refunding Bonds 'and to use the proceeds thereof,
<br />together with any other funds necessary, to advance refund all or a portion
<br />of each maturity of the Issuer's outstanding Water Bonds, Series 1992, dated
<br />April 1, 1992 and Refunding Bonds, Series 1993, dated November 1, 1993
<br />(collectively, the "Bonds To Be Refunded").
<br /> (c) That the prospective Bonds To Be Refunded financed, together with
<br />any other funds necessary, various public improvements of the Issuer.
<br /> (d) That the shortest period of time in which the Bonds To Be Refunded
<br />can be finally paid without making it unduly burdensome on the taxpayers of
<br />the Issuer, as determined by the Local Government Commission of North
<br />Carolina, is a period which expires not later than December 31, 2015.
<br />
<br /> Section 2. Pursuant to the Refunding Bond Order there shall be issued
<br />bonds of the Issuer in an aggregate principal amount not to exceed
<br />$21,725,000, subject to adjustment as hereinafter set forth, designated
<br />"General Obligation Refunding Bonds, Series 2003" and dated as of August 1,
<br />2003, or such other date as may be designated by the County Manager or
<br />Finance officer (the "Bonds"). The Chairman or Vice-Chairman of the Board,
<br />the County Manager or the Finance Officer, respectively, each acting on
<br />behalf of the Issuer, may increase or decrease the aggregate principal amount
<br />of the Bonds by any amount, so long as such amount shall not exceed
<br />$21,725,000, as determined to be in the best interest of the Issuer, and may
<br />make any such increase or decrease either before or after the bids are
<br />opened. The Bonds shall be stated to mature (subject to the right of prior
<br />redemption and to adjustment as hereinafter set forth) annually, March 1 (or
<br />such other date designated in accordance with the immediately preceding
<br />sentence), $3,100,000 2004, $2,765,000 2005, $2,655,000 2006, $2,550,000
<br />2007, $2,445,000 2008, $2,345,000 2009, $1,870,000 2010, $640,000 2011,
<br />$345,000 2012, $100,000 2013. The foregoing notwithstanding, the Chairman or
<br />Vice-Chairman of the Board, County Manager or Finance Officer, respectively,
<br />each acting on behalf of the Issuer, may increase or decrease the principal
<br />amount of the Bonds maturing at each maturity, either before or after the
<br />opening of bids (including elimination of a maturity), provided that the
<br />aggregate principal amount of the Bonds shall not exceed $21,725,000 and that
<br />no annual installment shall be more than four times as great in amount as the
<br />smallest prior annual installment. The Bonds shall bear interest at a rate
<br />or rates to be determined by the Local Government Commission of North
<br />Carolina at the time the Bonds are sold, which interest to the respective
<br />maturities thereof shall be payable on March 1, 2004 (or such other date as
<br />is designated by the County Manager or the Finance Officer in connection with
<br />the sale of the Bonds) and semiannually ~hereafter on September 1 and March 1
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