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83 <br /> <br /> Commissioner Simmons left the meeting during the executive session and was <br />absent for the remainder of the meeting. <br /> <br /> UPON MOTION of Commissioner Barnhart, seconded by Chairman Carpenter with <br />Commissioners Barnhart, Payne and Hamby and Chairman Carpenter voting for, the <br />executive session was adjourned. <br /> <br /> No report was filed on the executive session. <br /> <br />Water and Sewer District Meeting <br /> <br /> Chairman Carpenter recessed the meeting at 8:10 P.M. until the conclusion <br />of the Water and Sewer District meeting. <br /> <br /> Chairman Carpenter reconvened the meeting at 8:15 P. M. <br /> <br />Resolution Authorizing the Refinancing of the Water and Sewer District Debt - Mr. <br /> Blair Bennett <br /> <br /> UPON MOTION of Commissioner Payne, seconded by Chairman Carpenter with <br />Commissioners Payne, Hamby and Barnhart and Chairman Carpenter voting for, the <br />Board adopted the following Resolution relative to the refinancing of the Water <br />and Sewer District debt and authorized the Chairman to execute the commitment <br />letter dated September 3, 1992 with Wachovia Bank as referenced in the <br />Resolution. <br /> <br />RESOLUTION AUTHORIZING THE AMENDMENT OF THE WATER AND <br /> SEWER DISTRICT OF THE COUNTY OF CABARRUS REFUNDING <br /> BOND DATED JUNE 1, 1988 AND ISSUED IN THE ORIGINAL <br /> PRINCIPAL AMOUNT OF $5,053,100 <br /> <br /> WHEREAS, in order to participate in the Farmers Home Administration <br />Discount Purchase Program the Water and Sewer District of the County of Cabarrus <br />(the "Issuer") has issued its Refunding Bond dated June 1, 1988 in the original <br />principal amount of $5,053,100 (the "Bond"), the proceeds of which Bond were used <br />to buy-back from the Farmers Home Administration certain other obligations of the <br />Issuer; and <br /> <br /> WHEREAS, Wachovia Bank of North Carolina, N.A. (formerly called Wachovia <br />Bank and Trust Company, N.A.), a national banking association with its principal <br />office in Winston-Salem, North Carolina (the "Bank"), initially purchased the <br />Bond and as of the date of this Resolution is the registered owner of the Bond; <br />and <br /> <br /> WHEREAS, the Issuer and the Bank have agreed, pursuant to a commitment <br />letter from the Bank to the Issuer dated September 3, 1992, to make one or more <br />changes to the terms and provisions of the Bond in order to reduce the total <br />amount of debt service payments to be made by the Issuer under the Bond. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners for the County <br />of Cabarrus, North Carolina, as the governing body of the Issuer, as follows: <br /> <br /> Section 1. In order to reduce the total amount of debt service payments <br />to be made by the Issuer under the Bond, the Bond shall be amended as follows: <br /> <br />(a) Schedule A attached to the Bond shall be amended to read as follows: <br /> <br />Schedule A <br /> <br />Year of <br />Maturity (June 1) <br /> <br />Principal <br />Amount <br /> <br />1993 $159,500.00 <br />1994 201,800.00 <br />1995 218,400.00 <br />1996 168,900.00 <br />1997 186,400.00 <br />1998 205,700.00 <br /> <br /> <br />