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84
<br />
<br />1999
<br />2000
<br />2001
<br />2002
<br />2003
<br />2004
<br />2005
<br />2006
<br />2007
<br />2008
<br />
<br />227.000.00
<br />250.500.00
<br />276.400.00
<br />.305.000.00
<br />336 600.00
<br />371400.00
<br />409900.00
<br />452300.00
<br />499.100.00
<br />550,900.00
<br />
<br />The aggregate amount of all principal payments referenced above,
<br />$4,819,800.00 is the sum of the following amounts: outstanding principal
<br />amount of the Bond as of September 14, 1992 ($4,657,600); redemption
<br />premium ($93,152.00); interest penalty ($67,379.95); and costs of
<br />amendment ($1,668.05).
<br />
<br />The Bond shall bear interest at a fixed rate of 8.18% per annum from
<br />October 1, 1992 through May 31, 2002, and at the Prime Rate from June 1,
<br />2002 until the Bond is paid in full; provided however the interest rate on
<br />the Bond shall at no time exceed 10.35% per annum. As used herein, the
<br />term "Prime Rate" refers to that interest rate so denominated and set by
<br />Wachovia Bank of North Carolina, N.A. from time to time as an interest
<br />rate basis for borrowings. The Prime Rate is one of several interest rate
<br />bases used by Wachovia Bank of North Carolina, N.A. Wachovia Bank of
<br />North Carolina, N.A. lends at interest rates above and below the Prime
<br />Rate. Interest to maturity is payable on December 1, 1992 and
<br />semiannually thereafter on each June 1 and December 1. Interest shall be
<br />calculated on the basis of a 360-day year for the actual number of days in
<br />each interest period.
<br />
<br /> (b)
<br />follows:
<br />
<br />Paragraph eight of the Bond is hereby amended to read as
<br />
<br /> Any installment of the principal of this bomd becoming due on
<br />October 1, 2000 and thereafter shall be subject to redemption prior to the
<br />due date of any such installment, at the option of the Issuer, from any
<br />moneys that may be made available for such purposes, on not more than 60
<br />nor less than 30 days' notice mailed to the registered owner hereof,
<br />either in whole, or in part in inverse order of the maturity dates of the
<br />installments of principal, on any date not earlier than October 1, 2000,
<br />at the aggregate principal amount of the installments of principal to be
<br />redeemed, together with the interest accrued thereon to the date fixed for
<br />redemption, plus a redemption premium of 2% of such principal amount if
<br />redeemed on or prior to September 30, 2001, 1% if redeemed thereafter and
<br />on or prior to September 30, 2002, and without premium if redeemed
<br />thereafter.
<br />
<br /> Section 2. Except as specifically provided in Section 1 above, all
<br />original terms and provisions of the Bond shall remain in full force and effect.
<br />
<br /> Section 3. The appropriate officers of the Issuer are hereby authorized
<br />and directed to execute and deliver to the Bank an amendment to the Bond
<br />incorporating the changes described above and any and all other certificates,
<br />statements or other writings necessary or appropriate to effect the amendment of
<br />the Bond authorized by this Resolution.
<br />
<br /> Section 4. If any section, paragraph, clause or provision of this
<br />Resolution shall for any reason be held to be invalid or unenforceable, the
<br />invalidity or unenforceability of such section, paragraph, clause or provision
<br />shall not affect any of the remaining provisions of this Resolution.
<br />
<br /> Section 5. Ail bylaws, orders, resolutions and ordinances, or parts
<br />thereof, of the Issuer inconsistent herewith, and with the documents hereby
<br />approved, are hereby repealed to the extent only of such inconsistency. This
<br />repealer shall not be construed as reviving any bylaw, order, ordinance or
<br />resolution, or part thereof.
<br />
<br />
<br />
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