5-2-16 Reg. Meeting - Laserfiche WebLink

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BK:00028 PG -.0230 (d) An order authorizing $5,000,000 Community College Bonds (Civic Center) (the "Civic Center Bonds") of the County was adopted by the Board for the County on July 21, 2014, which order was approved by the vote of a majority of the qualified voters of the County who voted thereon at a referendum duly called and held on November 4, 2014. (e) None of said bonds has been issued. (f) It is necessary to issue (i) $1,035,000 of notes at this time in anticipation of the receipt of the proceeds of the sale of a like amount of the Health Sciences Bonds; (ii) $1,545,000 of notes at this time in anticipation of the receipt of the proceeds of the sale of a like amount of the Veterinary Technology Bonds; (iii) $1,795,000 of notes at this time in anticipation of the receipt of the proceeds of the sale of a like amount of the Emergency Services Bonds; and (iv) $625,000 of notes at this time in anticipation of the receipt of the proceeds of the sale of a like amount of the Civic Center Bonds. (g) It is in the best interest of the County to consolidate said notes for the purposes of sale into a single note. (h) First -Citizens Bank & Trust Company (the "Purchaser") has agreed to purchase said note for a purchase price equal to the par amount of said note in accordance with the terms of the Note Purchase Agreement (hereinafter defined). (i) The Local Government Commission will approve the private sale and issuance of said note in accordance with the provisions of Article 9 of Chapter 159 of the General Statutes of North Carolina, as amended. Section 2. In anticipation of the receipt of the proceeds of the sale of a like amount of bonds, the issuance of a $5,000,000 negotiable note of the County is hereby authorized, which note shall be designated "General Obligation Community College Bond Anticipation Note, Series 2016" (the "Note"), shall be dated as of the date of delivery thereof, shall mature June 1, 2017, subject to prior redemption as described therein, and shall bear interest on the outstanding principal amount (computed on the basis of a 360 -day year consisting of twelve 30 -day months) at a rate of 1.04% per annum, which interest shall be payable at maturity of the Note. No interest coupons shall be attached to the Note. The Note shall be payable as to both principal and interest at the principal office of First -Citizens Bank & Trust Company in Columbia, South Carolina, or otherwise as specified by the registered owner of the Note, and both the principal of and the interest on the Note shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. The principal of and the interest on the Note shall be payable in any coin or currency of the United States of America which is legal tender for the payment of public and private debts on the respective dates of payment thereof. Section 3. The Note shall bear the manual or facsimile signatures of the Chair or Vice Chairman of the Board and the Clerk or any Deputy Clerk to the Board of the County, and the corporate seal or a facsimile of the corporate seal of the County shall be impressed or imprinted, as the case may be, thereon. 2