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0 anoK 16 ~r 156 0 106 <br />policy and the budgetary and fiscal management policies of the <br />District and the estimated increases in rates for the increased debt <br />service requirements resulting from the bonds. <br />NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of <br />the County of Lee, sitting as the governing body of the Lee County <br />Water and Sewer District No. 1, North Carolina, as follows: <br />1. Water system improvements throughout the District to be <br />financed by general obligation bonds of the Lee County <br />Water and Sewer District No. 1 in an amount not to <br />exceed $9,300,000.00 is determined to be necessary and <br />expedient. <br />2. The amount of the proposed bond issue is found to be <br />adequate and not excessive for its purposes. <br />3. The debt management policies of the Lee County Water <br />and Sewer District No. 1 are found to have been <br />carried in strict compliance with applicable law. <br />4.. The budgetary and fiscal management policies of the Lee <br />County Water and Sewer District No. 1 are found to be <br />carried out in compliance with applicable law. <br />5. The increase in property tax rates to pay the <br />increased debt service requirements resulting from the <br />bond is hereby found to be not excessive. <br />6. The filing of an application with the Local <br />Government Commission for approval of the proposed <br />bonds is hereby approved and confirmed and the County <br />manager is designated to serve as the representative <br />of the Water and Sewer District in connection with the <br />application for approval of the bonds with the Local <br />Government Commission and is authorized to cause a <br />notice of intent to file the application to be <br />published. <br />7. The County Attorney is hereby designated to employ bond <br />counsel to represent the Water and Sewer District in <br />the authorization and issuance of bonds. <br />Commissioner Cox seconded the motion, and upon a vote, the results <br />were as follows: <br />Aye: Cox, Dossenbach, Garner, Matthews, Moretz and Reives <br />Nay: None <br />The Chairman ruled the motion had been adopted unanimously. <br />3 <br />