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® 800K 16 Pt.Q J76 4D <br />Section 3. A District tax sufficient to pay the principal <br />of and interest on said bonds when due shall be annually levied and <br />collected. The revenues of the facilities hereinbefore described may <br />be pledged to the payment of the interest on and principal of said <br />bonds if and to the extent that the Board shall hereafter determine <br />by resolution prior to the issuance of said bonds. In such event, <br />the tax to pay the principal of and interest on said bonds may be <br />reduced by the amount of such revenues available for the payment of <br />such principal and interest. <br />Section 4. A sworn statement of the District's debt has <br />been filed with the Clerk of the Board of Commissioners and of the <br />District and is open to public inspection. <br />Section 5. This bond order shall take effect when <br />approved by the voters of the District at a referendum. <br />Commissioner Reives moved the adoption of the following <br />resolution: <br />WHEREAS, the bond order entitled, "BOND ORDER AUTHORIZING THE <br />ISSUANCE OF $9,300,000 WATER BONDS OF THE LEE COUNTY WATER AND SEWER <br />DISTRICT NO. 1" has been introduced at the meeting of the Board of <br />commissioners, sitting as the governing body of the Lee County Water <br />and Sewer District No. 1, held on August 21, 1995, and the Board <br />desires to provide for the holding of a public hearing thereon and <br />the submission of a statement of debt in connection therewith as <br />required by The Local Government Bond Act; NOW, THEREFORE, <br />HE IT RESOLVED <br />Lee, sitting as the <br />District No. 1, as <br />(1) The <br />on the 25th day <br />Commissioners Room, <br />North Carolina. <br />by the Board of Commissioners of the County of <br />governing body of the Lee County Water and Sewer <br />follows: <br />public hearing upon said bond order shall be held <br />of September, 1995, at 7:00 p.m., in the <br />at the Lee County Government Center, in Sanford, <br />(2) The Clerk of the Board of Commissioners and of the <br />District is hereby directed to cause a copy of the bond order to be <br />published with a notice of such hearing in the form prescribed by law <br />in a qualified newspaper no fewer than six days prior to such public <br />hearing. <br />(3) The District's Finance Officer is hereby directed to <br />file with the Clerk of the Board of Commissioners and of the District <br />prior to publication of the bond order with the notice of such public <br />hearing, a statement setting forth the debt incurred or to be <br />incurred, the assessed value of property subject to taxation by the <br />District and the net debt of the District. <br />153 <br />3 <br />