2001 - 10-01-01 Regular Meeting - Laserfiche WebLink

Home Browse Search

® eco 18 e-GE 6~'® G 0 it WHEREAS, the bond order hereinafter described has taken effect, and it is desirable to make provision for the issuance of bonds authorized by said bond order; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of Lee, North Carolina (the "Issuer"), as follows: 1. Pursuant to and in accordance with the refunding bond order adopted by the Board of Commissioners on September 4, 2001 and subject to Section 7 hereof the Issuer shall issue its bonds of the aggregate principal amount of $8,980,000 The Bonds shall be designated "Refunding Bonds, Series 2001" (hereinafter referred to as the "Bonds"). The Bonds shall be dated November 1, 2001 and shall bear interest from their date at a rate or rates which shall be hereafter. determined upon the public sale thereof and such interest shall be payable on February 1, 2002 and semi-annually thereafter on August 1 and February I. The. Bonds shall mature, subject to adjustment as hereinafter set forth, annually on February 1, as follows: Year Principal Amount Year Principal Amount. 2002 $ 365,000 2006 $1,250,000 2003 1,445,000 2007 1,215,000 2004 1,385,000 2008 1,185,000 2005 1,280,000 2009 855,000 . Interest will be payable to the registered owners of the Bonds shown on the records of the hereinafter designated Bond Registrar of the Issuer on the record date which shall be the fifteenth day of the calendar month (whether or not a business day) next preceding an interest payment date. The Bonds shall be deemed to refund the bonds being refunded within the period. of usefulness of the capital projects financed by such bonds being refunded. 2. .The Bonds will be issued in fully registered form by means of a book entry system with no physical distribution of bond certificates made to the public. One bond certificate for each maturity will be issued to The Depository Trust Company, New York, New York ("DTC"), and immobilized in its custody. The book entry system will evidence ownership of the Bonds in principal amounts of $5,000 or whole multiples thereof, with transfers of beneficial ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC. Interest on the Bonds will be payable at the times stated in the preceding paragraph, and principal of the Bonds will be paid annually on February 1, as set forth in the foregoing maturity schedule, to DTC or its nominee as registered owner of the Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The 4