2001 - 08-20-01 Regular Meeting - Laserfiche WebLink

Home Browse Search

eco ~8 P'c~ 51 9ft G Q WHEREAS, the County of Lee (the "County") has issued Public Improvement Bonds, Series 1992, dated July 1, 1992 and $7,300,000 of such Bonds maturing in the years 2002 to 2009, inclusive, are outstanding (the "Outstanding Public Improvement Bonds, Series 1992"); and WHEREAS, the County has issued Refunding Bonds, Series 1992, dated July 1, 1992 and $2,280,000 of such bonds maturing in the years 2002 to 2004, inclusive, are outstanding (the "Outstanding Refunding Bonds, Series 1992"); and WHEREAS, the Board of Commissioners of the County deems it advisable to pay and refund all or a portion of the Outstanding Public Improvement Bonds, Series 1992 and the Outstanding Refunding Bonds, Series 1992 (collectively, the "Outstanding Bonds"), pursuant to and in accordance with The Local Government Finance Act; and WHEREAS, an application has been filed with the Secretary of the Local Government Commission of North Carolina requesting Commission approval of the Bonds hereinafter described as required by The Local Government Finance Act, and the Secretary of the Local Government Commission has notified the Board that the application has been accepted for submission to the Local Government Commission; NOW, THEREFORE, BE IT ORDERED by the Board of Commissioners of the County of Lee, as follows: Section 1: The Board of Commissioners of the County has ascertained and hereby determines that it is advisable to pay and refired all or a portion of the Outstanding Bonds. Section 2: In order to raise the money required to pay and refund the Outstanding Bonds as set forth above, in addition to any funds which may be made available for such purpose from any other source, bonds of the County are hereby authorized and shall be issued pursuant to The Local Government Finance Act of North Carolina. The maximum aggregate principal amount of bonds authorized by this bond order shall be $10,000,000. Section 3: A tax sufficient to pay the principal of and interest on said bonds when due shall be annually levied and collected. Section 4. A sworn statement of the County's debt has been filed with the Clerk of the Board of Commissioners and is open to public inspection. Section 5. This bond order shall take effect upon its adoption. Commissioner Matthews moved the adoption of the following resolution: 6