2002 - 03-18-02 Regular Meeting - Laserfiche WebLink

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PAGE �] J 00 order on March 5, 2002, approving the proposed extension. He told the board that the next step is for the board to fix the time and place for a public hearing on the extension. A resolution has been prepared by bond counsel to satisfy those requirements. Commissioner Lemmond presented the following resolution and moved that it be adopted: WHEREAS, a bond order entitled `BOND ORDER AUTHORIZING THE ISSUANCE OF $9,300,000 WATER BONDS OF LEE COUNTY WATER AND SEWER DISTRICT NO. 1," adopted by the Board of Commissioners of the County of Lee, sitting as the governing body of Lee County Water and Sewer District No. 1, on September 25, 1995, took effect on November 7, 1995; and, WHEREAS, $4,969,000 of bonds remain authorized and un- issued pursuant to said water bond order; and, WHEREAS, the maximum period within which bonds and bond anticipation notes may be issued pursuant to said water bond is a period expiring on November 7, 2002; and, WHEREAS, the Board of Commissioners of the County of Lee, sitting as the governing body of the Lee Water and Sewer District No. 1, desires to extend the period within which bonds and bond anticipation notes may be issued pursuant to said water bond order from seven years to ten years; and, WHEREAS, the District has fled an application with the Local Government Commission requesting an extension of the maximum period during which bonds and bond anticipation notes may be issued by the District pursuant to said water bond order; and, WHEREAS, the Commission has entered an order approving the proposed extension; and, WHEREAS, the Board of Commissioners of the County of Lee, sitting as the governing body of the Lee County Water and Sewer District No. 1, desires to hold a public hearing on the proposed extension as required by North Carolina General Statute 159 -64; NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the County of Lee, sitting as the governing body of the Lee County Water and Sewer District No. 1, as follows: 1. The action taken by District officials in filing an application with the Local Government Commission for approval of the extension of the period during which bonds and bond anticipation notes may be issued pursuant to the water bond order adopted by the Board on September 25, 1995, from seven years to ten years, is hereby ratified and confirmed.