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eoox 16 PACE 7$
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<br />WHEREAS, the bond order hereinafter described has taken
<br />effect, and it is desirable to make provision for the issuance of
<br />bonds authorized by said bond order; NOW, THEREFORE,
<br />BE IT RESOLVED by the Board of Commissioners of the
<br />County of Lee, North Carolina (the "Issuer"), as follows:
<br />1. Pursuant to and in accordance with the $25,000,000
<br />school bond order adopted by the Board of Commissioners on March
<br />11, 1996, the Issuer shall issue its bonds of the aggregate
<br />principal amount of $25,000,000 (the "Bonds"). The Bonds shall
<br />be designated "School Bonds, Series 1997." The period of
<br />usefulness of the capital project to be financed by the issuance
<br />of the Bonds is a period of forty years, computed from April 1,
<br />1997.
<br />2. The Bonds shall be dated April 1, 1997 and shall
<br />bear interest from their date at a rate or rates which shall be
<br />hereafter determined upon the public sale thereof and such
<br />interest shall be payable on October 1, 1997 and semi-annually
<br />thereafter on April 1 and October 1. The Bonds shall mature,
<br />subject to the right of prior redemption as hereinafter set
<br />forth, annually on April 1, as follows:
<br />Principal
<br />Principal
<br />Year
<br />Amount
<br />Year
<br />Amount
<br />1998
<br />$1,500,000
<br />2006
<br />$1,500,000
<br />1999
<br />1,500,000
<br />2007
<br />1,500,000
<br />2000
<br />1,500,000
<br />2008
<br />1,500,000
<br />2001
<br />1,500,000
<br />2009
<br />1,800,000
<br />2002
<br />1,500,000
<br />2010
<br />2,700,000
<br />2003
<br />1,500,000
<br />2011
<br />2,700,000
<br />2004
<br />1,500,000
<br />2012
<br />1,300,000
<br />2005
<br />1,500,000
<br />Debt service will be payable to the owners of the Bonds shown on
<br />the records of the hereinafter designated Bond Registrar of the
<br />Issuer on the record date which shall be the fifteenth day of the
<br />calendar month (whether or not a business day) next preceding a
<br />debt service payment date.
<br />3. The Bonds will be issued in fully registered form
<br />by means of a book entry system with no physical distribution of
<br />bond certificates made to the public. One bond certificate for
<br />each maturity will be issued to The Depository Trust Company, New
<br />York, New York ("DTC"), and immobilized in its custody. The book
<br />entry system will evidence ownership of the Bonds in principal
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