1992 - 06-22-92 Adj. Regular Meeting

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BOV 11 '1'080 said Bond Issue. Commissioner Cox moved that the following resolution be adopted: WHEREAS, the Local Government Commission of North Carolina has informed the Board of Commissioners of the County of Lee (the "Issuer") that it has sold in the manner prescribed by law the Issuer's $7,875,000 General Obligation Refunding Bonds, series 1992, dated July 1, 1992 (the "Bonds"), and that the contract of sale contemplates that the Bonds shall be payable and bear interest as hereinafter provided; and WHEREAS, the proceeds of the Bonds will be used, together with other available funds, to refund School Bonds of the Issuer, dated August 1, 1986, and maturing in the years 1993 to 2004, inclusive; and WHEREAS, the Board of Commissioners of the Issuer desires to take such actions as are necessary to approve the terms of such sale, to approve the official statement and final official statement circulated in connection therewith and to authorize and/or confirm such other documents and actions contemplated by such sale: NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Issuer, as follows: 1. The Bonds shall mature on February 1 in the years and principal amounts and bear interest at the rates per annum as follows: Year Principal Amount Interest Rate 1993 $ 725,000 5.250 1994 560,000 5.40 1995 555,000 5.40 1996 555,000 5.40 1997 550,000 5.40 1998 545,000 5.50 1999 540,000 5.50 2000 535,000 5.50 2001 1,030,000 5.50 2002 1,010,000 5.60 2003 995,000 5.60 2004 275,000 5.60 The provisions of the Board's resolution adopted on June 15, 1992, respecting principal payments are deemed amended to reflect the foregoing schedule of principal payments. 6