1992 - 06-15-92 Regular Meeting - Laserfiche WebLink

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r A.0 3doK f=9 ~b5~ 'res. ® 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 June 1, 1992, the Issuer shall issue its bonds of the aggregate principal amount of $7,835,000. The Bonds shall be designated "General Obligation Refunding Bonds, Series 1992" (hereinafter referred to as the "Bonds"). The Bonds shall be dated July 1, 1992 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, 1993 and semi-annually thereafter on August 1 and February 1. The Bonds shall mature, subject to adjustment and to the right of prior redemption as hereinafter set forth, annually on February 1, as follows: Principal Year Amount Principal Year Amount 1993 $725,000 1999 $535,000 1994 560,000 2000 530,000 1995 555,000 2001 1,025,000 1996 550,000 2002 1,010,000 1997 545,000 2003 990,000 1998 540,000 2004 270,000 Debt service will be payable to the 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 a debt service payment date. The Bonds shall be deemed to refund the issue of bonds being refunded within the period of usefulness of the capital project being financed by the issue of bonds being refunded. 4. 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 16