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bov it P?,u rho
<br />WHEREAS, the bond orders hereinafter described have
<br />taken effect, and it is desirable to make provision for the
<br />issuance of bonds authorized by said bond orders; 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 senior
<br />citizens center bond order adopted by the Board of Commissioners
<br />on March 5, 1990, the Issuer shall issue its bonds of the
<br />aggregate principal amount of $1,000,000. 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 July 1,
<br />1992.
<br />2. Pursuant to and in accordance with the public
<br />building bond order adopted by the Board of Commissioners on
<br />March 5, 1990, the Issuer shall issue its bonds of the aggregate
<br />principal amount of $8,700,000. The period of usefulness of the
<br />capital project to be financed by the issuance of the bonds is a
<br />period of forty years, computed from July 1, 1992.
<br />3. The bonds to be issued pursuant to the bond orders
<br />described in paragraphs one and two of this resolution shall be
<br />® issued as one consolidated bond issue of the aggregate principal
<br />amount of $9,700,000 and shall be designated "Public Improvement
<br />Bonds, Series 1992" (hereinafter referred to as the "Bonds").
<br />The Board of Commissioners has ascertained and hereby determines
<br />that the average period of usefulness declared in paragraphs one
<br />and two of this resolution is not less than forty years computed
<br />from the date of the Bonds. The Bonds shall be dated July 1,
<br />1992 and shall bear interest from their date at a rate or rates
<br />which shall be hereafter determined upon the public sale thereof
<br />and such interest shall be payable on February 1, 1993 and semi-
<br />annually thereafter on August 1 and February 1. The Bonds shall
<br />mature, subject to the right of prior redemption as hereinafter
<br />set forth, annually on February 1, as follows:
<br />Principal Principal
<br />Year Amount Year Amount
<br />1994 $300,000 2002 $ 300,000
<br />1995 300,000 2003 300,000
<br />1996 300,000 2004 1,000,000
<br />1997 300,000 2005 1,200,000
<br />1998 300,000 2006 1,200,000
<br />1999 300,000 2007 1,200,000
<br />2000 300,000 2008 1,200,000
<br />2001 300,000 2009 900,000
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