1992 - 06-10-92 Regular Meeting - Laserfiche WebLink

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14 NOTICE OF SALE $9,700,000 COUNTY OF LEE, NORTH CAROLINA PUBLIC IMPROVEMENT BONDS, SERIES 1992 Sealed bids will be received until 11 o'clock A. M., North Carolina Time, June 18, 1992, by the under- signed at its office in the Albemarle Building, 4th Floor, Room 411, 325 North Salisbury Street, Raleigh, North Carolina, at which time and place such bids will be opened for $9,700,000 Public Improvement Bonds, Series 1992 (consisting of $8;700,000 public building bonds and $1,000,000 senior citizens center bonds) of the County of Lee, North Carolina (the "County"), dated July 1, 1992 and maturing on February 1 (subject to the right of prior redemption as hereinafter set forth) annually, $300,000 1994 to 2003, inclusive, $1,000,000 `004, $1,200,000 2005 to 2008, inclusive, and $900,000 2009. The bonds will be issued in registered form by means of a book-entry system with no physical distribu- tion 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 s istem will evidence ownership of the bonds in the principal amount of $5,000 or any, multiple thereof, , pith transfers of ownership effected on the records of DTC and its participants pursuant to rules and ro- c Mures established by DTC and its participants. The successful bidder, as a condition to delivery ofthe t onds, shall be required to deposit the bond certificates with DTC, registered in the name of Cede ik Co., i-s nominee. Interest on the bonds will be payable on February 1, 1993 and semiannually thereafter on each Yebruary 1 and August 1, and principal of the bonds will be payable, at maturity, to DTC or Its nominee as registered owner of the bonds. Transfer of principal and interest payments to articipants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners of the bonds 7 participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. e County will not be responsible or liable for such transfers of payments or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. In the event (a) DTC determines not to continue to act as securities depository for the bonds or (b) the County determines that continuation of the book-entry system of evidence and transfer of ownership of the bonds would adversely affect the interests of the beneficial owners of the bonds, the County will discon- tinue the book-entry system with DTC. If the County fails to identify another qualified securities depository to replace DTC, the County will deliver replacement bonds in the form of fully registered certificates. The bonds will be general obligations of the County and the faith and credit of the County are pledged for the payment of the principal of and the interest on the bonds. The bonds maturing prior to February 1, 2003 will not be subject to redemption prior to maturity. The bonds maturing on February 1, 2003 and thereafter will be subject to redemption prior to maturity, at the oution of the County, from any moneys that may be made available for such purpose, either in whole on any ~ late not earlier than February 1, 2002 or in part in inverse order of their maturities on any Interest paymer, t date not earlier than February 1, 2002 at the principal amount of the bonds to be redeemed, together with interest accrued thereon to the date fixed for redemption, plus a redemption premium of 1/2 of I% of the p incipal amount of each bond to be redeemed for each period of 12 months or part thereof between the reds mption date and the maturity date of such bond, such premium not to exceed 2% of such principal amount. If less than all of the bonds of any one maturity shall be called for redemption, the particular bonds or porti )ns of bonds to be redeemed shall be selected by lot by the County, in such manner as the County may de ermine; provided, however, that DTC and its participants shall make such selection as long as a book-er try system with DTC is involved. No ice of redemption shall be given by certified or registered mail to DTC or its nominee as the registered owner ( f the bonds. Such notice shall be mailed not more than 45 days nor less than 30 days prior to the date fixed for redemption. The County will not be responsible for mailing notices of redemption to anyone other than DTC or its nominee. Bidders are requested to name the interest rate or rates in multiples of 1/4 or 1/10 of 1%, and each bidder must specify in his bid the amount and the maturities of the bonds of each rate. No interest rate named for any given maturity may be lower than the interest rate named for any prior maturity. No bid may name more than six interest rates. All bonds maturing on the same date must bear interest at the same rate. The bonds will be awarded to the bidder offering to purchase the bonds at the lowest interest cost to the County, such cost to be determined by deducting the total amount of any premium bid from the aggregate amount of interest upon all of the bonds from their date until their respective maturities. No bid of less than par and accrued interest will be entertained. Earh bid must be submitted on a form to be furnished with additional information by the undersigned, i iust be enclosed in a sealed envelope marked "Bid for Bonds" and must be accompanied b an official bank c heck, a cashier's check or a certified check upon an incorporated bank or trust company for $194,000, payable i nconditionally to the order of the State Treasurer of North Carolina, on which no interest will be allowed. !.ward or rejection of bids will be made on the date above stated for receipt of bids and the checks of unsuc- cessful bidders will be returned immediately thereafter. The check of the successful bidder will be cashed by the State Treasurer and invested for the benefit of the County and at closing the principal amount of such check will be applied without interest as partial payment for the bonds. In the event the successful bidder shall fail to comply with the terms of his bid, the proceeds of such check will be retained as and for full liquidated damages. If the County shall fail to deliver the bonds, the proceeds of such check and any interest earnings will be remitted to the successful bidder as and for full liquidated damages.