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

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n g~ 707 NOTICE OF SALE $7,835,000' COUNTY OF LEE, NORTH CAROLINA GENERAL OBLIGATION REFUNDING BONDS, SERIES 1992 Sealed bids will be received u Itil 11 o'clock A. M., North Carolina Time, June 16, 1992, by the under- signed at its office in the Albemarle Budding, 4th Floor, Room 411, 325 North Salisbury Street, Raleigh, North Carolina, at which time and place such bids will be opened for $7,835,000' General Obligation Refun- ding Bonds, Series 1992, of the County of Lee, North Carolina (the "County"), dated July 1, 1992 and matur- ing on February 1 (sub7'ect to the right of prior redemption and adjustment as hereinafter set forth) annual- ly,$725,000 1993,$560,000 1994,$555,000 1995,$550,000 1998,$545,000 1997,$540,000 1998,$535,000 1999, $530,000 2000, $1,025,000 2001, $1,010,000 2002, $990,000 2003, and $270,000 2004.0 There will be no auction. The County reserves the right Ito increase or decrease the aggregate principal amount of the bonds by an amount not to exceed $600,000 following the opening of bids. In the event of such increase or decrease the purchase price of the bonds will be accordingly increased or decreased by the amount of such increase or decrease and the principal amount of each maturity of the bonds will be accordingly increased or decreased proportionately, to the extent practicable, provided that the principal amount of any maturity will not be increased or decreased by more than $50,000. 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 Depositorryy Trust Company, New York, New York ("DTC'•) and immobilized in its custody. The book-entry system wil1 evidence ownership of Ithe bonds in the principal amount of $5,000 or any multiple thereof, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and pro- cedures established by DTC and its participants. The successful bidder, as a condition to delivery of the bonds, shall be required to deposit the bond certificates with DTC, registered in the name of Cede 8r Co., its nominee. Interest on the bonds will be payable on February 1, 1993 and semiannually thereafter on each February 1 and August 1, and principal of and any redemption premium on the bonds will be payable, at maturity or upon prior redemption, to DTC or its nominee as registered owner of the bonds. Transfer of principal, interest and any redemption premium payments to participants of DTC will be the respon- sibility of DTC; transfer of principal, interest and any redemption premium payments to beneficial owners of the bonds by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The County will not be responsible or liable for such transfers of payments or for main- taining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants. j 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 option of the County, from any moneys that may be made available for such purpose, either in whole on any date not earlier than February 1, 2002 or in part in inverse order of their maturities on any interest payment 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 principal amount of each bond to be redeemed for each period of 12 months or part thereof between the redemption 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 portions of bonds to be redeemed shall be selected by lot by the County in such manner as the County may determine; provided,. however; that DTC and its participants shall make such selection as long as a book-entry system with DTC is involved. Notice of redemption shall be given by certified or registered mail to DTC or its nominee as the registered owner of 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 I 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 maybe 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. Subject to change as provided herein.