1990-12-03 RM Exhibits
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AN ORDINANCE OF THE COUNTY OF
NEW HANOVER, NORTH CAROLINA AMENDING
THE FLOODPLAIN ORDINANCE OF
NEW HANOVER COUNTY ADOPTED
July 3, 1978
THE BOARD OF COMMISSIONERS OF NEW HANOVER COUNTY DOTH ORDAIN:
Section 1. That the Zoning Ordinance of the County of New
Hanover adopted October 6, 1969, as amended be and the same is
hereby further amended as follows:
:.
Add Article III, Sec. 3, f.
f.
Complete and submit a Floodplain Elevation Certificate.
Certificate forms are available in the Inspections
Department.
Amend ARTICLE IV, Sec. 2
a. Residential Construction New construction or
substantial improvement of any residential
structure shall have the lowest floor, including
basement, elevated to at least two feet above base
flood elevation...
b. Non-residential Construction - New construction or
substantial improvement of any commercial
industrial or other non-residential structure
shall either have the lowest floor, including
basement, elevated to at least two feet above the
level of the base flood elevation or, together
with attendant utility and sanitary facilities, be
flood-proofed so that below two feet above the
base flood level the structure is watertight.
Where a non-residential structure is intended to
be made water-tight below two feet above the base
flood level, a registered engineer or architect
shall develop and/or review structural design,
specifications and plans...
c. Elevated Buildings New construction or
substantial improvements of elevated buildings
that include fully enclosed :areas formed by
foundation and other exterior walls below two feet
above the base flood elevation shall be designed
to preclude finished living space...
d. Manufactured Homes
(1) Manufactures Homes - All manufactured homes
to be placed or substantially improved within
Zones A1-30, AH, and AE shall be elevated on
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d permanent foundation such that the lowest
floor of the manufactured home is at least
two feet above the base flood elevation and
be securely anchored...
(3) For all new and existing manufactured home
parks and subdivisionsj for expansions to
existing manufactured home parks and
subdivisions; for the replacement of
manufactured homes in parks and subdivisions:
and for manufactured homes not placed in a
manufactured home park or subdivision
require:
(a) That stands or lots are elevated on
compacted fill or on pilings so that the
lowest floor of the mobile home will be
at least two feet above the base flood
level. . .
f. Coastal High Hazard Areas (V Zones) Located
within the areas of special flood hazard
established in Article I., Section 3., are areas
designated as Coastal High Hazard Areas. These
areas have special flood hazards associated with
high velocity waters from tidal surge and
hurricane wave wash; therefore, the following
provisions shall apply:
(1) All buildings or structures shall be located
landward of the reach of the mean high tide.
(2) All buildings or structures shall be elevated
so that the lowest supporting member is
located no lower than two feet above the base
flood elevation level...
(3) Provide that all new construction and
substantial improvements in Zones VI-30 and
VE, and also Zone V, if base flood elevation
data are available on the community's FIRM,
are elevated on pilings and columns so that
the bottom of the lowest horizontal
structural member of the lowest floor
(excluding the pilings or columns) is
elevated to at least two feet above the base
flood leveL..
Section 2. Any ordinance or part of any ?rdinance in
conflict with this ordinance, to the extent of such conflict is
hereby repealed.
section 3. This ordinance is adopted in the interest of
P4hlic.health, safety, morals, and general welfare of the
inhabitants of the County of New Hanover, North Carolina, and
shall be in full force and effect from and after its adoption.
Adopted this 3rd day of December, 1990.
qf;yVL ~
Fred Retchin, Chairman
RESOLUTION
OF THE
NEW HANOVER COUNTY
BOARD OF COMMISSIONERS
RESOLVED, that pursuant to the requirements of Chapter
109 of the North Carolina General Statutes, the Board of
Commissioners of New Hanover County, at its regular meeting on
December 3, 1990, approved the Bonds of the Clerk of Superior
Court of New Hanover County, New Hanover County Finance Officer,
,
New Hanover County Sheriff, Register of Deeds of New Hanover
County, New Hanover County Tax Collector and Chairman of the New
Hanover County Alcohol Beverage Control Board, and FURTHER
RESOLVED, the Chairman of the Board of Commissioners is hereby
authorized, empowered and directed to certify sa,id approval on
the original of each such Bond, with the exception of the Bond of
the Clerk of Superior Court, which is not physically present in
New Hanover County.
ADOPTED, this 3rd day of December, 1990.
[
NEW HANOVER COUNTY
~1VL-
Fred Retchin, Chairman
Board of Commissioners
ATTEST:
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C erk to the Board -
RESOLUTION
OF THE
NEW HANOVER COUNTY
BOARD OF COMMISSIONERS
RESOLVED, that pursuant to the provisions of Section
18B-700 of the North Carolina General Statutes, the Board of
Commissioners of New Hanover County, at its regular meeting on
December 3, 1990, does hereby exempt from the bond requirement of
said Section 18B-700 any member of the New Hanover County Alcohol
Beverage Control Board who does not handle Board funds and
thereby shall only require that the Chairman of the New Hanover
County Alcohol Beverage Control Board furnish a Bond for the
faithful performance of his duties.
ADOPTED, this 3rd day of December, 1990.
NEW HANOVER COUNTY
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Fred etchin, Chairman
Board of Commissioners
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CI rk to the Board
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RESOLUTION
OF THE
NEW HANOVER COUNTY
BOARD OF COMMISSIONERS
RESOLVED, that pursuant to the provisions of Section
162-8 of the North Carolina General Statutes, the Board of
Commissioners of New Hanover County, at its regular meeting on
December 3, 1990, determined that the required Sheriff's Bond
shall be in the total amount of Five Thousand ($5,000) Dollars.
ADOPTED, this 3rd day of December, 1990.
NEW HANOVER COUNTY
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Fre etchin, Chairman
Board of Commissioners
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Clerk to the Board '---
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PROJECT ORDINANCE
DOWNTOWN PARK PROJECT
BE
IT ORDAINED,
by the Board of Commissioners of New
Hanover County.
1.
New Hanover County
(County)
is engaged in the
construction of the Downtown Park Project, which capital
project
involves the construction and/or acquisition of
capital assets.
2. County desires to authorize and budget for said
capital project
in a project ordinance adopted pursuant to
North Carolina General Statute 159-13.2, such ordinance to
authorize all appropriations necessary for the completion of
said project.
NOW, THEREFORE, WITNESSETH THAT:
1. This project ordinance is adopted pursuant to North
Carolina General Statute 159-13.2.
2. The capital project undertaken pursuant to this
ordinance
is the construction of the Downtown Park Project
which project is herewith authorized.
3. The revenue that will finance said project 1S:
TT-ansfer from Genera.l Fund ll.6..4 r 51010
Total
$164,51010
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---------
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4. The following appropriations necessary for the
project are herewith made from the revenue listed above:
Land Acquisition
$
163,0010
Contracted Services
1. .500
Total
$
164,500
---_._-----
----------
5. This project ordinance shall be entered in the
minutes of the Board of Commissioners of New Hanover County.
Within five days hereof, copies of this ordinance shall be
filed with the finance and budget offices in New Hanover
County, and with the Clerk to the Board of Commissioners of
New Hanover County.
Adopted this ~~__ day of ~__,
19910.
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AN ORDINANCE OF THE COUNTY OF
NEW HANOVER, NORTH CAROLINA AMENDING
THE ZONING ORDINANCE OF
NEW HANOVER COUNTY ADOPTED
OCTOBER 6, 1969
THE BOARD OF COMMISSIONERS OF NEW HANOVER COUNTY DOTH ORDAIN:
Section 1. That the Zoning Ordinance of the County of New
Hanover adopted October 6, 1969, as amended be and the same is
hereby further amended as follows:
Modify Section 93-3 (6) as follows:
.
. . .Off-premises real estate signs calling attention to a
project or real estate for sale or lease may be permitted
provided there is no more than one sign on the lot or premises
where located, and such sign does not exceed three square feet in
area and four feet in height.
section 2. Any ordinance or part of any ordinance in
conflict with this ordinance, to the extent of such conflict is
hereby repealed.
section 3. This ordinance is adopted in the interest of
public health, safety, morals, and general welfare of the
inhabitants of the County of New Hanover, North Carolina, and
shall be in full force and effect from and after its adoption.
day of December, 1990.
~tlfiIfL-
Fred Retchin, Chairman
Attest:
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Cl r~ to the Board
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STATE OF NORTH CAROLINA
COUNTY OF NEW HANOVER
BEFORE THE BOARD OF
COUNTY COMMISSIONERS
IN THE MATTER OF ASSIGNING
STREET HOUSE NUMBERS
ORDER
It appearing to the Board of County Commissioners of New
Hanover County that consideration has be~n given to the
assignment of house numbers on Inlet Acres Drive, located south
of Lehigh Estates, west side of Carolina Beach Road in Federal
Point Township, numerical range 400-899.
WHEREAS, ready and ac~urate identification of developed
property is important for the dellv~ry of general County
services, for the operation of commercial enterprises, for the
response of emergency and public safety vehicles, and for the
convenience of the general public; and
WHEREAS, a comprehensive and systematic property numbering
system is an efficient means of identifying property within the
County; and
WHEREAS, such a system will promote the health, safety, and
welfare of the citizens of New Hanover County.
THEREFORE, it further appearing that a public hearing was
held on the 3rd day of December, 1990, at which time all persons
were heard on the question of whether or not assigning house
numbers would be in the public interest, and it further appearing
that notice of said hearing was prominently posted in at least
two (2) locations along said street, that notice of the time,
place and subject matter of the hearing was prominently posted at
the County Courthouse, and published in a newspaper of general
circulation in the County.
NOW, THEREFORE, it is ordained and decreed that the above
House Number Assignment be made.
It is further ordered that a copy of this ordinance be
transmitted to the postmaster having jurisdiction over the road,
to the Board of Transportation, Sheriff's 911 dispatcher and to
any city within five miles of said road in accordance with N.C.
General Statutes 153A-240.
the 3rd day of
December, 1990.:
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ADDRESS MASTER LIST
INLET ACRES DRIVE
400-899 BLOCK RANGE
Wilmington, NC 28412
Name
Old Address
400 Block
\'lard, Cecil
Hamil ton, Roy
Floyd, Albert
Parcel 40.10
Lot 28
Lot 27
500 Block
Hinson, Bobby
Usher, Pat
Pope, David
Coombs, Lee Roy
500 Inlet Acres Dr.
511 Inlet Acres Dr.
Rt. 2 Box 238-AB
Lot 17
600 Block
Baker, Loretta
Pridgen, Jimmy
Barnes, Joseph
Cales, Richard
Emmett, Douglas
Hinson, Robert
Hinson, Robert
Difloiro, Al
Coombs, Lee Roy
616 Carolina Inlet Acres Dr.
Rt. 2 Box 238-AB
608 Inlet Acres Drive
Lot 10
Lot 11
Rt. 2 Box 238 (Lot 12)
7100 Carolina Bch. Rd. (Lot 13)
Lot 14
Lot 15
700 Block
Register, J.
Register, J.
Adams, Dennis
Best, William
Cox, Joseph
Dupree, steve
HcLamb, Cleveland
Coombs, Lee Roy
King, Edward
Faulk, Larry
Coombs, Lee Roy
~lcLamb, David
Lot 4
Lot 8
Parcel 40.5
Parcel 40.8
Parcel 41-.4
Parcel 41.7
Parcel 41. 8
Lot 7
730 Inlet Acres Drive
Lot 9
Lot 8
Parcel 41.17
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New Address
Call Office
434 Inlet Acres Dr.
438
No change
No change
519 Inlet Acres Dr.
515
616 Inlet Acres Dr.
612
No change
621
617
613
609
605
601
738 Inlet Acres Dr.
728
744
724
733
737
729
709
721
701
705
725
Name
800 Block
Myers,' Robert
Richardson, Ed
Seymour, Margie
Coombs, Lee Roy
Seawell, Wilton
Carriker, David
Coombs, Lee Roy
Fisher, Gary
Coombs, Lee Roy
Welch, Richard
Lee, Bobby
Old Address
New Address
Rt. 2 Box 238-AB
Parcel 40.6
Parcel 40.7
Parcel 41.5
Parcel 41.1
812 Inlet Acres Dr.
,Parcel 41.5
Parcel 41. 6
Parcel 41.11
Parcel 42.1
Parcel 42.2
800 Inlet Acres Dr.
808
804
816
809
No change
Call of f ice
813
818
817
821
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STATE OF NORTH CAROLINA
COUNTY OF NEW HANOVER
ss. :
I, LUCIE F. HARRELL, Clerk of the Board of
Commissioners of the County hereinafter described, DO HEREBY
CERTIFY, as follows:
1. A regular meeting of the Board of Commissioners of
the County of New Hanover, a county in the State of North
Carolina, was duly held on December 3, 1990, proper notice of
such meeting having been given as required by North Carolina
statutes, and minutes of said meeting have been duly recorded
in the Minute Book kept by me in accordance with law for the
purpose of recording the minutes of said Board.
2. I have compared the attached extract with said
minutes so recorded and said extract is a true copy of said
minutes and of the whole thereof insofar as said minutes relate
to matters referred to in said extract.
3. Said minutes correctly state the time when said
meeting was convened and the place where such meeting was held
and the members of said Board who attended said meeting.
IN WITNESS WHEREOF, I have hereunto set my hand and
have hereunto affixed the corporate seal of said County this
~~ day of December, 1990.
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SERIES 1990A
EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
The New Hanover County Board of Commissioners met in Regular
Session on Monday, December 3, 1990 at 7:30 PM in the Assembly
Room of the New Hanover County Courthouse, Wilmington, North Carolina.
Members present were:
Fred Retchin, Chairman
E.L. Mathews, Jt~; Vic~~Chairman
Jonathan Barfield, Sr.!
Robert G. Greer
*
*
*
*
*
*
*
*
Fred,Retchin
presented the following
resolution and moved that it be adopted:
Ibbert G. Greer
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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 New Hanover, North Carolina (the "Issuer"), as
follows:
1. Pursuant to and in accordance with the solid waste
disposal bond order adopted by the Board of Commissioners on
August 1, 1988, the Issuer shall issue its bonds of the
aggregate principal amount of $2,200,000. The bonds shall be
designated "Solid Waste Disposal Bonds, Series 1990A"
(hereinafter referred to as the "Bonds"). The period of
usefulness of the capital project to be financed by the
issuance of the Bonds is a period of forty years, computed from
December 1, 1990. The Bonds shall be dated December 1, 1990
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 June 1, 1991 and
semi-annually thereafter on December 1 and June 1. The Bonds
shall mature, subject to the right of prior redemption as
hereinafter set forth, annually on June 1, as follows:
Principal Principal
Year Amount Year Amount
1992 $ 110,000 2002 $ 110,000
1993 110,000 2003 110,000
1994 110,000 2004 110,000
1995 110,000 2005 110,000
1996 110,000 2006 110,000
1997 110,000 2007 110,000
1998 110,000 2008 110,000
1999 110,000 2009 110,000
2000 110,000 2010 110,000
2001 110,000 2011 110,000
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.
2. The Bonds will be issued in fully registered form
by means of a book entry system with no physical distribution
-2-
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 June 1, as set
forth in the foregoing maturity schedule, in clearinghouse
funds to DTC or its nominee as registered owner of the Bonds.
Transfer of principal and interest payments to participants of
DTC will be the responsibility of DTC; transfer of principal
and interest payments to beneficial owners by participants of
DTC will be the responsibility of such participants and other
nominees of beneficial owners. The Issuer will not be
responsible or liable for maintaining, supervising or reviewing
the records maintained by DTC, its participants or persons
acting through such participants.
In the event that (a) DTC determines not to continue to
act as securities depository for the Bonds, or (b) the Issuer
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
Issuer will discontinue the book entry system with DTC. If the
Issuer fails to identify another qualified securities
depository to replace DTC, the Issuer will authenticate and
deliver replacement Bonds in the form of fully registered
certificates.
Each Bond shall bear interest from the interest payment
date next preceding the date on which it is authenticated
unless it is (a) authenticated upon an interest payment date in
which event it shall bear interest from such interest payment
date, or (b) authenticated prior to the first interest payment
date in which event it shall bear interest from its date;
provided, however, that if at the time of authentication
interest is in default, such Bond shall bear interest from the
date to which interest has been paid.
The principal of and the interest and any redemption
premium on the Bonds shall be payable in any coin or currency
of the United states of America which is legal tender for the
payment of public and private debts on the respective dates of
payment thereof.
3. The Bonds shall bear the manual or facsimile
signatures of the Chairman and the Clerk of the Board of
Commissioners of the Issuer and the official seal or a
-3-
facsimile of the official seal of the Issuer shall be impressed,
or imprinted, as the case may be, on the Bonds. f
The certificate of the Local Government Commission of
North Carolina to be endorsed on all Bonds shall bear the
manual or facsimile signature of the Secretary of said Commis-
sion or of a representative designated by said Secretary and
the certificate of authentication of the Bond Registrar to be
endorsed on all Bonds shall be executed as provided
hereinafter.
In case any officer of the Issuer or the Local
Government Commission of North Carolina whose manual or
facsimile signature shall appear on any Bonds shall cease to be
such officer before the delivery of such Bonds, such manual or
facsimile signature shall nevertheless be valid and sufficient
for all purposes the same as if he had remained in office until
such delivery, and any Bond may bear the manual or facsimile
signatures of such persons as at the actual time of the
execution of such Bond shall be the proper officers to sign
such bond although at the date, of such Bond such persons may
not have been such officers.
No Bond shall be valid or become obligatory for any
purpose or be entitled to any benefit or security under this
resolution until it shall have been authenticated by the
execution by the Bond Registrar of the certificate of
authentication endorsed thereon.
4. The Bonds and the endorsements thereon shall be in
substantially the following form:
-4-
NO. R-
$
united states of America
state of North Carolina
COUNTY OF NEW HANOVER
SOLID WASTE DISPOSAL BOND, SERIES 1990A
INTEREST
RATE
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
June 1,
December 1, 1990
REGISTERED OWNER: CEDE & CO.
PRINCIPAL SUM:
DOLLARS
The County of New Hanover (hereinafter referred to as
"county"), a county of the State of North Carolina,
acknowledges itself indebted and for value received hereby
promises to pay to the registered owner named above, on the
date specified above, upon surrender hereof, at the office of
the Director of Finance of the County, 320 Chestnut Street,
Wilmington, North Carolina 28401 (the "Bond Registrar"), the
principal sum shown above and to pay to the registered owner
hereof, by check mailed to the registered owner at his address
as it appears on the bond registration books of the County,
interest on such principal sum from the date of this bond or
from the June 1 or December 1 next preceding the date of
authentication to which interest shall have been paid, unless
such date of authentication is a June 1 or December 1 to which
interest shall have been paid, in which case from such date,
such interest to the maturity hereof being payable on June 1,
1991 and semi-annually thereafter on December 1 and June 1 of
each year, at the rate per annum specified above, until payment
of such principal sum. The interest so payable on any such
interest payment date will be paid to the person in whose name
this bond is registered at the close of business on the record
date for such interest, which shall be the fifteenth day of the
calendar month (whether or not a business day) next preceding
such interest payment date. Both the principal of and the
interest on this bond shall be paid in any coin or currency of
the United States of America that is legal tender for the
-5-
payment of public and private debts on the respective dates of
payment thereof. '
This bond is issued in accordance with the Registered
Public Obligations Act, Chapter 159E of the General statutes of
North Carolina, as amended, and pursuant to The Local
Government Finance Act of the state of North Carolina, as
amended, a bond order adopted by the Board of Commissioners of
the County on August 1, 1988 (the "Bond Order") and resolutions
adopted by said Board of Commissioners (the "Resolutions") to
pay capital costs of improving solid waste disposal facilities.
The issuance of this bond and the contracting of the
indebtedness evidenced thereby have been approved by a majority
of the qualified voters of the County voting at an election
held in the County on November 8, 1988.
The bonds maturing on and after June 1, 2001 shall be
subject to redemption prior to their stated maturities at the
option of the County on or after June 1, 2000, in whole at any
time or in part on any interest payment date, at a redemption
price equal to the principal amount of each bond to be redeemed
together with accrued interest thereon to the redemption date
plus a redemption premium of one-half of one percent (1/2 of
1%) of the principal amount of each bond to be redeemed for
each period of twelve months or part thereof between the
redemption date and the maturity date of each bond to be
redeemed, provided that such premium shall not exceed two
percent (2%) of such principal amount. If less than all of the
bonds of any maturity are called for redemption, the bonds to
be redeemed shall be selected by loti provided, however, that
the portion of any bond to be redeemed shall be in the
principal amount of $5,000 or some multiple thereof and that,
in selecting bonds for redemption, the Bond Registrar shall
treat each bond as representing that number of bonds which is
obtained by dividing the principal amount of such bond by
$5,000. For so long as a book-entry system is used for
determining beneficial ownership of the bonds, if less than all
the bonds within a maturity are to be redeemed, DTC and its
participants shall determine which of the bonds within a
maturity are to be redeemed. If less than all the Bonds of
different maturities are called for redemption, the Bonds to be
redeemed shall be called in the inverse order of their
maturities.
Not more than forty-five (45) nor less than thirty (30)
days before the redemption date of any bonds to be redeemed,
whether such redemption be in whole or in part, the County
shall cause a notice of such redemption to be mailed, postage
prepaid, to The Depository Trust Company ("DTC") or its
nominee. On the date fixed for redemption, notice having been
given as aforesaid, the bonds or portions thereof so called for
-6-
redemption shall be due and payable at the redemption price
provided for the redemption of such bonds or portions thereof
on such date and, if moneys for payment of such redemption
price and the accrued interest are held by the Bond Registrar
as provided in the Resolutions, interest on the Bonds or the
portions thereof so called for redemption shall cease to
accrue. If a portion of this bond shall be called for
redemption, a new bond or bonds in principal amount equal to
the unredeemed portion hereof will be issued to DTC or its
nominee upon the surrender hereof.
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 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. Transfer of principal and
interest payments to participants of DTC will be the
responsibility of DTC; transfer of principal and interest
payments to beneficial owners 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 maintaining, supervising or reviewing the records
maintained by DTC, its participants or persons acting through
such participants.
The Bond Registrar shall keep at its office the books
of said County for the registration of transfer of bonds. The
transfer of this bond may be registered only upon such books
and as otherwise provided in the Resolutions upon the surrender
hereof to the Bond Registrar. together with an assignment duly
executed by the registered owner hereof or his attorney or
legal representative in such form as shall be satisfactory to
the Bond Registrar. Upon any such registration of transfer,
the Bond Registrar shall deliver in exchange for this bond a
new bond or bonds, registered in the name of the transferee, of
authorized denominations, in an aggregate principal amount
equal to the unredeemed principal amount of this bond, of the
same maturity and bearing interest at the same rate.
The Bond Registrar shall not be required to exchange or
register the transfer of any bond during a period beginning at
the opening of business fifteen (15) days before the day of the
mailing of a notice of redemption of bonds or any portion
thereof and ending at the close of business on the day of such
mailing or of any bond called for redemption in whole or in
part pursuant to the Resolutions.
-7-
It is hereby certified and recited that all conditions"
acts and things required by the Constitution or statutes of fhe
state of North Carolina to exist, be performed or happen
precedent to or in the issuance of this bond, exist, have been
performed and have happened, and that the amount of this bond,
together with all ot~er indebtedness of the County, is within
every debt and other limit prescribed by said Constitution or
statutes. The faith and credit of the County are hereby
pledged to the punctual payment of the principal of and
interest on this bond in accordance with its terms.
This bond shall not be valid or become obligatory for
any purpose or be entitled to any benefit or security under the
Bond Order or the Resolutions mentioned herein until this bond
shall have been endorsed by the authorized representative of
the Local Government Commission of North Carolina and
authenticated by the execution by the Bond Registrar of the
certificate of authentication endorsed hereon.
IN WITNESS WHEREOF, the County has caused this bond [to
be manually signed by) [to bear the facsimile signatures of)
the Chairman and the Clerk of the Board of Commissioners of the
County and [a facsimile of) its official seal to be [imprinted)
[impressed) hereon, and this bond to be dated December 1, 1990.
~!GXL-
Chairman, Board of Commissioners
~ '<.;{ /LJ) /
Cle , Board of Commissloners
CERTIFICATE OF LOCAL GOVERNMENT COMMISSION
The issuance of the within bond has been approved
under the provisions of The Local Government Bond Act of North
Carolina.
Secretary, Local Government
Commission
-8-
CERTIFICATE OF AUTHENTICATION
This bond is one of the Bonds of the issue designated
herein and issued under the provisions of the within-mentioned
bond order and resolutions.
COUNTY OF NEW HANOVER
DIRECTOR OF FINANCE, as Bond
Registrar
By
Date of Authentication:
/1./ Cf / 1J
/ /
-9-
ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers unto
the within Bond and irrevocably appoints ,
attorney-in-fact, to transfer the within Bond on the books kept
for registration thereof, with full power of substitution in
the premises.
Dated:
NOTICE: The signature to this
assignment must correspond
with the name as it appears
upon the face of the within
Bond in every particular,
without any alteration
whatsoever.
Signature Guaranteed:
-10-
5. The Bonds maturing on and after June 1, 2001 shall
be subject to redemption prior to their stated maturities at
the option of the Issuer on or after June 1, 2000, in whole at
any time or in part on any interest payment date, at a
redemption price equal to the principal amount of each Bond to
be redeemed together with accrued interest thereon to the
redemption date plus a redemption premium of one-half of one
percent (1/2 of 1%) of the principal amount of each Bond to be
redeemed for each period of twelve months or part thereof
between the redemption date and the maturity date of each Bond
to be redeemed, provided that such premium shall not exceed two
percent (2%) of such principal amount. If less than all of the
Bonds of any maturity are called for redemption, the Bonds to
be redeemed shall be selected by lot; provided, however, that
the portion of any Bond to be redeemed shall be in the
principal amount of $5,000 or some multiple thereof and that,
in selecting Bonds for redemption, the Bond Registrar shall
treat each Bond as representing that number of Bonds which is
obtained by dividing the principal amount of such Bonds by
$5,000. For so long as a book-entry system is used for
determining beneficial ownership of the Bonds, if less than all
of the Bonds within a maturity are to be redeemed, DTC and its
participants shall determine which of the Bonds within a
maturity are to be redeemed. If less than all of the Bonds of
different maturities are called for redemption, the Bonds to be
redeemed shall be called in the inverse order of their
maturities.
Not more than forty-five (45) nor less than thirty (30)
days before the redemption date of any Bonds to be redeemed,
whether such redemption be in whole or in part, the Issuer
shall cause a notice of such redemption to be mailed, postage
prepaid, to DTC or its nominee. Each such notice shall
identify the Bonds or portions thereof to be redeemed by
reference to their numbers and shall set forth the date
designated for redemption, the redemption price to be paid and
the maturities of the Bonds to be redeemed. If any Bond is to
be redeemed in part only, the notice of redemption shall state
also that on or after the redemption date, upon surrender of
such Bond, a new Bond or Bonds in principal amount equal to the
unredeemed portion of such Bond will be issued.
On or before the date fixed for redemption, moneys
shall be deposited with the Bond Registrar to pay the principal
of and the redemption premium, if any, on the Bonds or portions
thereof called for redemption as well as the interest accruing
thereon to the redemption date thereof.
-11-
On the date fixed for redemption, notice having been
given in the manner and under the conditions hereinabove
provided, the Bonds or portions thereof called for redemption
shall be due and payable at the redemption price provided
therefor, plus accrued interest to such date. If moneys
sufficient to pay the redemption price of the Bonds or portions
thereof to be redeemed, plus accrued interest thereon to the
date fixed for redemption, are held by the Bond Registrar in
trust for the registered owners of Bonds or portions thereof
called for redemption, such Bonds or portions thereof shall
cease to be entitled to any benefits or security under this
resolution or to be deemed outstanding, and the registered
owners of such Bonds or portions thereof shall have no rights
in respect thereof except to receive payment of the redemption
price thereof, plus accrued interest to the date of redemption.
If a portion of a Bond shall be selected for redemp-
tion, the registered owner thereof or his attorney or legal
representative shall present and surrender such Bond to the
Bond Registrar for payment of the principal amount thereof so
called for redemption and the redemption premium, if any, on
such principal amount, and the Bond Registrar shall authenti-
cate and deliver to or upon the order of such registered owner
or his legal representative, without charge therefor, for the
unredeemed portion of the principal amount of the Bond so
surrendered, a Bond or Bonds of the same maturity, of any
denomination or denominations authorized by this resolution and
bearing interest at the same rate.
6. Bonds, upon surrender thereof at the office of the
Bond Registrar together with an assignment duly executed by the
registered owner or his attorney or legal representative in
such form as shall be satisfactory to the Bond Registrar, may,
at the option of the registered owner thereof, be exchanged for
an equal aggregate principal amount of Bonds of the same
maturity, of any denomination or denominations authorized by
this resolution and bearing interest at the same rate.
The transfer of any Bond may be registered only upon
the registration books of the Issuer upon the surrender thereof
to the Bond Registrar together with an assignment duly executed
by the registered owner or his attorney or legal representative
in such form as shall be satisfactory to the Bond Registrar.
Upon any such registration of transfer, the Bond Registrar
shall authenticate and deliver in exchange for such Bond a new
Bond or Bonds, registered in the name of the transferee, of any
denomination or denominations authorized by this resolution, in
an aggregate principal amount equal to the unredeemed principal
-12-
amount of such Bond so surrendered, of the same maturity and
bearing interest at the same rate.
In all cases in which Bonds shall be exchanged or the
transfer of Bonds shall be registered hereunder, the Bond
Registrar shall authenticate and deliver at the earliest
practicable time Bonds in accordance with the provisions of
this resolution. All Bonds surrendered in any such exchange or
registration of transfer shall forthwith be cancelled by the
Bond Registrar. The Issuer or the Bond Registrar may make a
charge for shipping and out-of-pocket costs for every such
exchange or registration of transfer of Bonds sufficient to
reimburse it for any tax or other governmental charge required
to be paid with respect to sU9h exchange or registration of
transfer, but no other charge shall be made for exchanging or
registering the transfer of Bonds under this resolution. The
Bond Registrar shall not be required to exchange or register
the transfer of any Bond during a period beginning at the
opening of business fifteen (15) days before the day of the
mailing of a notice of redemption of Bonds or any portion
thereof and ending at the close of business on the day of such
mailing or of any Bond called for redemption in whole or in
part pursuant to this Section.
As to any Bond, the person in whose name the same shall
be registered shall be deemed and regarded as the absolute
owner thereof for all purposes, and payment of or on account of
the principal or redemption price of any such Bond and the
interest on any such Bond shall be made only to or upon the
order of the registered owner thereof or his legal
representative. All such payments shall be valid and effectual
to satisfy and discharge the liability upon such bond,
including the redemption premium, if any, and interest thereon,
to the extent of the sum or sums so paid.
The Issuer shall appoint such registrars, transfer
agents, depositaries or other agents and make such other
arrangements as may be necessary for the registration,
registration of transfer and exchange of Bonds within a
reasonable time according to then commercial standards and for
the timely payment of principal, interest and any redemption
premium with respect to the Bonds. The Director of Finance of
the Issuer is hereby appointed the registrar, transfer agent
and paying agent for the Bonds (collectively, the "Bond
Registrar"), subject to the right of the governing body of the
Issuer to appoint another Bond Registrar, and as such shall
keep at his office at 320 Chestnut Street, Wilmington, North
Carolina 28401, the books of the Issuer for the registration,
registration of transfer, exchange and payment of the Bonds as
provided in this resolution.
-13-
''!.1" \ ,",
, 't,'
; t ",,' " .'.; .' .":.'~.f+":,,i ..... - ':".
. "~,A '{ '~\;~ fl. ,- ,,~- "'1-' "~~,"t;,~~_~r'1~l,::.I<;
7. The Local Government Commission of North Carolina.
is hereby requested to sell the Bonds and to state in the
Notice of Sale of the Bonds that bidders may name one rate of
interest for part of the Bonds and another rate or rates for
the balance of the Bonds. The Bonds shall bear interest at
such rate or rates as may be named in the proposal to purchase
said Bonds which shall be accepted by said Local Government
Commission.
8. The Chairman and the Clerk of the Board of
Commissioners of the Issuer and the Director of Finance of the
Issuer are hereby authorized and directed to cause the Bonds to
be prepared and, when they shall have been duly sold by said
Local Government Commission, to execute the Bonds and have the
Bonds endorsed and authenticated as provided herein and to
deliver the Bonds to the purchaser or purchasers to whom they
may be sold by said Local Government Commission.
9. The Chairman and the Clerk of the Board of
Commissioners and the Director of Finance and other officers of
the Issuer are hereby authorized and directed to execute and
deliver for and on behalf of the Issuer any and all financing
statements, certificates, documents or other papers and to
perform any and all acts they may deem necessary or appropriate
in order to carry out the intent of this resolution and the
matters herein authorized.
The motion having been duly seconded, and the
resolution having been considered, it was adopted by the
following vote: '
AYES:
Fred Retchin, Chairman
E.L. Mathews, Jr., Vice-Chairman
Jonathan Barfield, Sr.
Robert G. Greer
NAYS:
None
*
*
*
*
*
-14-
~~..
. '
STATE OF NORTH CAROLINA
COUNTY OF NEW HANOVER
ss. :
I, LUCIE F. HARRELL, Clerk of the Board of
Commissioners of the County hereinafter described, DO HEREBY
CERTIFY, as follows:
1. A regular meeting of the Board of Commissioners of
the County of New Hanover, a county in the State of North
Carolina, was duly held on December 3, 1990, proper notice of
such meeting having been given as required by North Carolina
statutes, and minutes of said meeting have been duly recorded
in the Minute Book kept by me in accordance with law for the
purpose of recording the minutes of said Board.
2. I have compared the attached extract with said
minutes so recorded and said extract is a true copy of said
minutes and of the whole thereof insofar as said minutes relate
to matters referred to in said extract.
3. Said minutes correctly state the time when said
meeting was convened and the place where such meeting was held
and the members of said Board who attended said meeting.
IN WITNESS WHEREOF, I have hereunto set my hand and
have hereunto affixed the corporate seal of said County this
~~ day of December, 1990.
v
Commissioners
.' ",..:.'" '~.. :'\,.
11. ",,. '~Vf-~i'f1t~~
,.-:,
SERIES 1990B
EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
The New Hanover County Board of Commissioners met in
Regular Session on Monday, December 3, 1990 at 7:30 PM in
the Assembly Room of the New Hanover County Courthouse,
Wilmington, North Carolina.
Members present were: Fred Retchin, Chairman
E.L. Mathews, Jr., Vice-Chairman
Jonathan Barfield, Sr.
Robert G. Greer
*
*
*
*
*
*
*
*
The Chairman stated that a notice had been published on
November 19, 1990 that the Board would hold a public hearing on
December 3, 1990 on the County's proposed solid waste disposal
project at its Stearn Fired Resource Recovery Facility and the
issuance of general obligation bonds to finance the project.
Commissioner Mathews moved that the
Board proceed to hold a public hearing on the project and the
issuance of general obligation bonds to finance a portion of
the project. The motion was seconded by Commissioner
Fred Retchin and was unanimously adopted.
,. ~ ''1..,.,.
At 9:50 o'clock, P.M., the Chairman announced tha~
the Board would hear anyone who wished to be heard on the
advisability of the proposed project and the issuance of
general obligation bonds to finance a portion of the project.
The names and addresses of the persons who were
present, summaries of their oral comments and copies of their
written comments are set forth below:
None
After the Board had heard all persons who requested to
be heard, Commissioner Retchin moved that the public
hearing be closed. The motion was seconded by Commissioner
Greer and was unanimously adoopted.
Commissioner Retchin then introduced the
following resolution which was read at length:
WHEREAS, the County is authorized to issue its general
obligation bonds to provide moneys for the acquisition,
construction, reconstruction~ extension, betterment,
improvement or payment of the cost of solid waste disposal
projects; and
WHEREAS, the County proposes to provide improvements to
its Steam Fired Resource Recovery Facility, including a
furnace/boiler, turbine generator, baghouse, scrubber train and
other solid waste facilities capable of receiving and
processing approximately 250 tons of municipal solid waste per
operating day (collectively, the "Project"), and to finance all
or a portion of the cost thereof by the issuance of its general
obligation bonds; and
WHEREAS, the Board of Commissioners, pursuant to public
notice duly given, has held a public hearing on the
advisability of the Project and the issuance of general
obligation bonds to finance the Project and has considered the
comments of persons who requested to be heard; and
WHEREAS, the Board of Commissioners desires to approve
the Project and the issuance of general obligation bonds to
finance a portion of the Project; NOW, THEREFORE,
BE IT RESOLVED by the Board of Commissioners of the
County of New Hanover as follows:
-2-
. ill'" ,~4('r':~';""-.
1. The Project is hereby approved.
2. The issuance of general obligation bonds in an
aggregate principal amount of $1,300,000 to finance a portion
of the cost of the Project is hereby approved.
3. This resolution shall take effect immediately upon
its passage.
commissioner Greer
the foregoing resolution and
seconded the motion, and the
following vote:
moved the passage of
Commissioner Mathews
resolution was passed by the
AYES:
Fred Retchin, Chairman
E.L. Mathews, Jr., Vice-Chairman
Jonathan Barfield, Sr.
Robert G. Greer
NAYS:
None
Fred Retchin then presented the following
resolution and moved that it be adopted:
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 New Hanover, North Carolina (the "Issuer"), as
follows:
1. Pursuant to and in accordance with the solid waste
disposal bond order adopted by the Board of Commissioners on
August 1, 1988, the Issuer shall issue its bonds of the
aggregate principal amount of $1,300,000. The bonds shall be
designated "Solid Waste Disposal Bonds, Series 1990B"
(hereinafter referred to as the "Bonds"). The period of
usefulness of the capital project to be financed by the
issuance of the Bonds is a period of forty years, computed from
December 1, 1990. The Bonds shall be dated December 1, 1990
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 June 1, 1991 and
semi-annually thereafter on December 1 and June 1. The Bonds
shall mature, subject to the right of prior redemption as
hereinafter set forth, annually on June 1, as follows:
-3-
Principal Principal
Year Amount Year Amount
1992 $ 65,000 2002 $ 65,000
1993 65,000 2003 65,000
1994 65,000 2004 65,000
1995 65,000 2005 65,000
1996 65,000 2006 65,000
1997 65,000 2007 65,000
1998 65,000 2008 65,000
1999 65,000 2009 65,000
2000 65,000 2010 65,000
2001 65,000 2011 65,000
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.
2. 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 June 1, as set
forth in the foregoing maturity schedule, in clearinghouse
funds to DTC or its nominee as registered owner of the Bonds.
Transfer of principal and interest payments to participants of
DTC will be the responsibility of DTC; transfer of principal
and interest payments to beneficial owners by participants of
DTC will be the responsibility of such participants and other
nominees of beneficial owners. The Issuer will not be
responsible or liable for maintaining, supervising or reviewing
the records maintained by DTC, its participants or persons
acting through such participants.
In the event that (a) DTC determines not to continue to
act as securities depository for the Bonds, or (b) the Issuer
determines that continuation of the book entry system of
evidence and transfer of ownership of the Bonds would adversely
-4-
affect the interests of the beneficial owners of the Bonds, the
Issuer will discontinue the book entry system with DTC. If the
Issuer fails to identify another qualified securities
depository to replace DTC, the Issuer will authenticate and
deliver replacement Bonds in the form of fully registered
certificates.
Each Bond shall bear interest from the interest payment
date next preceding the date on which it is authenticated
unless it is (a) authenticated upon an interest payment date in
which event it shall bear interest from such interest payment
date, or (b) authenticated prior to the first interest payment
date in which event it shall bear interest from its date;
provided, however, that if at the time of authentication
interest is in default, such Bond shall bear interest from the
date to which interest has been paid.
The principal of and the interest and any redemption
premium on the Bonds shall be payable in any coin or currency
of the United states of America which is legal tender for the
payment of public and private debts on the respective dates of
payment thereof.
3. The Bonds shall bear the manual or facsimile
signatures of the Chairman and the Clerk of the Board of
Commissioners of the Issuer and the official seal or a
facsimile of the official seal of the Issuer shall be impressed
or imprinted, as the case may be, on the Bonds.
The certificate of the Local Government Commission of
North Carolina to be endorsed on all Bonds shall bear the
manual or facsimile signature of the Secretary of said Commis-
sion or of a representative designated by said Secretary and
the certificate of authentication of the Bond Registrar to be
endorsed on all Bonds shall be executed as provided
hereinafter.
In case any officer of the Issuer or the Local
Government Commission of North Carolina whose manual or
facsimile signature shall appear on any Bonds shall cease to be
such officer before the delivery of such Bonds, such manual or
facsimile signature shall nevertheless be valid and sufficient
for all purposes the same as if he had remained in office until
such delivery, and any Bond may bear the manual or facsimile
signatures of such persons as at the actual time of the
execution of such Bond shall be the proper officers to sign
such bond although at the date of such Bond such persons may
not have been such officers.
-5-
.'
No Bond shall be valid or become obligatory for any
purpose or be entitled to any benefit or security under this
resolution until it shall have been authenticated by the
execution by the Bond Registrar of the certificate of
authentication endorsed thereon.
4. The Bonds and the endorsements thereon shall be in
substantially the following form:
-6-
NO. R-
$
United states of America
state of North Carolina
COUNTY OF NEW HANOVER
SOLID WASTE DISPOSAL BOND, SERIES 1990B
INTEREST
RATE
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
June 1,
December 1, 1990
REGISTERED OWNER: CEDE & CO.
PRINCIPAL SUM':
DOLLARS
The County of New Hanover (hereinafter referred to as
"County"), a county of the State of North Carolina,
acknowledges itself indebted and for value received hereby
promises to pay to the registered owner named above, on the
date specified above, upon surrender hereof, at the office of
the Director of Finance of the County, 320 Chestnut Street,
Wilmington, North Carolina 28401 (the "Bond Registrar"), the
principal sum shown above and to pay to the registered owner
hereof, by check mailed to the registered owner at his address
as it appears on the bond registration books of the County,
interest on such principal sum from the date of this bond or
from the June 1 or December 1 next preceding the date of
authentication to which interest shall have been paid, unless
such date of authentication is a June 1 or December 1 to which
interest shall have been paid, in which case from such date,
such interest to the maturity hereof being payable on June 1,
1991 and semi-annually thereafter on December 1 and June 1 of
each year, at the rate per annum specified above, until payment
of such principal sum. The interest so payable on any such
interest payment date will be paid to the person in whose name
this bond is registered at the close of business on the record
date for such interest, which shall be the fifteenth day of the
calendar month (whether or not a business day) next preceding
such interest payment date. Both the principal of and the
interest on this bond shall be paid in any coin or currency of
the United States of America that is legal tender for the
-7-
payment of public and private debts on the respective dates of
payment thereof.
This bond is issued in accordance with the Registered
Public Obligations Act, Chapter 159E of the General statutes of
North Carolina, as amended, and pursuant to The Local
Government Finance Act of the state of North Carolina, as
amended, a bond order adopted by the Board of Commissioners of
the County on August 1, 1988 (the "Bond Order") and resolutions
adopted by said Board of Commissioners (the "Resolutions") to
pay capital costs of improving solid waste disposal facilities.
The issuance of this bond and the contracting of the
indebtedness evidenced thereby have been approved by a majority
of the qualified voters of the County voting at an election
held in the County on November 8, 1988.
The bonds maturing on and after June 1, 2001 shall be
subject to redemption prior to their stated maturities at the
option of the County on or after June 1, 2000, in whole at any
time or in part on any interest payment date, at a redemption
price equal to the principal amount of each bond to be redeemed
together with accrued interest thereon to the redemption date
plus a redemption premium of one-half of one percent (1/2 of
1%) of the principal amount of each bond to be redeemed for
each period of twelve months or part thereof between the
redemption date and the maturity date of each bond to be
redeemed, provided that such premium shall not exceed two
percent (2%) of such principal amount. If less than all of the
bonds of any maturity are called for redemption, the bonds to
be redeemed shall be selected by lot; provided, however, that
the portion of any bond to be redeemed shall be in the
principal amount of $5,000 or some multiple thereof and that,
in selecting bonds for redemption, the Bond Registrar shall
treat each bond as representing that number of bonds which is
obtained by dividing the principal amount of such bond by
$5,000. For so long as a book-entry system is used for
determining beneficial ownership of the bonds, if less than all
of the bonds within a maturity are to be redeemed, DTC and its
participants shall determine which of the bonds within a
maturity are to be redeemed. If less than all the Bonds of
different maturities are called for redemption, the Bonds to be
redeemed shall be called in the inverse order of their
maturities.
Not more than forty-five (45) nor less than thirty (30)
days before the redemption date of any bonds to be redeemed,
whether such redemption be in whole or in part, the County
shall cause a notice of such redemption to be mailed, postage
prepaid, to The Depository Trust Company ("DTC") or its
nominee. On the date fixed for redemption, notice having been
given as aforesaid, the bonds or portions thereof so called for
-8-
redemption shall be due and payable at the redemption price
provided for the redemption of such bonds or portions thereof,
on such date and, if moneys for payment of such redemption
price and the accrued interest are held by the Bond Registrar
as provided in the Resolutions, interest on the Bonds or the
portions thereof so called for redemption shall cease to
accrue. If a portion of this bond shall be called for
redemption, a new bond or bonds in principal amount equal to
the unredeemed portion hereof will be issued to DTC or its
nominee upon the surrender hereof.
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 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. Transfer of principal and
interest payments to participants of DTC will be the
responsibility of DTC; transfer of principal and interest
payments to beneficial owners 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 maintaining, supervising or reviewing the records
maintained by DTC, its participants or persons acting through
such participants.
The Bond Registrar shall keep at its office the books
of said County for the registration of transfer of bonds. The
transfer of this bond may be registered only upon such books
and as otherwise provided in the Resolutions upon the surrender
hereof to the Bond Registrar together with an assignment duly
executed by the registered owner hereof or his attorney or
legal representative in such form as shall be satisfactory to
the Bond Registrar. Upon any such registration of transfer,
the Bond Registrar shall deliver in exchange for this bond a
new bond or bonds, registered in the name of the transferee, of
authorized denominations, in an aggregate principal amount
equal to the unredeemed principal amount of this bond, of the
same maturity and bearing interest at the same rate.
The Bond Registrar shall not be required to exchange or
register the transfer of any bond during a period beginning at
the opening of business fifteen (15) days before the day of the
mailing of a notice of redemption of bonds or any portion
thereof and ending at the close of business on the day of such
mailing or of any bond called for redemption in whole or in
part pursuant to the Resolutions.
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It is hereby certified and recited that all conditions,
acts and things required by the Constitution or statutes of the
state of North Carolina to exist, be performed or happen
precedent to or in the issuance of this bond, exist, have been
performed and have happened, and that the amount of this bond,
together with all other indebtedness of the County, is within
every debt and other limit prescribed by said Constitution or
statutes. The faith and credit of the County are hereby
pledged to the punctual payment of the principal of and
interest on this bond in accordance with its terms.
This bond shall not be valid or become obligatory for
any purpose or be entitled to any benefit or security under the
Bond Order or the Resolutions mentioned herein until this bond
shall have been endorsed by the authorized representative of
the Local Government Commission of North Carolina and
authenticated by the execution by the Bond Registrar of the
certificate of authentication endorsed hereon.
IN WITNESS WHEREOF, the County has caused this bond [to
be manually signed by] [to bear the facsimile signatures of]
the Chairman and the Clerk of the Board of Commissioners of the
County and [a facsimile of] its official seal to be [imprinted]
[impressed] hereon, and this bond to be dated December 1, 1990.
c:t::/J(JL.
Chairman, Board of Commissioners
~#~
, Board of Commissioners
CERTIFICATE OF LOCAL GOVERNMENT COMMISSION
The issuance of the within bond has been approved
under the provisions of The Local Government Bond Act of North
Carolina.
Secretary, Local Government
Commission
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CERTIFICATE OF AUTHENTICATION
This bond is one of the Bonds of the issue designated
herein and issued under the provisions of the within-mentioned
bond order and resolutions.
COUNTY OF NEW HANOVER
DIRECTOR OF FINANCE, as Bond
Registrar
By
adtbJ~
Authorizedv.5ignatory
Date of Authentication:
/1- /'1 /'10
I I
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ASSIGNMENT
FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers unto
the within Bond and irrevocably appoints ,
attorney-in-fact, to transfer the within Bond on the books kept
for registration thereof, with full power of substitution in
the premises.
Dated:
NOTICE: The signature to this
assignment must correspond
with the name as it appears
upon the face of the within
Bond in every particular,
without any alteration
whatsoever.
Signature Guaranteed:
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5. The Bonds maturing on and after June 1, 2001 shall
be subject to redemption prior to their stated maturities at
the option of the Issuer on or after June 1, 2000, in whole at
any time or in part on any interest payment date, at a
redemption price equal to the principal amount of each Bond to
be redeemed together with accrued interest thereon to the
redemption date plus a redemption premium of one-half of one
percent (1/2 of 1%) of the principal amount of each Bond to be
redeemed for each period of twelve months or part thereof
between the redemption date and the maturity date of each Bond
to be redeemed, provided that such premium shall not exceed two
percent (2%) of such principal amount. If less than all of the
Bonds of any maturity are called for redemption, the Bonds to
be redeemed shall be selected by lot; provided, however, that
the portion of any Bond to be redeemed shall be in the
principal amount of $5,000 or some multiple thereof and that,
in selecting Bonds for redemption, the Bond Registrar shall
treat each Bond as representing that number of Bonds which is
obtained by dividing the principal amount of such Bonds by
$5,000. For so long as a book-entry system is used for
determining beneficial ownership of the Bonds, if less than all
of the Bonds within a maturity are to be redeemed, DTC and its
participants shall determine which of the Bonds within a
maturity are to be redeemed. If less than all of the Bonds of
different maturities are called for redemption, the Bonds to be
redeemed shall be called in the inverse order of their
maturities.
Not more than forty-five (45) nor less than thirty (30)
days before the redemption date of any Bonds to be redeemed,
whether such redemption be in whole or in part, the Issuer
shall cause a notice of such redemption to be mailed, postage
prepaid, to DTC or its nominee. Each such notice shall
identify the Bonds or portions thereof to be redeemed by
reference to their numbers and shall set forth the date
designated for redemption, the redemption price to be paid and
the maturities of the Bonds to be redeemed. If any Bond is to
be redeemed in part only, the notice of redemption shall state
also that on or after the redemption date, upon surrender of
such Bond, a new Bond or Bonds in principal amount equal to the
unredeemed portion of such Bond will be issued.
On or before the date fixed for redemption, moneys
shall be deposited with the Bond Registrar to pay the principal
of and the redemption premium, if any, on the Bonds or portions
thereof called for redemption as well as the interest accruing
thereon to the redemption date thereof.
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.
~.
On the date fixed for redemption, notice having been
given in the manner and under the conditions hereinabove
provided, the Bonds or portions thereof called for redemption
shall be due and payable at the redemption price provided
therefor, plus accrued interest to such date. If moneys
sufficient to pay the redemption price of the Bonds or portions
thereof to be redeemed, plus accrued interest thereon to the
date fixed for redemption, are held by the Bond Registrar in
trust for the registered owners of Bonds or portions thereof
called for redemption, such Bonds or portions thereof shall
cease to be entitled to any benefits or security under this
resolution or to be deemed outstanding, and the registered
owners of such Bonds or portions thereof shall have no rights
in respect thereof except to receive payment of the redemption
price thereof, plus accrued interest to the date of redemption.
If a portion of a Bond shall be selected for redemp-
tion, the registered owner thereof or his attorney or legal
representative shall present and surrender such Bond to the
Bond Registrar for payment of the principal amount thereof so
called for redemption and the redemption premium, if any, on
such principal amount, and the Bond Registrar shall authenti-
cate and deliver to or upon the order of such registered owner
or his legal representative, without charge therefor, for the
unredeemed portion of the principal amount of the Bond so
surrendered, a Bond or Bonds of the same maturity, of any
denomination or denominations authorized by this resolution and
bearing interest at the same rate.
6. Bonds, upon surrender thereof at the office of the
Bond Registrar together with an assignment duly executed by the
registered owner or his attorney or legal representative in
such form as shall be satisfactory to the Bond Registrar, may,
at the option of the registered owner thereof, be exchanged for
an equal aggregate principal amount of Bonds of the same
maturity, of any denomination or denominations authorized by
this resolution and bearing interest at the same rate.
The transfer of any Bond may be registered only upon
the registration books of the Issuer upon the surrender thereof
to the Bond Registrar together with an assignment duly executed
by the registered owner or his attorney or legal representative
in such form as shall be satisfactory to the Bond Registrar.
Upon any such registration of transfer, the Bond Registrar
shall authenticate and deliver in exchange for such Bond a new
Bond or Bonds, registered in the name of the transferee, of any
denomination or denominations authorized by this resolution, in
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~
; .
an aggregate principal amount equal to the unredeemed principal
amount of such Bond so surrendered, of the same maturity and
bearing interest at the same rate.
In all cases in which Bonds shall be exchanged or the
transfer of Bonds shall be registered hereunder, the Bond
Registrar shall authenticate and deliver at the earliest
practicable time Bonds in accordance with the provisions of
this resolution. All Bonds surrendered in any such exchange or
registration of transfer shall forthwith be cancelled by the
Bond Registrar. The Issuer or the Bond Registrar may make a
charge for shipping and out-of-pocket costs for every such
exchange or registration of transfer of Bonds sufficient to
reimburse it for any tax or other governmental charge required
to be paid with respect to such exchange or registration of
transfer, but no other charge shall be made for exchanging or
registering the transfer of Bonds under this resolution. The
Bohd Registrar shall not be required to exchange or register
the transfer of any Bond during a period beginning at the
opening of business fifteen (15) days before the day of the
mailing of a notice of redemption-of Bonds or any portion
thereof and ending at the close of business on the day of such
mailing or of any Bond called for redemption in whole or in
part pursuant to this Section.
As to any Bond, the person in whose name the same shall
be registered shall be deemed and regarded as the absolute
owner thereof for all purposes, and payment of or on account of
the principal or redemption price of any such Bond and the
interest on any such Bond shall be made only to or upon the
order of the registered owner thereof or his legal
representative. All such payments shall be valid and effectual
to satisfy and discharge the liability upon such bond,
including the redemption premium, if any, and interest thereon,
to the extent of the sum or sums so paid.
The Issuer shall appoint such registrars, transfer
agents, depositaries or other agents and make such other
arrangements as may be necessary for the registration,
registration of transfer and exchange of Bonds within a
reasonable time according to then commercial standards and for
the timely payment of principal, interest and any redemption
premium with respect to the Bonds. The Director of Finance of
the Issuer is hereby appointed the registrar, transfer agent
and paying agent for the Bonds (collectively, the "Bond
Registrar"), subject to the right of the governing body of the
Issuer to appoint another Bond Registrar, and as such shall
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, ,!'
f .
keep at his office at 320 Chestnut street, Wilmington, North
Carolina 28401, the books of the Issuer for the registration,
registration of transfer, exchange and payment of the Bonds as
provided in this resolution.
7. The Local Government Commission of North Carolina
is hereby requested to sell the Bonds and to state in the
Notice of Sale of the Bonds that bidders may name one rate of
interest for part of the Bonds and another rate or rates for
the balance of the Bonds. The Bonds shall bear interest at
such rate or rates as may be named in the proposal to purchase
said Bonds which shall be accepted by said Local Government
Commission.
8. The Chairman and the Clerk of the Board of
Commissioners of the Issuer and the Director of Finance of the
Issuer are hereby authorized and directed to cause the Bonds to
be prepared and, when they shall have been duly sold by said
Local Government Commission, to execute the Bonds and have the
Bonds endorsed and authenticated as provided herein and to
deliver the Bonds to the purchaser or purchasers to whom they
may be sold by said Local Government Commission.
9. The Issuer covenants to comply with the provisions
of the Internal Revenue Code of 1986, as amended (the "Code"),
to the extent required to preserve the exclusion from gross
income of interest on the Bonds for Federal income tax
purposes.
10. The Issuer specifically covenants that at least
95% of the net proceeds of the Bonds will be used for solid
waste disposal facilities within the meaning of section 142(a)
of the Code.
11. The Chairman and the Clerk of the Board of
Commissioners and the Director of Finance and other officers of
the Issuer are hereby authorized and directed to execute and
deliver for and on behalf of the Issuer any and all financing
statements, certificates, documents or other papers and to
perform any and all acts they may deem necessary or appropriate
in order to carry out the intent of this resolution and the
matters herein authorized.
12. The power to make any election on behalf of the
Issuer with respect to the arbitrage rebate provisions of the
Code applicable to the Bonds is hereby delegated to the
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.
". . r"
,I
of". ~
Chairman of the Board of Commissioners and the Director of
Finance of the Issuer.
The motion having been duly seconded, and the
resolution having been considered, it was adopted by the
following vote:
AYES:
Fred Retchin, Chairman
E.L. Mathews, Jr., Vice-Chairman
Jonathan Barfield, Sr.
Robert G. Greer
NAYS:
None
*
*
*
*
*
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