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1990-12-03 RM Exhibits ~ +.,- ~...~ .!<.,~ 4. ~ Iff!> , ;? ,}" 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 ;~...; , ~ 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: ~t/kA 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 ~#trfL. Fred etchin, Chairman Board of Commissioners ~y(/~ CI rk to the Board l 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 :l{ftUL~ Fre etchin, Chairman Board of Commissioners ~ 't/ ~fi Clerk to the Board '--- . .' , ."t.; t. .. 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 -------- --------- '~'... if ~ 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. /J~ ~ ~~ ~.~ 1/94 .___. .__.._'.____ . ___________._______,._.__u___ ,~~, . - .. ~'~: ;,., 1'';:'r.'.",''"-''~ 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: ~~.\;//~ Cl r~ to the Board ;. ~'~"~~ ~ ..:1) 1'1'/0 ',",' p',..." 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.: ~cV~man ,--.it rZ;'. I .... l/li' " . li3j~'.'"'' . 'g/' /':',' , ., -u f"l- N to N I ~ f"l < :P ::0 Cl lli ~ IIJ ()) - "'- CD <D ()J ~ (J), 0J (J) 0J ,p r 1" 'I; I " I ,/ ~ I~I ~I ",I ~I 4O.2;J I -Po 0J (J) f\) 4f.24 41.23 41.22 41.2/ 41.20 40,16 ' 40,15 40,14 ~ ~ t). 41,/9 41.16 41.15 P 41.13 ~ ,..! 41,14 .. j N 0J (J) 41."9 0 41,12 ,;:0 41:17 ~ 41.8 40,8 .l> o i\l .p.. 'of> .. 0,9 In''' N ,:'\' of> P of> J,. ~ 0J (J) (Jt e;, .1> 0J -~ J> o ::u f11 CJ) '\ W~5' I oOiiiO _ n _ C (1l"" (J) .. en rr1 )> :,l). n II O@ z .l:> C? '!' c o 3::: o en 0 OJ - 0.... /Tl O:C' ::0 (1l Z Cl N ...... ill o /' , ~.. ;0 "(~t\ ".j ..", ..,.; ,to. 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 /[0. lrr"~ rT;~';: '11 '\ ,,,j' Ii' J 1\,: " !,'. r,;' "'1' I ,~ ' I I fI ;, i ;.': i' ,"!\ II ~ 11: ',,'::1 ",,' \. \ '. I I, r.. ., - \; ,ji ;~'~. _:~: ~~ ~ i:; I ~:. .l1L ~J...:.:._ .1~A.J;EL ~ . <.']' , .. ;' 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 m" wT"~ nf\~" ,,\;;\ . ;"'1 .;;.. '7; ..nl" 'I' ("'I t_.'~fJ r :.~- .'..~ '_.".~ ,) ~)'.;? I..,. ii" J"" It"j 1'" i d t:~:~'~1 :;') . ;~. ,':,; ~,:\"'f <r I' \ '..'.', \,1\" ,I ~.,.. ;01 ;..~:;;;~~" 1,)\\,:: ~): f"", ." , ,,' __" '\, "" i' ~ . :..j ,~..' . . '0 t._ . . ; ;,: .~ :1 : ~ :,1 k~:,\ t~ /1 \~\ ~~,L:li' ...urfL ~ - . I.. ,,\ ,~ .\ 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. -d'~ 'ir ~..~ :t... ,.' 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 :'c.:~1",l;;\~:).~'ltJ>\ :\'" j; .. '.~~\ .' .. 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. -9- 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 -10- 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 -11- 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: -12- 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. -13- . ~. 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 -14- ~ ; . 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 -15- , ,!' 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 -16- . ". . 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 * * * * * -17- .,' ;, '1"~ 'r~$'W'l1'~x<.;e.i4~'~~:~f"l!(