1985-10-28 SPM Exhibits
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EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
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~. G(~v introduced the following bond orders which'
were read at length:
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"BOND ORDER AUTHORIZING THE ISSUANCE OF
$10,400,000 SOLID WASTE REFUNDING BONDS OF THE COUNTY OF NEW
HANOVER"
WHEREAS, the County of New Hanover has issued
Solid Waste Disposal Bonds, dated September 1, 1982, in the.
aggregate principal amount of $12,000,000, maturing on March
1 in each of the years 1984 to 1998, inclusive (the "Solid
Waste Bonds"); and
WHEREAS, the Board of Commissioners deems it ad-
visable to refund the $10,400,000 outstanding Solid Waste
Bonds pursuant to and in accordance with The Local Govern-
ment Finance Act; and
WHEREAS, an application has been filed with the
Secretary of the Local Government Commission of North Caro-
lina requesting Commission approval of the bonds hereinafter
described as required by The Local Government Finance Act,
and the Secretary of the Local Government Commission has
notified the Board that the application has been accepted
for submission to the Local Government Commission; NOW,
THEREFORE,
BE IT ORDERED by the Board of Commissioners of the
County of New Hanover, as follows:
Section 1. The Board of Commissioners of the
County of New Hanover has ascertained and hereby determines
that it is advisable to refund the $10,400,000 outstanding
Solid Waste Bonds.
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Section 2.
In order to raise the money required
to refund the $10,400,000 outstanding Solid Waste Bonds as
set forth above, in addition to any funds which may be made
available for such purpose from any other source, bonds of
the County of New Hanover are hereby authorized and shall be
issued pursuant to The Local Government Finance Act of North
Carolina. The maximum aggregate principal amount of bonds
authorized by this bond order shall be $10,400,000.
Section 3. A tax sufficient to pay the principal
of and interest on said bonds when due shall be annually
levied and collected. The revenues of the County's solid
waste disposal system may be pledged to the payment of the
interest on and principal of refunding bonds authorized by
this order if and to the extent that the Board shall hereaf-
ter determine by resolution prior to the issuance of said
bonds.
In such event, the tax to pay the principal of and
interest on said refunding bonds may be reduced by the
amount of such revenues available for the payment of such
principal and interest.
Section 4. A sworn statement of the County's debt
has been filed with the Clerk of the Board of Commissioners
and is open to public inspection.
Section 5. This bond order shall take effect upon
its adoption.
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"BOND ORDER AUTHORIZING THE ISSUANCE OF $7,000,000 PUBLIC
IMPROVEMENT REFUNDING BONDS OF THE COUNTY OF NEW HANOVER"
WHEREAS, the County of New Hanover has issued
Public Improvement Bonds, Series 1984, dated October 1,
1984, in the aggre9ate principal amount of $7,000,000, ma-
turing on April 1 in each of the years 1986 to 2003, inclu-
sive (the "Public Improvement Bonds"); and
WHEREAS, the Board of Commissioners deems it ad-
visable to refund the $7,000,000 outstanding Public Improve-
ment Bonds pursuant to and in accordance with The Local
Government Finance Act; and
WHEREAS, an application has been filed with the
Secretary of the Local Government Commission of North Caro-
lina requesting Commission approval of the bonds hereinafter
described as required by The Local Government Finance Act,
and the Secretary of the Local Government Commission has
notified the Board that the application has been accepted
for submission to the Local Government Commission; NOW,
THEREFORE,
BE IT ORDERED by the Board of Commissioners of the
County of New Hanover, as follows:
Section 1. The Board of Commissioners of the
County of New Hanover has ascertained and hereby determines
that it is advisable to refund the $7,000,000 outstanding
Public Improvement Bonds.
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Section 2. In order to raise the money required
to refund the $7,000,000 outstanding Public Improvement
Bonds as set forth above, in addition to any funds which may.
be made available for such purpose from any other source,
bonds of the County of New Hanover are hereby authorized and
shall be issued pursuant to The Local Government Finance Act
of North Carolina. The maximum aggregate principal amount
of bonds authorized by this bond order shall be $7,000,000.
Se~tion 3. A tax sufficient to pay the principal
of and interest on said bonds when due shall be annually
levied and collected.
section 4. A sworn statement of the County's debt
has been filed with the Clerk of the Board of Commissioners
and is open to public inspection.
Section S. This bond order shall take effect upon
its adoption.
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~.R~
moved the adoption of the following
resolution:
WHEREAS, the bond orders entitled, "BOND ORDER
AUTHORIZING THE ISSUANCE OF $10,400,000 SOLID WASTE REFUND-
ING BONDS OF THE COUNTY OF NEW HANOVER", and "BOND ORDER
AUTHORIZING THE ISSUANCE OF $7,000,000 PUBLIC IMPROVEMENT
REFUNDING BONDS OF.THE COUNTY OF NEW HANOVER", have been
introduced at the meeting of the Board of Commissioners held
on October 21, 1985 and the Board of Commissioners desires
to provide fQr the holding of public hearing~ thereon and
the submission of a statement of debt in connection there-
with as required by The Local Government Bond Act; NOW,
THEREFORE,
BE IT RESOLVED by the Board of Commissioners of
the County of New Hanover, as follows:
(1) The public hearings upon said bond orders
shall be held on the 28th day of October, 1985 at?,'P6
o'clock i.M., at~~__dn Wilmington, North Caro-
lina.
(2) The Clerk of the Board of Commissioners is
hereby directed to cause a copy of each bond order to be
published with a notice of such hearing in the form pre-
scribed by law in a qualified newspaper no fewer than six
days prior to such public hearing.
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(3) The County's Finance Officer is hereby di-
rected to file with the Clerk of the Board of Commissioners
prior to publication of the bond orders with the notices of
such public hearings, a statement setting forth the debt
incurred or to be incurred, the appraised value of property
subject to taxation by the County and the net debt of the
County.
The motion was seconded by
~~ O' 41~~
and was adopted by the following
vote:
AYES:
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NAYS:
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STATEMENT OF bEBT OF THE COUNTY OF NEW HANOVER, NORTH CARO-
LINA, MADE AND FILED PURSUANT TO SECTION 159-55 OF THE LOCAL
GOVERNMENT FINANCE ACT, AFTER THE INTRODUCTION OF THE BOND
ORDERS AUTHORIZING THE ISSUANCE OF $17,400,000 BONDS, INTRO-.
DUCED AT A MEETING OF THE GOVERNING BODY OF SAID COUNTY,
HELD ON THE 21st DAY OF OCTOBER 1985.
(a) Appraised value of property
subject to taxation as
certified by the County Ta~
Supervisor.
$ 3,724,148,776
(b)
Gross debt as listed in the
attached :~Schedule of Gross Debt".
$
52,290,000
(c)
Deductions to be made from Gross
Debt as listed in the attached
"Schedule of Deductions".
$
17,400,000
(d)
Net debt (being the difference
between the Gross Debt and
Deductions).
(e) Percentage that net debt bears
to the appraised value.of
property subject to taxation.
$
34,890,000
.937 %
tlk Q~~
Finance OfficVl' 0 the'
County of New Hanover,
North Carolina
Dated:
October 21, 1985
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SCHEDUtE OF GROSS DEBT
(The debt described below should not include
debt incurred or to be incurred in anticipa-
tion of the collection of taxes or other
revenues or in anticipation o'f the sale of
bonds other than funding and refunding bonds.
The debt described below should not include
revenue bonds.)
A. Bonds authorized by orders introduced but not yet
adopted:
Purpose
Amount
Solid Waste Refunding Bonds
Public Improvement Refunding Bonds
$10,400,000
7,000,000
Total $17,400,000
B. Unissued bonds authorized by adopted orders:
Purpose
Amount
Schools
$6,000,000
Total $ 6,000,000
C. Outstanding debt not evidenced by bonds:
Source of Debt Purpose Amount
Bond Anticipation Solid Waste $360,000
Notes .
Total $"
360,000
D. Outstanding debt evidenced by bonds:
Date of Bonds
Purpose
Amount
Various
various
$34,530,000
Total $ 34.530.000
Total $ 52.290.000
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SCHEDULE OF DEDUCTIONS
A) Funding and refunding bonds authorized by
orders introduced but not yet adopted. $17,400,000
B) Funding and refunding bonds authorized
but not issued. $
C) Amount held in sinking funds or otherwise
for the payment of gross debt other than
debt incurred for water, gas, electric
light or power purposes or sanitary sewer
purposes (to.the extent deductible under
Section 159-.55 (b) of The Local Government
Finance Act.) $
D) Bonded debt included in gross debt and
incurred. or to, be incurred for water, gas
or electric light or power purposes. $
E) Bonded debt'included in gross debt and in-
curred or to be incurred for sanitary sewer
system purposes (to the extent deductible by
subsection (b) of Section 159-55 of The
Local Government Finance Act). $
F) Uncollected special assessments levied or to
be levied for local improvements for which
gross debt was or is to be incurred, to the
extent to be applied to the paymeht of such
gross debt. $
G) Estimate of special assessments to be levied
for local improvements for which any part of
gross debt (that is not otherwise deducted)
was or .Ls to be incurred, to the extent that
the special assessments, when collected, will
be applied to the payment of any part of
gross debt. $
TOTAL $17,400,000
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STATE OF NORTH CAROLINA
COUNTY OF NEW HANOVER
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ss. :
Andrew'J. Atkinson, being duly sworn, says that he
is the Finance Officer of the County of New Hanover, in the
State of North Carolina; that by a resolution passed by the
Governing Board thereof he was authorized to make the fore-
going statement; and that the foregoing statement is' true
and was made a~d subscribed by him after the introduction of
the order or orders referred to in the heading of said
statement.
My Commission expires
STATE OF NORTH CAROLINA
COUNTY OF NEW HANOVER
dL.J Q~
Fi~nce Officer
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ss. :
I, the undersigned Clerk of the Board of Commis-
sioners of the County of New Hanover, in the State of North
Carolina, DO HEREBY CERTIFY that the foregoing statement and
accompanying affidavit were filed in my office on the
day of October, 1985, after the introduction of the order or
orders referred to in the heading of said statement.
IN WITNESS WHEREOF, I have hereunto set my hand
and affixed the seal of said County, this~/~ day of Octo-
ber, 1985.
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rk, Board of Commissioners