1992-12-21W&S Exhibits
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RESOLUTION
OF THE
NEW HANOVER COUNTY
WATER AND SEWER DISTRICT
BOARD OF DISTRICT COMMISSIONERS
WHEREAS, G.S. Chapter 153A, Article 15 authorizes counties to
establish water and sewer systems, and G.S. Chapter 162A, Article
6 authorizes counties to establish water and sewer districts; and
WHEREAS, New Hanover County has established the New Hanover
County Water and Sewer District, which District has arranged for
construction of a sewer system in the unincorporated County; and
WHEREAS, various streets and rights-of-way in New Hanover
County have been dedicated to the public use by the recordation of
a Deed of Dedication, Deed Book 1522, Page 806, New Hanover County
Registry; and
WHEREAS, G.S. 153A-158 authorized counties to acquire a fee or
lesser interest in real property by gift, grant or other lawful
method; and
WHEREAS, New Hanover County desires to accept the offer of
dedication of certain streets and public easements for the purposes
of providing sewer and water services to County residents by and
through the New Hanover County Water and Sewer District;
NOW, THEREFORE, BE IT RESOLVED, as follows:
That New Hanover County Water and Sewer District hereby
accepts the offers of dedication of the portions of the streets-and
easements delineated in Exhibit A, which is attached hereto and
incorporated herein by reference, for the purposes of providing
water or sewer service.
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EXHIBIT A
Those certain streets and roads and portions thereof in Myrtle
Gardens Subdivision, as shown on an instrument recorded in Deed
Book 1522, Page 808, New Hanover County Registry, and more fully
described as:
That portion of Myrtle Gardens Road commencing at the
intersection of said road and Brown Pelican Lane, and running
thence to the intersection with Stillpond Road; that road
designated as Stillpond Road; and that road designated as Pepper
Hill Lane.
CERTIFIED EXTRACT OF THE MINUTES
NEW HANOVER DISTRICT BOARD OF COMMISSIONERS
OF THE NEW HANOVER COUNTY WATER , SEWER DISTRICT
REGULAR MEETING, DECEMBER 21, 1992
ADOPTION OF RESOLUTION AUTHORIZING THE FILING OF AN APPLICATION
WITH THE LOCAL GOVERNMENT COMMISSION OF NORTH CAROLINA FOR THE
APPROVAL OF REFUNDING BONDS
Finance Director, Andrew J. Atkinson, reported that the
financial market and time are right for the County and Water &
Sewer District to apply to the Local Government Commission for the
approval of refunding bonds. Advance refunding is a technique
whereby new bonds are issued at a lower interest rate and held in
escrow to pay the old bonds at their call date. He requested the
Board to adopt a resolution authorizing him to move forward with
the refunding procedure before potential savings could evaporate if
financial markets should change. The County can potentially save
approximately $5,000,000 in interest by the refunding process.
Emphasis was placed on the fact that the savings will be long term.
Motion: After discussion of the potential savings, Vice-Chairman
Barone MOVED, SECONDED by District Commissioner Greer to adopt a
resolution authorizing the Finance Director to file an application
with the Local Government Commission of North Carolina for the
approval of refunding bonds of the County in order to refund all or
a portion of the Series 1985 Bonds and dated 1985 Bonds; authorize
the Finance Director to direct Bond Counsel, LeBoeuf, Lamb, Leiby
& MacRae to commence to prepare the necessary documents i and
authorize the Finance Director not to issue the proposed refunding
bonds unless the County is able to achieve acceptable present value
debt service savings. upon vote, the MOTION CARRIED UNANIMOUSLY as
follows:
Voting Aye: District Board Chairman E. L. Mathews, Jr.
District Board Vice-Chairman Sandra Barone
District Commissioner william A. Caster
District Commissioner Robert G. Greer
District Commissioner William E. Sisson, Jr.
A copy of the resolution is hereby incorporated as a part of
the minutes and is contained in W&S Exhibit Book II, Page 6.
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Respectfully submitted,
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Lucie F. Harrell
Clerk to the District Board
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USOLtrrION AUTHORIZING THE FllJNG WITH 'DIE
LOCAL GOVERNMENT COMMISSION OF NORm CAROLINA
01' AN APPLICATION FOR THE APPROVAL OF REIlDNDING BONDS
WIIEREAS, interest rates in the tax-exempt bond market are at or near their lowest
levels In many years; and
WHEREAS, the District has been exploring opportunities to refimd certain bonds
of the Distrlet beariDg higher interest rates in order to achieve debt service savings,
including, particularly, the District's outstanding $6,008,000 Sanitary Sewer Bonds, Series
1'89 (the "Series 1989 Bonds"), $10,085,000 Sanitary Sewer Bonds, Series 1'86 (the "Series
1986 Bonds' and $10,645,000 General Obligation Refunding Bonds, dated 8/1186 (the
"Dated 19" Bonds"); and
WHEREAS, the District has detennined to proceed with the authorization process
for the Issuance of refundiDg bonds of the District in order to best position. itself to take
advantage of any debt service savings, it being the intent of the Board not to proceed with
the refunding unless acceptable debt service savings can be achieved; now, therefore,
BE IT RESOLVED by the Board of the Water & Sewer District oUhe County otNew
BanOftr that:
Seetion 1.
Andrew J. Atkinson, District Finance Director, Is hereby
authorized to me an application with the Local Government Commission of North Carolina
for the approval of refunding bonds of the District in order to refund all or a portion of the
Serles 1989 Bonds, Series 1'86 Bonds, and Dated 1'86 Bonds.
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141 005
Section 2. Andrew J.AtkinsoD, District Finance Director, is hereby directed
to authorize LeBoeuf, Lamb, Leiby & MacRae, Bond Counsel to the District, to commence
the preparation of the documents necessary to authorize said refunding bonds and employ
J. Lee Peeler" Company, Ine. as fiDanclal advisor for the District for the purpose of
prepariDg analyses as needed in the process.
Section 3. The proposed refunding bonds shall not be issued unless the
District II able to achieve acceptable present value debt service saviDgs.
Section 4. The Clerk to the District Board is he~by dlredecl to scnc1 a
certmed copy or this resolution to the Secretary of the Local Government Commission of
North CaroliDa.
Sed:ioD 5. This resolution shall take eITect upon its passage.
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