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HomeMy WebLinkAbout1982-08-02 RM Exhibits (2) ~; ~ $f--,IL(fO-~ /9, I c j EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS rhe New Hanover County Board of Commissioners met in Regular Session on Monday, August 2, 1982, at 7:00 p.m., in the Assembly Room, New Hanover County Administration Building, Wilmington, North Carolina. I Members present were: Donald P. Blake, Chairman Howard L. Armistead, Jr. Jonathan Barfield, Sr. Karen E. Gottovi Claud O'Shields, Jr. No members were absent. v '* '* '* '* '* {) - Commissioner Howard L. Armistead, Jr., 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, as follows: 1. The County shall issue its bonds of the aggre- I gate principal amount of $12,000,000 pursuant to and in accordance with the solid waste disposal bond order adopted by the Board o~ Commissioners on September 21, 19810 The bonds shall be designated "Solid Waste Disposal 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 September 1, 1982~ The bonds shall be of the denomination of $5,000,each, shall be numbered from 1 upwards in the order of their maturity, and shall be payable in annual installments on March 1 in each year as follows: $800,000 in each of the years 1984 ~o 1998, inclusive. 2. The bonds shall be dated September 1, 1982 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 semi-annually on September 1 and June 1. -2- 3. The bonds shall be coupon bonds, registrahle'''- as to principal only, and shall bear the facsimile signatures of the Chairman and Clerk of the Board of Commissioners. A facsimile of the corporate seal of the County shall be imprinted upon each of the bonds. Each of the interest coupons to be attached to the bonds shall be authenticated by the facsimile signature of said Clerk of the Board of Commissioners. 4. Both principal of and interest on the bonds shall be payable at the principal office of First-Citizens Bank & Trust Company, Raleigh, North Carolina, or, at the option of the holder or registered owner, at the principal office 6f Manufacturers Hanover Trust Company, New York, New York,' in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. 5. The bonds maturing on and after March 1, 1993 shall be subject to redemption prior to their stated maturi- ties at the option of the County on or after March 1, 1992, ., 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 calendar year or part -3- 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. 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. Whenever the County shall elect to redeem bonds, notice of such redemption of bonds, stating the redemption date, redemption price and identifying the bonds to be redeemed by reference to their numbers and further stating that on such redemption date there shall become due and payable upon each bond so to be redeemed, the principal thereof, redemption premium and interest a~crued to the redemption date and that from and after such date interest thereon shall cease to accrue, shall be given by publication at least once in a newspaper of general circulation in the County of New Hanover, North Carolina and at least once in a daily newspaper of general circulation or a financial journal distributed in the Borough of Manhattan, City and State of New York not less than 30 days nor more than 60 days prior to the redemption date fixed in said notice. -4- 60 The bonds and the interest coupons represent- ing the interest payable thereon and the provisions for the registration of the bonds and for the approval of the bonds by the Secretary of the Local Government Commission to be endorsed thereon shall be in substantially the following form: -5- (Form of Bond) NO. NO. UNITED STATES OF AMERICA STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER $5,000 $5,000 I I I. f" SOLID WASTE DISPOSAL BOND 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 thebearer.of this bond, or if i t- be - registered, then to the registered holder, the principal sum of FIVE THOUSAND DOLLARS ($5,000) ~ on March 1, and to pay interest thereon from the dat~ of this bond until it shall mature at the rate of ____ per centum ( %) per annum, payable semi-annually on September 1 and March 1 in each year, upon presentq~iQP and surrender of the coupons therefor attached hereto, as they severally mature. Both principal of and interest on .this bond are payable at the principal office of First-Cifizens Bank & Trust Company, Raleigh, North 'Carolina, .or, at the -6- option of the holder or registered owner, at the principal office of Manufacturers Hanover Trust Company, New Ybrk,.New York, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. This bond may be registered as to principal only by the holder in his name on the bond register of the County kept in the office of the Bond Registrar of the County, and such registration shall be noted hereon by said Bond Registrar. If so registered, this bond may be transferred on said bond register by the registered owner in person or by attorney, uPon presentation of this bond to the Bond Registrar with a written instrument of transfer in a form approved by said Bond Registrar and executed by said regis- tered owner. If this bond be so registered, the principal shall thereafter be payable only to the person in whose name it is registered, unless this bond shall be discharged from registry by being registered as payable to bearer. Such registration shall not affect ~he negotiability of the coupons which shall continue to pass by delivery. This bond is issued pursuant to Subchapter IV of The Local Government Finance Act and a bond order adopted by the Board of Commissioners of the County on September 21, 1981 to pay capital costs of 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 December 15, 1981. -7- The bonds maturing on and after March 1, 1993 shall be subject to redemption prior to their stated maturi- ties at the option of the County on or after March 1, 1992, 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 calendar year 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 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. 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. Whenever the County shall elect to redeem bonds, notice of such redemption of bonds, stating the redemption date, redemption price and identify- ing the bonds to be redeemed by reference to their numbers and further stating that on such redemption date there shall become due and payable upon each bond so to be redeemed, the principal thereof, redemption premium and interest accrued to the redemption date and that from~and after such date -8- . I I interest thereon shall cease to accrue, shall be given by publication at least once in a newspaper of general circulation in the County of New Hanover, North Carolina and at least once in a daily newspaper of general circulation or a financial journal distributed in the Borough of Manhattan,City and State of New York not less than 30 days nor more than 60 days prior to the redemption date fixed in said notice~ 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 ind~btedness 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. IN WITNESS WHEREOF, the County has caused this bond to bear the facsimiles of the signatures of the Chairman and Clerk of its Board of Commissioners and a facsimile of th~J corporate seal -9- of the County to be imprinted hereon, and the annexed coupons to bear the facsimile signature of said Clerk and this Bond to be dated September 1, 1982. (SEAL) (facsimile signature) Clerk, Board of Commissioners (facsimile signature) Chairman, Board of Commissioners o -10- (Form of Coupon) NO. NO. On the 1st day of March/September, , the COUNTY OF NEW HANOVER, a county of the State of North Carolina, (unless the bond hereinafter mentioned shall have been duly called for previous redemption and payment of the redemption price made or duly provided for) will pay to bearer ($ at the principal office of First-Citizens Bank & Trust Company, Raleigh, North Caroli~a, or, at the option of the holder or registered owner, at the principal office of Manufacturers Hanover Trust Company, New York, New York, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, being the semi-annual interest 'then due on its Solid Waste Disposal Bond, dated September 1, 1982, No. (facsimile si9nature) Clerk, Board of Commissioners -1'- (Endorsement on Bond) The within bond has been registered as to principal only, as follows: Date of Registration Name of Registered Holder . . Signature of Bond Registrar . . . . . . . . . . . The issue hereof has been approved under the provisions of The Local Government Bond Act. JOHN D. FOUST Secretary of the Local Government Commission By: Designated Assistant . 7. The County's Finance Officer is hereby authori- zed and directed to provide a suitable bond register for the registration of said bonds and to act as Bond Registrar in registering said bonds and to carry out the provisions set forth in said bonds for the conversion of said bonds into registered bonds and for the transfer thereof. -12- 8.. The Local Government Commission of North Carolina is hereby requ~sted to sell said bonds and to state in the Notice of Sale of said bonds that bidders may name one rate of interest for part of said bonds and another rate or rates for the balance of said bondso Said 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 Commissiono 9. The Chairman and Clerk of the Board of Commissioners are hereby authorized and directed to cause said bonds to be prepared and, when they shall have been duly sold by said Local Government Commission, to execute said bonds and to turn said bonds over to the purchaser or purchasers to whom they may be sold by said Local Government Commission. 10. The draft of the Official Statement dated August 6, 1982 setting forth financial and statistical data in connection with the offering' of said bonds, wh~ch was circulated with the Notice of Sale thereof, is hereby approved. In connection with this approval, the Board of Commissioners has examined copies of the draft of the Official Statement and has, to the extent and in the manner it has deemed necessaryv discussed the contents thereof with officers of the County Administration. The Board of Commissioners does hereby recite that, upon its examination and discussionsv nothing has come to its attention -13- ~ < . which would lead it to believe that said draft of the Official Statement contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein,in the light of the circumstances under which they were made, not misleading. The Chairman of the Board of Commissioners, the County Manager and the Finance Officer of the County are hereby authorized and directed to execute the Official Statement. The ~otion having been duly seconded, and the resolution having been considered, it was adopted. The vote on the adoption of the resolution was as follows: AYES: Donald P. Blake Howard L. Armistead, Jr. Jonathan Barfield, ~r. Karen E. Gottovi Claud O'Shields, Jr. NAYS: None -14- OFFER AS .A % OF ASSESSED VALUE AMOUNT OF OFFER ASSESSED VALUE %CITY/COUNTY - - 87.6 12.4 LIENS 68.2 300 440 OFFEROR Lewis C. Greene and wife Mary H. Greene 20 34.4 80 65.6 50.1 57.3 18 28.3 35.5 26.3 27.8 7 5 7 2 82 71 64 73 72 193.6 100 100 ADDRESS 1310 Corbett Street 600 275 100 TAX P ARCFL NUMBER 48-06-02-04 1.180 480 600 430 400 450 Greene Mary H Lonnie Brock & wife Julia Gore Brock 310 400 450 & Lewis C North Fifth St 410 ABC Alley 48-09-33-20 48-09-38-08 430 Barbara A. McRae James L. Uttley & wife Maxzine R. Uttley II II 804 N Seventh St 829 Fanning St. Fanning St. 821 Moore St. 714 Hanover St. 48-13-05-05 48-13-07-07 48-13-07-08 48-13-07-14 48-13-18-22 ~ '" <:( ~ ~ 1 .-t: 7 73 280 380 Scipio C. Hawkins & Wife Roser M. Hawkins 5.2 94.8 80.08 9 60 250 410 Pearson Sadie Belle Harrell & Cherry Mae Pearson C2.mpbell St 1017 48-14-10-13 6 21. 61 7 92.4 74.6 500 670 & wife Richard Simpson~ Jr Delores B Simpson St Tenth nON 48-14-07-01 78.39 100 180 180 Bernard Leroy Hardy & wife Gladys D Hardy Tenth St. 708 N Rear 48-14-07-09 27.7 92.3 50 605 1. 210 & wif e Beck James L. Beck Christine N St Eighth 115N 48-17-22-14 52 48 76.9 300 390 Chester L Sinclair & wife~ Rosa B. Sinclair Alley Maids 49-13-18-08 12 43 88 57 253.53 221.40 73.2 89.3 1.500 2.000 2.050 2.240 Clifton Garrison & wife Yvonne D Garrison St Tenth S 54-06-22-02 12.8 2 87 53 ~400 1 2.640 & George Thomas Murphy wife~ Betty J. Murphy David Coggins & wife Daisy Mae Coggins St Eighth St Seventh 918 S S 54-09-37-15 54-09-11-08 1 .~. . ...... % CITY/COUNTY 83.1 16.9 85 15 59.3 30.7 79.6 20.4 100 LIENS OFFER AS A % OF ASSESSED VALUE 50 67.3 50 50, 92 .6 ASSESSED AMOUNT OF OFFEROR VALUE OFFER Soul Saving Station of Wi1. 1,520 760 Ed Herring 2,970 2,000 Victor S. Gore, Jr. & 1,070 535 wife, Janie S. Gore Victor S. Gore, Jr. & 1,070 535 wife, Janie S. Gore James A. Baggett & wife. 3.780 3,500 Carnea1ia S. Baggett TAX PARCEL NUMBER ADDRESS 54-10-20-07 814 S. Ninth S1; 54-10-22-23 Wooster St. 54-13-28-04 1207 S. Fifth St 54-13-28-02 1203 S. 'Fifth St 85-14-03-07.1 South Seabreeze Rd . (.' ~, .;' ...