1982-08-02 RM Exhibits (2)
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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.
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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.
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Commissioner Howard L. Armistead, Jr., presented
the following -resolution and moved 'that it be adopted:
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WHEREAS, the bond order hereinafter described has
taken effect, and it is desirable to make provision for the
issuance of bonds authorized by said bond order; NOW,
THEREFORE,
BE IT RESOLVED by the Board of Commissioners of
the County of New Hanover, as follows:
1. The County shall issue its bonds of the aggre-
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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.
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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
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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.
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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:
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(Form of Bond)
NO.
NO.
UNITED STATES OF AMERICA
STATE OF NORTH CAROLINA
COUNTY OF NEW HANOVER
$5,000
$5,000
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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)
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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
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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.
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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
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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
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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
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(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
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(Endorsement on Bond)
The within bond has been registered as to
principal only, as follows:
Date of
Registration
Name of Registered
Holder
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Signature of
Bond Registrar
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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
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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.
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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
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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
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OFFER AS .A % OF
ASSESSED VALUE
AMOUNT OF
OFFER
ASSESSED
VALUE
%CITY/COUNTY
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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
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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
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......
% 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
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