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2004-02-16 RM Exhibits28.24.5 NEW HANOVER COUNTY TAX COLLECTIONS COLLECTIONS THRU 0I/31/04 CURRENT TAX YEAR - 2003 ORIGINAL TAX LEVY PER SCROLL DISCOVERIES ADDED LESS ABATEMENTS TOTAL TAXES CHARGED AD VALOREM $ 105,524,243.25 4,157,343.28 418,199.46 $ 109,263,387.07 ADVERTISING FEES CHARGED LISTING PENALTIES CHARGED CLEANING LIENS CHARGED TOT AL LEVY COLLECTIONS TO DATE OUTSTANDING BALANCE PERCENTAGE COLLECTED .00 107,677.79 .00 $ 109,371,064.86 -103,142,033.44 $ 6,229,031.42 94.30%* BACK TAXES REAL ESTATE AND PERSONAL PROPERTY CHARGES ADDED LESS ABATEMENTS TOTAL TAXES DUE COLLECTIONS TO DATE OUTSTANDING BALANCE PERCENTAGE COLLECTED $ 4,499,014.44 40, I 22.86 78,525.65 $ 4,460,611.65 1,652,269.52 $ 2,808,342.13 37.04% RENTAL VEHICLE TAX COLLECTIONS ROOM OCCUPANCY TAX COLLECTIONS PRIVILEGE LICENSE COLLECTIONS $ JAN 2004 26,565.50 163,550.10 160.00 R.:/:Q.1, :L Lf I 5 CONSENT AGENDA DATE: ITEM'NO. MOTOR VEHICLE $ 6,333,321.91 8,024.0 I 79,891.27 $ 6,261,454.65 .00 .00 .00 $ 6,261,454.65 4,700,341.94 $ 1,561,112.71 75.07%* FISCAL YTD $ 149,640,80 3,811,209.61 12,251.89 TOTAL MONEY PROCESSED THRU COLLECTION OFFICE FOR NEW HANOVER COUNTY, CITY OF WILMINGTON, WRIGHTSVILLE BEACH, CAROLINA BEACH AND KURE BEACH TO DATE - $161,949,492.87. THIS REPORT IS FOR FISCAL YEAR BEGINNING JULY 1,2003. ~ECTFU. LL Y SUBMITTED, -J1t .. Y1 PATRQ?lJ."I~Ayg)R U ~~"- COLLECTOR OF REVENUE COMBINED COLLECTION PERCENTAGE - 93.26% 28.24.5 CONSENT AGENDA DATE: ITEM NO. NEW HANOVER COUNTY FIRE DISTRICT TAX COLLECTIONS COLLECTIONS THRU 01/31/04 CURRENT TAX YEAR - 2003 AD VALOREM MOTOR VEHICLE ----------------------- --------------- --------------- ORIGINAL TAX LEVY PER SCROLL DISCOVERIES ADDED LESS ABATEMENTS TOTAL TAXES CHARGED LISTING PENALTIES CHARGED TOTAL LEVY COLLECTIONS TO DATE OUTSTANDING BALANCE PERCENTAGE COLLECTED BACK TAXES $ 3,368,081.78 $ 185,453.79 64,305.44- 229,459.31 526.39 2,677.20- --------------- --------------- $ 3,489,230.13 3,988.67 $ 227,308.50 .00 --------------- --------------- $ 3,493,218.80 $ 3,299,435.10- 227,308.50 170,921.94- --------------- --------------- $ 193,783.70 $ 94.45%* 56,386.56 75.19%* ---------- REAL ESTATE AND PERSONAL PROPERTY $ CHARGES ADDED LESS ABATEMENTS 114,116.00 2,110.28 1,104.52- --------------- TOTAL TAXES DUE COLLECTIONS TO DATE OUTSTANDING BALANCE PERCENTAGE COLLECTED $ 115,121.76 47,898.24- --------------- $ 67,223.52 41.61% THIS REPORT IS FOR FISCAL YEAR BEGINNING JULY I, 2003. RESPECTFULLY SUBMITTED, -Yú.n1t;'" ~. ~~n.. PATRICIA J. ~NOR V COLLECTOR OF REVENUE * COMBINED COLLECTION PERCENTAGE - 93.28% 28.24.6 BOND ORDER ÅUTHORIZING THÊ ISSUANCE OF $57,000,000 GENERAL OBLIGATION REFUNDING BONDS OF THE COUNTY OF NEW HANOVER WHEREAS, the County of New Hanover (the "County") hàs issued Public Improvement Bonds, Series 1996, dated November 1, 1996 and $10,300,000 of such Bonds maturing in the years 2004 to 2017, inclusive, are outstanding (the "Outstanding Public Improvement Bonds"); and WHEREAS, the County has issued Public Improvement Bonds, Series 2000, dated February 1,2000 and $57,650,000 of such Bonds maturing in the years 2004 to 2019, inclusive, are outstanding (the "Outstanding Public Improvement Bonds, Series 2000"); and WHEREAS, the Board of Commissioners of the County deems it advisable to refund all or a portion of the Outstanding Public Improvement Bonds and the Outstanding Public Improvement Bonds, Series 2000, 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 Carolina 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 has ascertained and hereby determines that it is advisable to refund all or a portion of the Outstanding Public Improvement Bonds and the Outstanding Public Improvement Bonds, Series 2000. Section 2. In order to raise the money required to refund the Outstanding Public Improvement Bonds and the Outstanding Public Improvement Bonds, Series 2000 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 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 $57,000,000. Séction 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 5. This bond order shall take effect upon its adoption. This the 1 g~~_day of February, 2004. [SEAL] ~~ Robert G. Greer, Chairman Board of Commissioners 28.24.8 NEW HANOVER COUNTY BOARD OF COMMISSIONERS RESOLUTION The New Hanover County Board of Commissioners does hereby resolve as follows:, WHEREAS, the North Carolina Department of· Transportation (NCDOT) is undertaking construction to widen Military Cutoff to relieve traffic congestion; and WHEREAS, expeditious completion of the NCDOT project constitutes a compelling public interest promoting public health and safety; and WHEREAS, Chapter 23, Article II of the New Hanover County Code prohibits noise generation that constitutes a public nuisance; and WHEREAS, given the necessity and benefits to be derived from the roadway project, said State construction is not a public nuisance for purposes of New Hanover County noise ordinance regulation. NOW, THEREFORE, BE IT RESOLVED by the New Hanover County Board of Commissioners that the NCDOT Military Cutoff widening, project U-2734, is found not to be a public nuisance for purposes of regulation under Chapter 23 of the New Hanover County Code. Public health and safety require expeditious completion of the project. The State and its contractors are authorized to undertake road construction consistent with the terms and conditions set forth in a January 13, 2004 correspondence from H. Allen Pope, Division Engineer, without enforcement or other sanctions under the referenced local ordinance. This the 16th day of February, 2004. [SEAL] NEW HANOVER COUNTY ~Jd~~ Robert G. Greer, Chairman ATTEST: ~~ ¡J~ Deputy Clerk to the Board 28.24.7 NEW HANOVER COUNTY BOARD OF COMMISSIONERS RESOLUTION WHEREAS, the various Boards, Departments, Agencies, and Committees appointed or funded by New Hanover County regularly contract for services and make purchases of supplies and equipment; and WHEREAS, New Hanover County has an abundance of locally qualified professionals and businesses that can supply these services, supplies, and equipment; and WHEREAS, the New Hanover County Board of Commissioners desires to retain tax dollars within New Hanover County; NOW, THEREFORE, BE IT RESOLVED by the New Hanover County Board of Commissioners that it encourages all Boards, Departments, Agencies, and Committees appointed or funded by New Hanover County to utilize the services of local professionals and to purchase supplies and equipment from local businesses to the maximum extent possible whenever quality, price, and availability are equal to that of services, supplies, and equipment outside New Hanover County. Adopted this the 16th day of February, 2004. [S EAL] NEW HANOVER COUNTY 'Í7~~ Robert G. Greer, Chairman ATTEST: -.J~ ¡J~ Deputy Clerk to the Board 28.24.9 A RESOLUTION OF THE NEW HANOVER COUNTY BOARD OF COMMISSIONERS IN CONNECTION WITH THE REFUNDING BONDS, SERIES 2004 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 refunding bond order adopted by the Board of Commissioners on February 16, 2004, and subject to Section 9 hereof, the Issuer shall issue its bonds of the aggregate principal amount of $50,765,000. 2. The bonds shall be designated "Refunding Bonds, Series 2004" (hereinafter referred to as the "Bonds"), The bonds shall be deemed to refund the bonds being refunded within the period of usefulness of the capital projects financed by such bonds being refunded. 3. The Bonds shall be dated March 1,2004 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 November 1,2004 and semi-annually thereafter on May 1 and November 1. The Bonds shall mature, subject to the right of prior redemption and adjustment as hereinafter set forth, annually on November 1, as follows: Principal Principal Year Amount Year Amount 2004 $ 1,375,000 2012 $ 4,160,000 2005 565,000 2013 4,075,000 2006 570,000 2014 '4,000,000 " 2007 1,310,000 2015 3,920,000 2008 1,290,000 2016 5,475,000 ' 2009 1,275,000 2017 5,720,000 2010 1,265,000 2018 7,550,000 2011 4,260,000 2019 3,955,000 Interest 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 an interest payment date. 4. 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 November 1, as set forth in the foregoing maturity schedule, 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 detennines not to continue to act as securities depository for the Bonds, or (b) the Issuer detennines 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 fonn 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 on the Bonds shall be payable in any coin or currency of the United States of America that is legal tender for the payment of public and private debts on the respective dates of payment thereof. 5. The Bonds shall bear the manual or facsimile signatures of the Chainnan and the Deputy 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 Commission 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 manually executed. 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 tï'me 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. 6. The Bonds and the endorsements thereon shall be in substantially the following fonn: 2 NO.R- $ United States of America State of North Carolina COUNTY OF NEW HANOVER REFUNDING BOND, SERIES 2004 INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP % November 1,_ March 1, 2004 644800 REGISTERED OWNER: CEDE & CO. PRINCIPAL SUM: DOLLARS The County of New Hanover (hereinafter referred to as "County"), a county ofthe State of North Carolina, acknowledges itself indebted and for value received hereby promises to pay to the registered owner named above, on the maturity date specified above, upon surrender hereof, the principal sum shown above and to pay to the registered owner hereof, interest on such principal sum from the date of this bond [or from the November 1 or May 1, next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is a November 1 or May 1 to which interest shall have been paid, in which case from such date], such interest to the maturity hereof being payable on November 1, 2004 and semi-annually thereafter on May 1 and November 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 payinerit 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 payment of public and private debts on the respèctive dates of payment thereof. This bond is issued.inaccordance with the Registered Public Obligations'Act, Chapter 159E of the General Statutes of North Carolina, 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 February 16, 2004 (the "Bond Order") and resolutions adopted by said Board of Commissioners on February 25,2004 and March 8, 2004 (collectively, the "Resolution") to redeem a portion of the County's outstanding Public Improvement Bonds, Series 1996, and a portion of the County's outstanding Public Improvement Bonds, Series 2000. The bonds will be issued in fully registered form by means of a bóok 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 ("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 byDTC. Transfer of principal and interest payments to participants of DTC will be the responsibility ofDTC; 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. 3 The bonds maturing on and after November 1,2014 shall be subject to redemption prior to their stated maturities at the option of the Cói.mty on or after November 1, 2013, in whole or in part at any time, at a redemption price of 100% of such principal amounts, plus interest accrued to the date fixed for redemption. If less than all of the bonds of any maturity are called for redemption, the bonds to be redeemed shall be selected in such manner as the County shall determine; 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 County 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 with DTC is used for determining beneficial ownership of the bonds, ifIess 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. 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 DTC or its nominee. On the date fixed for redemption, notice having been given as aforesaid, the bonds or portions thereof so called for redemption shall be due and payable at the redemption price provided for the redemptiòn of such bonds or potions thereof on such date. If a portion of this bond shall be called for redemption, a new bond or bonds in principal amount equal to the unredeemed portion hereofwiII be issued to DTC or its nominee upon the surrender hereof. The Finance Director of the County (the "Bond Registrar") shall keep at his office the books of said County for the registration and registration of transfer of bonds. The transfer of this bond may be registered only upon such books 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'.În 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. , 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 repres~ntative 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 registered bonds of the same maturity, of any ,authorized denomination or denominations 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. 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 Resolution 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 Bond Registrar. 4 IN WITNESS WHEREOF, the County has caused this bond [to be manually signed by] [to bear the facsimile signatures of] the Chairman and the Deputy Clerk of the Board of Commissioners of the County and [a facsimile of] its official seal to be impressed or imprinted hereon, and this bond to be dated March 1,2004. Chairman, Board of Commissioners (SEAL) Deputy Clerk, Board of Commissioners " 5 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 CERTIFICATE OF AUTHEN:rICATION This bond is one of the Bonds of the issue designated herein and issued under the provisions of the within-mentioned bond order and resolution. COUNTY OF NEW HANOVER Finance Director, as Bond Registrar By Authorized Signatory Date of Authentication: 6 ASSIGNMENT FOR V ALUE 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: Notice: Signature must be guaranteed by an institution which is a participant in the Securities Transfer Agent Medallion Program (STAMP) or similar program in accordance with Securities and Exchange Commission Rule 17 Ad-IS 7 7. The Bonds maturing on and after November 1, 2014 shall be subject to redemption prior to their stated maturities at the option of the Issuer on or after November 1, 2013, in whole or in part at any time, at a redemption price of 100% of such principal amounts, plus interest accrued to the date fixed for redemption. If less than all of the Bonds of any maturity are called for redemption, the Bonds to be redeemed shall be selected in such manner as the Issuer shall determine; 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 Issuer 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 DTC 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. 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 notiçe 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 hereinafter designated Bond Registrar to pay the principal of the Bonds or portions thereof called for redemption as well as the interest accruing thereon to the redemption date thereof. 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 ¡¡>ayable at the redemption price provided therefor, plus accrued interest to such date. If a portion of a Bond shall be selected for redemption, 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 interest accruing thereon to the date of redemption, and the Bond Registrar shall authenticate 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. 8. 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 amount of such Bond so surrendered, of the same maturity and bearing interest at the same rate. 8 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 Bond Registrar shan 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 ofredemption 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 Resolution. 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 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 as herein provided. 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 and for the timely payment of principal and interest with respect to the Bonds. The Finance, Director 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 in Wilmington, North Carolina, the' books of . the Issuer for the registration, registration of transfer, exchange and payment of the Bonds as provided in this Resolution. 9. 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 130nds 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. The Issuer hereby; reserves the right to increase the aggregate principal amount of the Bonds by an amount not to exceed $750,000 following the opening of bids and to decrease the aggregate principal amount of the Bonds by an amount not to exceed $5,200,000 follöwing the opening of bids. The Issuer also hereby reserves the right to increase or decrease the principal amount of any maturity of the Bonds by an amount not to exceed the greater of 20% of the maturity and $500,000 per maturity following the opening of bids. In the event of an increase or decrease in the aggregate principal amount of the Bonds, the purchase price of the Bonds (including any premium or discount) will be increased or decreased. 10. The Ch~innanand the Deputy Clerk of the Board of Commissioners and the Finance Director of the Issuer are hereby authorized and directed to cause the Bonds to be prepared and, when they shall have been duly sold by the 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. 11. The Preliminary Official Statement dated on or about February 20, 2004 setting forth financial and statistical data in connection with the offering of the Bonds (the "Official Statement") is hereby approved. Ih connection with this approval, the Board of Commissioners of the Issuer has examined copies of the Official Statement and has, to the extent and in the manner it has deemed , necessary, discussed the contents thereof with officers of the administration of the Issuer. The Board of Commissioners' of the Issuer does hereby recite that, upon its examination and discussions, nothing has come to its attention which would lead it to believe that said Official Statement contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements therein, in 9 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 Director of the Issuer are each hereby authorized to appróve changes in such Official Statement and' to execute such Official Statement, as revised following the sale of the Bonds, for and on behalf of the Issuer. 12. The Issuer covenants to do and perform all acts and things permitted by law necessary to assure that interest paid on the Bonds be and remain excluded from gross income of the owners thereof for federal income tax purposes. 13. The Issuer hereby undertakes, for the benefit of the beneficial owners of the Bonds, to provide: (a) by not later than seven months from the end of each fiscal year of the Issuer, to each nationally recognized municipal securities information repository ("NRMSIR") and to the state information depository for the State of North Carolina ("SID"), if any,' audited financial statements of the Issuer for such fiscal year, if available, prepared in accordance with Section 159-34 of the General Statutes 'of North. Carolina, as it may be amended from time to time, or any successor statute, or, if such audited financial statements of the Issuer are not available by seven months from the end of such fiscal year, unaudited financial statements of the Issuer for such fiscal year to be replaced subsequently by audited financial statements of the Issuer to be delivered within 15 days after such audited financial statements become available for distribution; (b) by not later than seven months from the end of each fiscal year of the Issuer, to each NRMSIR, and to the SID, if any, (i) the financial and statistical data as of a date not earlier than the end of such fiscal year for the type of information included under the heading liThe County - Debt Information and - Tax Information" in the Official Statement relating to the Bonds (excÍuding any information for, overlapping and underlying units) and (ii) the combined budget of the Issuer for the current fiscal year, to the extent such items are not included in the audited financial statements referred to in (a) above; (c) in a timely manner, to each NRMSIR or to the Municipal Securities Rulemaking Board ("MSRB"), and to the SID, if any, notice of any of the following events with respect to the Bonds, if material: (1) principal and interest payment delinquencies; (2) non-payment related defaults; (3) unscheduled draws on debt service reserves reflecting financial difficulties; (4) unscheduled draws on credit enhancements reflecting financial difficulties; (5) substitution of credit or liquidity providers, or their failure to perform; (6) adverse tax opinions or events affecting the tax-exempt status ofthe Bonds; (7) modification to the rights of securities holders; (8) bond calls; (9) defeasances; 10 · (10) release; substitution or sale of property securing repayment of the Bonds (11) rating changes; and (d) in a timely manner, to each NRMSIR or to the MSRB, and to the SID, if any, notice of a failure of the Issuer to provide required annual financial information described in (a) or (b) above on or before the date specified. If the Issuer fails to comply with the undertaking described above, any beneficial owner of the Bonds may take action to protect and enforce the rights of all beneficial owners with respect to such undertaking, including an action for specific performance; provided, however, that failure to comply with such undertaking shall not be an event of default and shall not result in any acceleration of payment of the Bonds. All actions shall be instituted, had and maintained in the manner provided in this paragraph for the benefit of all beneficial owners of the Bonds. The Issuer reserves the right to modify from time to time the information to be provided to the' extent necessary or appropriate in the judgment of the Issuer, provided that any such modification will be done in a manner consistent with Rule 15c2-12 issued under the Securities Exchange Act of 1934, as it may be amended from time to time (" Rule 15c2-12"), and provided further that: (a) any such modification may only be made in connection with a change in circumstances that arises from a change in legal requirements, change in law, or change in the identity, nature, or status of the Issuer; (b) the information to be provided, as modified, would have complied with the requirements of Rule 15c2-12 as of the date of the Official Statement relating to the Bonds, after taking into account any amendments or interpretations of Rule 15c2-12, as well as any chap.ges in circumstances; and (c) any such modification does not materially impair the interests of the beneficial owners, as determined either by parties unaffiliated with the Issuer (such as bond counsel), or by the approving vote of the registered owners of a majority in principal amount of the Bonds pursuant to the terms of this Resolution, as it may be amended from time to time, at the time of the 'amendment. ' Any annual financial information containing modified openiting data or financial information shall explain, in narrative form, the reasons for the modification and the impact of.the change in the type of operating data or financial information being provided. The provisions of this Section 13 shall terminate upon payment, or provisions having been made for payment in a manner consistent with Rule 15c2-12, in full of the principal of and interest on all of the Bonds. ' 14. The blanket Letter of Representations between the Issuer and DTC is hereby reconfirmed. 15. The Board of Commissioners of the Issuer hereby approves the terms of the Escrow Deposit Agreement by and between the Issuer and First-Citizens Bank and Trust Company substantially in the form presented to the Board of Commissioners (draft of 2/25/04) and hereby authorizes the officers of the Issuer designated therein to execute and deliver the Escrow Deposit Agreement in substantially such form with such changes and insertions as any of such officers shall deem necessary to accomplish the purposes for which the Bonds are being issued, their execution thereof constituting conclusive evidence of such approval. ' 11 16. The Chainnan and 'the Deputy Çlerk of the Board of Commissioners, the County Manager, the Finance Director and the 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 p~pers and to perfonn 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. This the 25th day of February, 2004. [SEAL] ~M~ Robert G. Greer, Chainnan Board of Commissioners ATTEST: '\1.~B~~J~ 12