1986-07-22 W&S Exhibit
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EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS,
SITTING AS THE GOVERNING BODY OF NEW HANOVER
COUNTY WATER AND SEWER DISTRICT
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resolution be adopted:
moved that the following
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"RESOLUTION APPROVING INTEREST RATES TO BE BORNE
BY $l6,l50,000 GENERAL OBLIGATION REFUNDING BONDS
OF NEW HANOVER COUNTY WATER AND SEWER DISTRICT,
APPROVING AN ESCROW DEPOSIT AGREEMENT AND AN
OFFICIAL STATEMENT PERTAINING TO SUCH BONDS AND
PROVIDING FOR RELATED MATTERS"
WHEREAS, the Local Government Commission of North
Carolina has informed the Board of Commissioners of New
Hanover County, sitting as the governing body of New Hanover
County Water and Sewer District, that it has sold in the
manner prescribed by law the District's General Obligation
Refunding Bonds in the aggregate principal amount and pay-
able in annual installments as hereinafter stated, d~ted
August l, 1986, to Wachovia Bank and Trust Company, N.A.,
and that the contract of sale contemplates that the bonds
shall bear interest as hereinafter provided; NOW, THEREFORE,
BE IT RESOLVED by the Board of Commissioners of
the County of New Hanover, sitting as the governing body of
New Hanover County Water and Sewer District, as follows:
l. The $16,l50,000 General Obligation Refunding
Bonds hereinbefore described shall be payable and shall bear
interest as follows:
$925,000 bonds payable in the year 1987, 6.90% per annum;
$920,000 bonds payable in the year 1988, 7.10% per annum;
$920,000 bonds payable in the year 1989, 7.10% per annum;
$915,000 bonds payable in the year 1990, 7.10% per annum;
$915,000 bonds payable in the year 1991, 7.10% per annum;
$910,000 bonds payable in the year 1992, 7.10% per annum;
$910,000 bonds payable in the year 1993, 7.l0% per annum;
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$905,000 bonds payable in the year 1994, 7.10% per annum;
$905,000 bonds payable in the year 1995, 7.10% per annum;
$900,000 bonds payable in the year 1996, 7.l0% per annum;
$895,000 bonds payable in the year 1997, 7.10% per annum;
$890,000 bonds payable in the year 1998, 7.10% per annum;
$890,000 bonds payable in the year 1999, 7.10% per annum;
$880,000 bonds payable in the year 2000, 7.10% per annum;
$875,000 bonds payable in the year 200l, 7.10% per annum:
$870,000 bonds payable in the year 2002, 7.l0% per annum:
$865,000 bonds payable in the year 2003, 7.l0% per annum: and
$860,000 bonds payable in the year 2004, 7.10% per annum.
The first paragraph of the Bond Resolution adopted by the
Board on July 22, 1986 shall be and is hereby amended to
reflect the serial payments hereinabove set forth.
2. The Official Statement dated July 11, 1986
setting forth financial and statistical data in connection
with the offering of said bonds, which was circulated with
the Notice of Sale thereof, is hereby approved. In connec-
tion with this approval, the governing board of the District
has examined copies of the Official Statement and has, to
the extent and in the manner it has deemed necessary, dis-
cussed the contents thereof with officers of the District
administration. The governing board of the District 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 the light
of the circumstances under which they were made, not mis-
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leading. The Chairman of the governing board of the Dis-
trict, the County Manager of the County of New Hanover and
the Finance Director of the District are hereby authorized
and directed to execute the Official Statement.
3. The Escrow Deposit Agreement, dated August 14,
1986, by and between the District and First-Citizens Bank &
Trust Company, as Escrow Agent, is hereby approved. The
Chairman of the governing board of the District and the
Clerk of the District are hereby authorized to complete, to
execute and to deliver the Escrow Deposit Agreement.
4. This resolution shall become effective upon
its adoption.
seconded the motion, and the
resolution was adopted. The vote on the adoption of the
resolution was as follows:
AYES:
NAYS:
moved that the following
resolution be adopted:
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"RESOLUTION APPROVING INTEREST RATES TO BE
BORNE BY $ll,OOO,OOO SANITARY SEWER BONDS
OF NEW HANOVER COUNTY WATER AND SEWER DISTRICT"
WHEREAS, the Local Government Commission of North
Carolina has informed the Board of Commissioners of New
Hanover County, sitting as the governing body of New Hanover
County Water and Sewer District, that it has sold in the
manner prescribed by law the District's $11,000,000 Sanitary
Sewer Bonds, Series 1986, dated August 1, 1986 to Wachovia
Bank and Trust Company, N.A., and that the contract of sale
contemplates that the bonds shall bear interest as hereinaf-
ter provided; NOW, THEREFORE,
BE IT RESOLVED by the Board of Commissioners of
New Hanover County, sitting as the governing body of New
Hanover County Water and Sewer Distr-ict, as follows:
1. The Sanitary Sewer Bonds, Series 1986, herein-
before described shall bear interest as follows:
bonds payable in the year 1989, 7.20% per annum;
bonds payable in each of the years 1990 to 2007, inclu-
sive, 7.50% per annum; and
bonds payable in each of the years 2008 to 2011, inclu-
sive, 7.60% per annum.
2. The Official Statement dated July 11, 1986
setting forth financial and statistical data in connection
with the offering of said bonds, which was circulated with
the Notice of Sale thereof, is hereby approved. In connec-
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tion with this approval, the governing board of the District
has examined copies of the Official Statement and has, to
the extent and in the manner it has deemed necessary, dis-
cussed the contents thereof with officers of the District
administration. The governing board of the District 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 the light
of the circumstances under which they were made, not mis-
leading. The Chairman of the governing board of the Dis-
trict, the County Manager of the County of New Hanover and
the Finance Director of the District are hereby authorized
and directed to execute the Official Statement.
3. This resolution shall become effective upon
its adoption.
seconded the motion, and the
resolution was adopted. The vote on the adoption of the
resolution was as follows:
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AYES:
NAYS:
moved that the following
resolution be adopted:
"RESOLUTION CALLING THE OUTSTANDING SANITARY
SEWER BONDS, SERIES 1985, OF NEW HANOVER COUNTY
WATER AND SEWER DISTRICT"
WHEREAS, the New Hanover County Water and Sewer
District, North Carolina (the "District"), pursuant to The
Local Government Finance Act and a bond order adopted by the
Board of Commissioners of the County of New Hanover, sitting
as the governing body of the Distri€t on December 19, 1983,
issued its $17,000,000 Sanitary Sewer Bonds, Series 1985,
dated June 1, 1985 (the "Sanitary Sewer Bonds"), and
$16,l50,000 of the Sanitary Sewer Bonds are outstanding; and
WHEREAS, the District, pursuant to The Local Gov-
ernment Finance Act, a bond order adopted by the Board of
Commissioners of the County of New Hanover, sitting as the
governing body of the District on June 23, 1986 and resolu-
tions adopted by said Board on July 22, 1986 and August 4,
1986, authorized the issuance and provided for the sale of
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$16,150,000 General Obligation Refunding Bonds (the "Refund-
ing Bonds") for the purpose of providing funds, together
with cash of the District, to advance refund the outstanding
Sanitary Sewer Bonds; and
WHEREAS, the District has determined to provide
for the advance refunding, payment and redemption of the
Sanitary Sewer Bonds by depositing with First-Citizens Bank
& Trust Company, as escrow agent (the "Escrow Agent"), cash
and direct obligations of, or obligations the principal of
and interest on which are unconditionally guaranteed by, the
United States of America ("Government Obligations") in such
amounts and maturing or redeemable at stated fixed prices as
to principal and interest at such times so that sufficient
moneys will be available from such principal and interest to
pay, as the same mature and become due, all principal of and
interest on the Sanitary Sewer Bonds maturing on or prior to
June 1, 1995, and to redeem on June 1, 1995 at the appropri-
ate redemption price, plus accrued interest, the Sanitary
Sewer Bonds maturing after June 1, 1995; NOW, THEREFORE,
BE IT RESOLVED by the Board of Commissioners of
the County of New Hanover, sitting as the governing body of
New Hanover County Water and Sewer District, as follows:
1. The District specifically and irrevocably
elects to redeem~ prior to their respective maturities, on
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June 1, 1995 all the Sanitary Sewer Bonds maturing on and
after June 1, 1996. The Escrow Agent is hereby irrevocably
authorized and directed to cause to be given notice of re-
demption of the Sanitary Sewer Bonds, as set forth in the
resolution authorizing the issuance of said Bonds.
2. A copy of this resolution shall be furnished
to the Escrow Agent and to the paying agent for the bonds to
be redeemed.
3. This resolution shall become effective upon
its adoption.
seconded the motion, and the
resolution was adopted. The vote on the adoption of the
resolution was as follows:
AYES:
NAYS:
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