1988-11-07 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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presented the following resolution and
moved that it be adopted:
WHEREAS, the bond order hereinafter described has taken ef-
fect and the Board of Commissioners of the County of New Hanover,
sitting as the governing body of New Hanover County Water and
Sewer District, has issued $6,062,000 Sanitary Sewer Bond An-
ticipation Notes dated March 8, 1988, payable November 16, 1988 to
borrow money for the purposes for which bonds are authorized to be
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issued by said bond order; and
WHEREAS, the Board of Commissioners of the County of New
.~ Hanover, sitting as the governing body of New Hanover County Water
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and Sewer District, desires to renew the foregoing notes in an-
~ ticipation of the receipt of the proceeds of the sale of said
sanitary sewer bonds, as hereinafter provided: NOW, THEREFORE,
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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 (the "Issuer"), as follows:
(1) The outstanding $6,062,000 sanitary Sewer Bond An-
ticipation Notes payable November 16, 1988 which have been issued
in anticipation of the receipt of the proceeds of the sale of
bonds authorized to be issued by the sanitary sewer bond order
adopted by the Issuer on December 19, 1983, shall be renewed by
the issuance of $6,062,000 Sanitary Sewer Bond Anticipation Notes.
Said notes shall consist of two hundred forty-one notes of the de-
nomination of $25,000 each, numbered 1 to 241, inclusive, and one
note of the denomination of $37,000, numbered 24,2. Said notes
shall be dated November 16, 1988, shall be payable February 15,
1989 and shall bear interest at the rate of 6.05% per annum, pay-
able at maturity.
(2) The Chairman of the governing body of the Issuer
and the Clerk of the Issuer are hereby authorized and directed to
cause said notes to be prepared and to execute said notes.
(3) The Chairman of the governing body of the Issuer
and the Clerk of the Issuer are hereby authorized to ma~e applica-
tion to the Local Government Commission of North Carolina for its
approval of said notes in the manner prescribed by The Local Gov-
ernment Finance Act. Said Local Government commission is hereby.
requested to deliver said notes through the State Treasurer in ex-
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change for said outstanding notes upon payment of the interest
payable with respect to said outstanding notes to the holder of
said outstanding notes.
(4) The Issuer covenants, to the extent permitted by
the Constitution and laws of the state of North carolina, to com-
ply with the provisions of the Internal Revenue Code of 1986 (the
"Code") as enacted into law to the extent required to preserve the
exclusion from gross income of interest on the notes for Federal
income tax purposes.
The motion having been duly seconded and the resolution hav-
ing been considered, it was adopted by the following vote:
AYES:
NAYS:
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