Loading...
HomeMy WebLinkAbout1989-08-07 W&S Exhibit . EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS OF THE COUNTY OF NEW HANOVER, SITTING AS THE GOVERNING BODY OF NEW HANOVER COUNTY WATER AND SEWER DISTRICT ~.b: ~ ~ -. * * * * * presented the following resolution and moved that it be adopted: WHEREAS, the bond order hereinafter described has taken effect and the Board of Commissioners of the County of New Hanover, sitting as the governing body of New Hanover County Water and Sewer District, desires to borrow money for the purpose for which bonds are authorized to be issued by said bond order in anticipation of the receipt of the proceeds of the sale of said . bonds, 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, North Carolina (the "Issuer"), as follows: (1) The sum of $752,000 will be borrowed by the Issuer 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 Board of Commissioners of the County of New Hanover, sitting as the governing body of the Issuer, on September 4, 1990 for the purpose for which said bonds are authorized to be issued. Negotiable notes, each designated "Sanitary Sewer Bond Anticipation Note" (hereinafter referred to as the "Notes"), shall be issued for said sum so borrowed. (2) The Notes shall be dated October 30, 1990, shall be payable November 20, 1990 and shall bear interest from their date at a rate which shall not exceed twelve per centum (12\) per annum. Such interest shall be payable at the maturity of the Notes. Each of the Notes shall be signed by the Chairman of the governing body of the Issuer and the Clerk of the Issuer and the seal of the Issuer shall be affixed to each of the Notes. (3) The power to fix the rate of interest to be borne by the Notes and to determine the denomination or denominations of the Notes and the place of payment of the Notes is hereby del- egated to the Chairman of the governing body of the Issuer and the Clerk of the Issuer who are hereby authorized and directed to -2- . '. . cause the Notes to be prepared and to execute the Notes when they shall have been sold by the Local Government Commission of North Carolina. (4) The Chairman of the governing body of the Issuer and the Clerk of the Issuer are hereby authorized to make application to the Local Government Commission of North Carolina for its approval of the Notes in the manner prescribed by The Local Government Finance Act. Said Local Government Commission is hereby requested to sell the Notes in the manner prescribed by said Act. The Notes, when they shall have been sold by said Commission in the manner provided by law and when they shall have been executed in the manner prescribed by this resolution, shall be turned over to the state Treasurer of the state of North Carolina for delivery to the purchasers to whom they may be sold by said Commission. (5) The Issuer covenants to comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), to the extent required to preserve the exclusion from gross income of interest on the Notes for Federal income tax purposes. (6) The power to make any election on behalf of the Issuer with respect to the arbitrage rebate provisions of the Code applicable to the Notes is hereby delegated to the Chairman of the governing body of the Issuer. -3- . . . The motion having been duly seconded and the resolution having been considered, it was adopted by the following vote: AYES: NAYS: * * * * * -4- ," . . . "'" .: NEW HANOVER COUNTY WATER AND SEWER DISTRICT BOARD OF DISTRICT COMMISSIONERS REGULAR AGENDA Meeting Date 4 August 7, 1989 Item No. Item Description: Consideration of resolution providing for the private sale of $6,062,000.00 Sewer Bonds to the Farmers Home Administration. Person providing information or making presentation: Robert Pope Name County Attorney Title or Organization The Calmi.ssioners are requested to take the following action: Adopt resolution ~ ~ , Description of Attachments: Resolution Robert Pope Item initialed by Legal Department , O' . . . :.,.. ~ BOARD OF COMMISSIONERS NEW HANOVER COUNTY WILMINGTON, N.C. 28401 AGBHDA INFORMATIOR COVER SREBT Wqter & Sewer DLstrict AGBHDA ITEM HUMBER: MEETING DATE: AU9ust 7. 1989 SUMMARY OP INFORMATIOR: - Board of District Commissioners should consider adoption of Resolution providing for the private sale of $6,062,000.00 Sewer Bonds of the New Hanover County Water and Sewer District to the Farmers Home Administration. RBCOMMERDATION: - Adopt Resolution COORTY MANAGER' S RBCOMMERDATIOR OR COMMERTS: - Presentation BY: Countv Attorney ATTACBMERTS: - IJ YES I xl NO ~ Resolution to meetlng SIGNATURE: 'I:tfl<. Depar t Bead will be available prior DATE: Julv 25. 1989 RECEIVED JUI ~ I I:'.u~ ADM:I~IST~tATIVE OFFICE rmw lL~"lOV:ER CO.