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1994-01-03 RM Exhibits ( RESOLUTION OF THE NEW HANOVER COUNTY BOARD OF COMMISSIONERS WHEREAS, the New Hanover County Board of Commissioners lease and operate Hugh MacRae Park as a public recreation facility; and WHEREAS, it is the intent of the New Hanover County Board of Commissioners to operate and maintain Hugh MacRae Park at the highest level; and WHEREAS, the Division of Forest Resources of the North Carolina Department of Environment, Health, and Natural Resources has recommended a Forest Management Plan which will enhance and improve the health of the longleaf pine forest located on Hugh MacRae Park; and WHEREAS, said Forest Management Plan calls for the removal of approximately six hundred seventy (670) longleaf pine trees; NOW, THEREFORE, BE IT RESOLVED by the New Hanover County Board of Commissioners that the Director of the New Hanover County Parks Department be authorized to proceed with the sale and removal of said trees, in accordance with North Carolina General Statute 160A-267. this ~ day Of~ / HANOVER COU~ , 1994. NEW ~~~~ Robert G. Greer, Chairman Board of Commissioners NORTH CAROLINA STATE DEPARTMENT OF TRANSPORTATION REQUEST FOR ADDITION TO STATE MAINTAINED SECONDARY ROAD SYSTEM North Carolina County of New Hanover Road(s) Description: ROADS IN NORTHCHASE DEVELOPMENT WHEREAS, the attached petition has been filed with the Board of County Commissioners of the County of New Hanover requesting that the above described road(s), the location of which has been indicated in red on the attached map, be added to the Secondary Road System; and WHEREAS, the Board of county Commissioners is of the opinion that the above described road(s) should be added to the Secondary Road System, if the road(s) meets minimum standards and criteria established by the Division of Highways of the Department of Transportation for the addition of roads to the System. NOW, THEREFORE, be it resolved by the Board of commissioners of the County of New Hanover that the Division of Highways is hereby requested to review the above described road(s), and to take over the road(s) for maintenance if they meet established standards and criteria. CERTIFICATE The foregoing resolution was duly adopted by the Board of Commissioners of the County of New Hanover at a meeting on the 3rd day of January , 1994. h~my hand and official seal this the , 1994. ,y~ day of of Luc'e New over County Commissioners Form SR-2 Please Note: Forward direct to the District Engineer, Division of Highways. NORTH CAROLINA STATE DEPARTMENT OF TRANSPORTATION REQUEST FOR ADDITION TO STATE MAINTAINED SECONDARY ROAD SYSTEM North Carolina County of New Hanover Road(s) Description: OWLS LANE AND RED HAWK ROAD WHEREAS, the attached petition has been filed with the Board of County commissioners of the county of New Hanover requesting that the above described road(s), the location of which has been indicated in red on the attached map, be added to the Secondary Road System; and WHEREAS, the Board of County Commissioners is of the opinion that the above described road(s) should be added to the Secondary Road System, if the road(s) meets minimum standards and criteria established by the Division of Highways of the Department of Transportation for the addition of roads to the System. NOW, THEREFORE, be it resolved by the Board of Commissioners of the County of New Hanover that the Division of Highways is hereby requested to review the above described road(s), and to take over the road(s) for maintenance if they meet established standards and criteria. CERTIFICATE The foregoing resolution was duly adopted by the Board of Commissioners of the County of New Hanover at a meeting on the 3rd day of January , 1994. FSS :Y r hand and official seal this the , 1994. 1i~ day of Luc'e New nover County Commissioners of Form SR-2 Please Note: Forward direct to the District Engineer, Division of Highways. resolute.wp RESOLUTION OF THE BOARD OF COMMISSIONERS OF NEW HANOVER COUNTY WHEREAS, after due advertisement, bids were received and publicly opened by the Parks Department at 10:00 a.m. on the 3rd day of January, 1994, at the conference room at the New Hanover County Administration Annex Building, 414 Chestnut Street, Wilmington, North Carolina, and the following bid was received for the Carolina Courtyard Park Project: Luther T. Rogers, Inc. $115,191.00 AND WHEREAS, according to G.S. 143-132, if fewer than three bids are received after the first advertisement for a formal construction bid, a second advertisement of the proposal should be made and after this second advertisement, the award may be made even if only one bid has been received; AND WHEREAS, after the first advertisement, only one bid was received and as required by General Statutes the project was advertised a second time after which only one bid was received; AND WHEREAS, the bid received exceeded the budgeted estimate and as provided in G.S. 143-129 New Hanover County has negotiated with the only bidder making reasonable changes in the plans and specifications necessary to bring the contract price within funds available; AND WHEREAS, the Parks Director, the Finance Director and the County Manager recommend that the contract be awarded to Luther T. Rogers, Inc. of Wilmington, North Carolina, the only responsible bidder, in a negotiated amount of Ninety- five Thousand Seven Hundred Ninety-seven Dollars ($95,797.00); AND WHEREAS, funds have been previously appropriated and are now in Account No. 325-612-8220-7300-6320 to cover this contract; NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of New Hanover County that the contract for Carolina Courtyard Park Project for the Parks Department, be awarded to Luther T. Rogers, Inc., in a negotiated amount of Ninety- five Thousand Seven Hundred Ninety-seven Dollars ($95,797.00); and that the County is hereby authorized and directed to execute contract # 94-0179, contract form to be approved by the County Attorney. of January, 1994. ~~ Chairman, Board of County Commissioners ATTEST~ vi ~ ~~ the Board STATE OF NORTH CAROLINA ss.: COUNTY OF NEW HANOVER I, LUCIE F. HARRELL, Clerk to the Board of commissioners of the County hereinafter described, DO HEREBY CERTIFY as follows: 1. A ~~ukr meeting of the Board of Commissioners of the County of New Hanover, located in the State of North Carolina, was duly held on January 3, 1994, proper notice of such meeting having been given as required by North Carolina statutes, and minutes of said meeting have been duly recorded in the Minute Book kept by me in accordance with law for the purpose of recording the minutes of said Board. 2. I have compared the attached extract with said minutes so recorded and said extract is a true copy of said minutes and of the whole thereof insofar as said minutes relate to matters referred to in said extract. 3. Said minutes correctly state the time when said meeting was convened and the place where such meeting was held and the members of said Board who attended said meeting. IN WITNESS WHEREOF, I have hereunto set my hand and have hereunto affixed the corporate seal of said County, this ~ day of January, 1994. STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER ss.: I, LUCIE F. HARRELL, Clerk to the Board of Commissioners of the County of New Hanover, in the State of North Carolina, DO HEREBY CERTIFY that I have compared the attached copy of the debt statement with the original debt statement filed by the Finance officer of said County in the office of ~aid Clerk to the Board of commissioners on the ~day of December, 1993, and that said copy is a true copy of said statement and of the whole thereof. I FURTHER CERTIFY that said debt statement was filed by said Finance Officer on said last-mentioned date and has since it was so filed remained on file in the office of said Clerk to the Board of Commissioners and has been kept open to public inspection. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said County this 3rd day of January, 1994. " EXTRACTS FROM MINUTES OF THE BOARD OF COKKISSIONERS A regular meeting of the Board of Cormnissioners of the County of New Hanover was held on Monday, January 3, 1994 at 6: 30 p.m. in Room 100 of the New Hanover County Administration Building, 320 C1estnut street, Wilmington, North Carolina, and the following Canmissioners were present: PRESENT : Robert G. Greer, C1ainnan E.L. Mathews, Jr., Vice-Chainnan Sandra Barone William A. Caster William Sisson ABSENT : None * * * * The Clerk to the Board of commissioners reported to the Board of Commissioners that the bond orders entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER," and "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER," which had been introduced on December 21, 1993, had been published in a qualified newspaper on December ~, 1993, with notice that the Board would hold public hearings . thereon on January 3, 1994. The Clerk also reported that the County's Finance Officer had filed in the Clerk's office a statement of debt complying with the provisions of The Local Government Bond Act and such statement as filed showed the net indebtedness of the County to be 1.490 % of the appraised valuation of property in said County subject to taxation. Cormnissiom~r RHrnnp moved that the Board of Commis- sioners proceed to hold a public hearing on the community college bond order. The motion was seconded by Corru:nissioner Mathews and was unanimously adopted. At 7:26 o'clock, ~.M., the Chairman of the Board of commissioners announced that the Board of Commissioners would hear anyone who wished to be heard on the questions of the validity of the community college bond order and the advisability of issuing the bonds. At the direction of the Chairman of the Board of Commissioners, the Clerk to the Board of Commissioners read said bond order and the published notice of hearing. After the Board of commissioners had heard all persons who requested to be heard, Camnissionpr R:=lrnnp moved that the public hearing be closed. The motion was seconded by Cormnissioner Caster and was unanimously adopted. Cormnissioner Barone moved that the Board of Commis- sioners proceed to hold a public hearing on the school bond order. The motion was seconded by Camnissioner Caster and was unanimously adopted. At 7:30 o'clock, ~.M., the Chairman of the Board of Commissioners announced that the Board of Commissioners would hear anyone who wished to be heard on the questions of the validity of the school bond order and the advisability of issuing the bonds. At the direction of the Chairman of the Board of -2- commissioners, the Clerk to the Board of commissioners read said bond order and the published notice of hearing. After the Board of Commissioners had heard all persons / who requested to be heard, ('.omm; ss; nnpr M;::rrnpwc: moved that the public hearing be closed. The motion was seconded by Corru:nissioner Barone and was unanimously adopted. Cormnissioner Mathews moved that the Board of commissioners adopt without change or amendment and direct the Clerk to the Board of Commissioners to publish as prescribed by The Local Government Bond Act the bond orders entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER" and "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER," introduced at the meeting of the Board of Commissioners held on December 21, 1993. The motion was seconded by Camnissioner Caster and was adopted by the following vote: Robert G. Greer, Chainnan AYES: E.L. Mathews, Jr., Vice-Chainnan Sandra Barone WilliamA. Caster William Sisson NAYS: None Commissioner Caster moved the adoption of the following resolution which was read at length to the Board: WHEREAS, the Board of commissioners of the County of New Hanover has adopted the bond orders hereinafter described authorizing the issuance of $13,900,000 Community College Bonds and $39,900,000 School Bonds, and such bond orders and the indebtedness to be incurred by the issuance of such bonds and the -3- tax to be levied for the payment of such bonds should be submitted to the voters of the County of New Hanover for their approval or disapproval in order to comply with the Constitution and laws of North Carolina; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of New Hanover, as follows: (I) The questions whether the qualified voters of the County of New Hanover shall approve or disapprove (a) the indebtedness to be incurred by the issuance of the bonds of the County authorized by said bond orders, which indebtedness shall be secured by a pledge of the County's faith and credit, (b) the levy of a tax for the payment thereof, and (c) said bond orders shall be submitted to the qualified voters of said County at an election to be held in said County on March 8, 1994. (2) The Clerk to the Board of commissioners is hereby authorized and directed to publish a notice of said election which shall be in substantially the following form: -4- THE COUNTY OF NEW HANOVER. NORTH CAROLINA NOTICE OF SPECIAL BOND ELECTION NOTICE IS HEREBY GIVEN that a special bond election will be held in the County of New Hanover, North Carolina, on March 8, 1994, for the purpose of submitting to the qualified voters of said County the questions whether they shall approve or disapprove (1) the indebtedness to be incurred by the issuance of bonds of said County of the maximum principal amount of $13,900,000, which indebtedness shall be secured by a pledge of the County's faith and credit, and (2) the levy of a tax for the payment of such bonds, and (3) the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER," adopted by the Board of Commissioners to authorize the issuance of said bonds and the levy of such tax and whether they' shall approve or disapprove (1) the indebtedness to be incurred by the issuance of bonds of said County of the maximum principal amount of $39,900,000, which indebtedness shall be secured by a pledge of the County's faith and credit, and (2) the levy of a tax for the payment of such bonds, and (3) the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER," adopted by the Board of Commissioners to authorize the issuance of said bonds and the levy of such tax. The $13,900,000 Community College Bonds are authorized to pay capital costs of providing improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear communi~y -5- College, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor. The $39,900,000 School Bonds are authorized to pay capital costs of providing improvements to school facilities in the New Hanover County School Administrative Unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery, and equipment and the acquisition of land or rights-in-land required therefor. The ballots to be used at said election shall contain the words, "SHALL the order authorizing $13,900,000 of bonds secured by a pledge of the faith and credit of the County of New Hanover to pay capital costs of providing improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear Community College, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor, and a tax to be levied for the payment thereof be approved?", and the words, "SHALL the order authorizing $39,900,000 of bonds secured by a pledge of the faith and credit of the County of New Hanover to pay capital costs of providing improvements to school facilities in the New Hanover County School Administrative Unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery, -6- and equipment and the acquisition of land or rights-in-land required therefor, and a tax to be levied for the payment thereof be approved?", with squares labelled "YES" and "NO" beneath or beside such words in which squares the voter may record his choice. In the event a majority of the qualified voters voting at said election vote to approve a particular order, the incurring of indebtedness and the levy of a tax related thereto, said bonds authorized thereby shall be issued and taxes shall be levied for the payment of such bonds. The polls for the election will open at the hour of 6:30 o'clock, A.M. and will close at the hour of 7:30 o'clock, P.M. The precincts and polling places for the election will be as follows: -7- Precinct CF-1 CF-2 CF-3 FP-1 FP-2 FP-3 H-1 H-2 H-3 H-4 H-5 H-6 H-7 WB M-2 M-3 pollinq Place wrightsboro School 2716 Castle Hayne Road Castle Hayne Fire Department Jct. 117 & 132 Laney High School 2700 No. College Road Mail Processing Center 5675 Carolina Beach Road Old Town Hall Canal Drive, Carolina Beach Town Hall 117 No. 3rd, Kure Beach spring view Church 801 North College Road Ogden Rescue Squad 251 Military Cut-Off Bradley Creek School 6211 Greenville Loop Road College Park School 5001 Oriole Drive Noble Middle School 6620 Market Street Emmanuel Presbyterian Church 1402 No. College Road Ogden Volunteer Fire Dept. 7375 Market Street Wrightsville Beach School 220 Coral Drive Masonboro Baptist Church 1501 Beasley Road Moose Lodge 4610 Carolina Beach Road -8- M-4 M-5 W-1 W-2 W-3 W-4 W-5 W-6 W-7 W-8 W-9 W-10 W-11 W-12 united Advent Christian Church 5540 South College Road Myrtle Grove Baptist Church 5524 Myrtle Grove Road Dorothy B. Johnson School 1100 McRae Street Wilmington community Art Center 120 South 2nd Street Wilmington William Hooper School Annex 410 Meares Street Wilmington National Guard Armory 2221 Carolina Beach Road Wilmington Cape Fear Presbyterian Church 2606 Newkirk Avenue Wilmington Brogden Hall (New Hanover High School) 1221 Market Street, wilmington williston Middle School 401 South 10th Street Wilmington Lake Forest, Inc. 250 pinecrest Parkway Wilmington Annie B. Snipes School 2150 Chestnut Street wilmington Vesta Village Recreation Building, 1902 Manhattan Drive, Wilmington Fire station (Empie Park) 3403 Park Avenue, Wilmington Forest Hills school 410 Colonial Drive, wilmington -9- ~ W-13 winter Park Presbyterian Church, 4501 Wrightsville Avenue, Wilmington W-14 Roland Grise Middle School 4412 Lake Avenue, Wilmington W-15 William Blount School 3702 Princess Place Drive Wilmington W-16 pine Valley School 440 John S. Mosby Drive Wilmington W-17 YWCA 2815 South College Road Wilmington W-18 Fire station (Muni Golf Course) 310 South Wallace Avenue, wilmington The registration records for said election will be kept open at the office of the New Hanover County Board of Elections, 24 North Third Street, in wilmington, from 8:00 o'clock A.M., until 5:00 o'clock, P.M., each weekday, through February 14, 1994. Voters may also register at the following locations and hours through February 14, 1994:' Location Hours New Hanover County Main Library 201 Chestnut Street wilmington 9:00 o'clock A.M. until 9:00 o'clock P.M. each Monday through Thursday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Friday.; 9:00 o'clock A.M. until 5:00 o'clock P.M. each Saturday; and 1:00 o'clock P.M. until 5:00 o'clock P.M. each Sunday. -10- Carolina Beach Branch Library 30 Cape Fear Boulevard Carolina Beach 10:00 o'clock A.M. until 8:00 P.M. each Monday; and 10:00 o'clock A.M. until 6:00 o'clock P.M. each Tuesday through Friday. Myrtle Grove Branch Library 4144 South College Road Wilmington 9:00 o'clock A.M. until 8:00 P.M. each Monday through Wednesday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Thursday and Friday; and 10:00 A.M. o'clock until 5:00 o'clock P.M. each saturday. Plaza East Branch Library 1942 Eastwood Road wilmington 9:00 o'clock A.M. until 8:00 o'clock P.M. each Monday through Wednesday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Thursday and Friday; and 10:00 o'clock A.M. until 5:00 o'clock P.M. each Saturday. N.C. Department of Motor Vehicles 1 station Road wilmington Only during regular hours while processing driver's license. N.C. Department of Motor Vehicles 2390 Carolina Beach Road Wilmington Only during regular hours while processing driver's license. Additionally, the Registrars, Judges of Election and Special Registration Commissioners may register voters through February 14, 1994. The Registrars, Judges and Special Registration Commissioners may be reached through the Board of Elections at the address set forth above or by calling (910) 341- 4060. The last day of registration for the special election shall be February 14, 1994. -11- , , I ~ .' Any qualified voter who (1) expects to be absent from the County during the entire period that the polls are open on said election day, or (2) because of sickness or other physical disability will be unable to be present at the polls to vote in person on said day, or (3) is incarcerated and otherwise entitled to vote in said election or (4) is an employee of the New Hanover County Board of Elections and his assigned duties on the day of election will cause him to be unable to vote in person, may apply for an absentee ballot to be used in voting at said election. Information concerning the time and manner for applying for an absentee ballot, including the last day for making such application, can be obtained from the New Hanover County Board of Elections at the Board's office in wilmington, North Carolina. By order of the Board of Commissioners of the County of New Hanover. Lucie F. Harrell Clerk, Board of Commissioners County of New Hanover, North Carolina said notice of special election shall be published at least twice. The first publication shall be not less than 14 days and the second publication not less than 7 days before the last day on which voters may register for the special election. (3) The New Hanover County Board of Elections is hereby requested to print and distribute the necessary ballots -12- ..... .J . . and to provide the equipment for the holding of said election and to conduct and to supervise said election. (4) The Clerk to the Board of Commissioners shall mail or deliver a certified copy of this resolution to the New Hanover County Board of Elections within three days after the resolution is adopted. €GmmissiGDl?1; Barone seconded the motion and the NAYS: by the following vote: Robert G. Greer, Chainnan E.L. Mathews, Jr., Vice-Chainnan Sandra Barone William A. Caster William Sisson None motion was adopted AYES: * * * * * -13- THE COUNTY OF NEW HANOVER, NORTH CAROLINA NOTICE OF SPECIAL BOND ELECTION NOTICE IS HEREBY GIVEN that a special bond election will be held in the County of New Hanover, North Carolina, on March 8, 1994, for the purpose of submitting to the qualified voters of said County the questions whether they shall approve or disapprove (I) the indebtedness to be incurred by the issuance of bonds of said County of the maximum principal amount of $13,900,000, which indebtedness shall be secured by a pledge of the County's faith and credit, and (2) the levy of a tax for the payment of such bonds, and (3) the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER," adopted by the Board of Commissioners to authorize the issuance of said bonds and the levy of such tax and whether they shall approve or disapprove (1) the indebtedness to be incurred by the lssuance of bonds of said County of the maximum principal amount of $39,900,000, which indebtedness shall be secured by a pledge of the County's faith and credit, and (2) the levy of a tax for the payment of such bonds, and (3) the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER," adopted by the Board of Commissioners to authorize the issuance of said bonds and the levy of such tax. The $13,900,000 Community College Bonds are authorized to pay capital costs of providing improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear Community -5- College, and including ~he acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor. The $39,900,000 School Bonds are authorized to pay capital costs of providing improvements to school facilities in the New Hanover County School Administrative Unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery, and equipment and the acquisition of land or rights-in-land required therefor. The ballots to be used at said election shall contain the words, "SHALL the order authorizing $13,900,000 of bonds secured by a pledge of the faith and credit of the County of New Hanover to pay capital costs of providing improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear community College, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor, and a tax to be levied for the payment thereof be approved?", and the words, "SHALL the order authorizing $39,900,000 of bonds secured by a pledge of the faith and credit of the County of New Hanover to pay capital costs of providing improvements to school facilities in the New Hanover County School Administrative unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery, -6- and equipment and the acquisition of land or rights-in-land required therefor, and a tax to be levied for the payment thereof be approved?", with squares labelled "YES" and "NO" beneath or beside such words in which squares the voter may record his choice. In the event a majority of the qualified voters voting at said election vote to approve a particular order, the incurring of indebtedness and the levy of a tax related thereto, said bonds authorized thereby shall be issued and taxes shall be levied for the payment of such bonds. The polls for the election will open at the hour of 6:30 o'clock, A.M. and will close at the hour of 7:30 o'clock, P.M. The precincts and polling places for the election will be as follows: -7- Precinct CF-1 CF-2 CF-3 FP-1 FP-2 FP-3 H-1 H-2 H-3 H-4 H-5 H-6 H-7 WB M-2 M-3 Po1linQ Place wrightsboro School 2716 Castle Hayne Road Wilmington Castle Hayne Fire Department Jet. 117 & 132 Castle Hayne Laney High School 2700 No. College Road Wilmington Mail Processing Center 5675 Carolina Beach Road Wilmington Old Town Hall Canal Drive, Carolina Beach Town Hall 117 No. 3rd, Kure Beach spring View Church 801 North College Road Wilmington Ogden Rescue Squad 251 Military Cut-Off Wilmington Bradley Creek School 6211 Greenville Loop Road Wilmington College Park School 5001 oriole Drive Wilmington Noble Middle School 6620 Market Street Wilmington Emmanuel Presbyterian Church 1402 No. College Road Wilmington Ogden Volunteer Fire Dept. 7375 Market Street Wilmington Wrightsville Beach School 220 Coral Drive Wrightsville Beach Masonboro Baptist Church 1501 Beasley Road Wilmington Moose Lodge 4610 Carolina Beach Road Wilmington -8- M-4 M-5 W-1 W-2 W-3 W-4 W-5 W-6 W-7 W-8 W-9 W-10 W-11 W-12 -9- united Advent Christian Church 5540 South College Road Wilmington Myrtle Grove Baptist Church 5524 Myrtle Grove Road Wilmington Dorothy B. Johnson School 1100 McRae Street Wilmington Community Art Center 120 South 2nd Street Wilmington William Hooper School Annex 410 Meares Street Wilmington National Guard Armory 2221 Carolina Beach Road Wilmington Cape Fear Presbyterian Church 2606 Newkirk Avenue Wilmington Brogden Hall (New Hanover High School) 1221 Market Street, Wilmington williston Middle School 401 South 10th Street Wilmington Lake Forest, Inc. 250 pinecrest Parkway wilmington Annie B. Snipes School 2150 Chestnut Street Wilmington Vesta Village Recreation Building, 1902 Manhattan Drive, Wilmington Fire station (Empie Park) 3403 Park Avenue, Wilmington Forest Hills School 410 Colonial Drive, Wilmington W-13 winter Park Presbyterian Church, 4501 wrightsville Avenue, Wilmington W-14 Roland Grise Middle School 4412 Lake Avenue, Wilmington W-15 William Blount School 3702 Princess Place Drive wilmington W-16 pine Valley School 440 John S. Mosby Drive Wilmtngton W-17 YWCA 2815 South College Road Wilmington W-18 Fire station (Muni Golf Course) 310 South Wallace Avenue, Wilmington The registration records for said election will be kept open at the office of the New Hanover County Board of Elections, /Room 101 24 North Third Street, in Wilmington, from 8:00 o'clock A.M., until 5:00 o'clock, P.M., each weekday, through February 14, 1994. Voters may also register at the following locations and hours through February 14, 1994: Location Hours New Hanover County Main Library 201 Chestnut Street Wilmington 9:00 o'clock A.M. until 9:00 o'clock P.M. each Monday through Thursday; 9:00 o'clock A.M~ until 6:00 o'clock P.M. each Friday; 9:00 o'clock A.M. until 5:00 o'clock P.M. each Saturday; and 1:00 o'clock P.M. until 5:00 o'clock P.M. each Sunday. -10- Carolina Beach Branch Library 30 Cape Fear Boulevard Carolina Beach 10:00 o'clock A.M. until 8:00 P.M. each Monday; and 10:00 o'clock A.M. until 6:00 o'clock P.M. each Tuesday through Friday. Myrtle Grove Branch Library 4144 South College Road Wilmington 9:00 o'clock A.M. until 8:00 P.M. each Monday through Wednesday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Thursday and Friday; and 10:00 A.M. o'clock until 5:00 o'clock P.M. each Saturday. Plaza East Branch Library 1942 Eastwood Road Wilmington 9:00 o'clock A.M. until 8:00 o'clock P.M. each Monday through Wednesday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Thursday and Friday; and 10:00 o'clock A.M. until 5:00 o'clock P.M. each Saturday. N.C. Department of Motor Vehicles 1 station Road Wilmington Only during regular hours while processing driver's license. N.C. Department of Motor Vehicles 2390 Carolina Beach Road Wilmington DMV Express Office - Eckerds Drugs Only durlng regular hours while ~50~ Oleander Dr. - Hanover Center processing driver's license. Wllmlngton Additionally, the Registrars, Judges of Election and Only during regular hours while processing driver's license. Special Registration Commissioners may register voters through February 14, 1994. The Registrars, Judges and Special Registration Commissioners may be reached through the Board of Elections at the address set forth above or by calling (910) 341- 4060. The last day of reglstration for the special election shall be February 14, 1994. -11- Any qualified voter who (1) expects to be absent from the County during the entire period that the polls are open on said election day, or (2) because of sickness or other physical disability will be unable to be present at the polls to vote in person on said day, or (3) is incarcerated and otherwise entitled to vote in said election or (4) is an employee of the New Hanover County Board of Elections and his assigned duties on the day of election will cause him to be unable to vote in person, may apply for an absentee ballot to be used in voting at said election. Information concerning the time and manner for applying for an absentee ballot, including the last day for making such application, can be obtained from the New Hanover County Board of Elections at the Board's office In wilmington, North Carolina. By order of the Board of Commissioners of the County of New Hanover. Lucie F. Harrell Clerk, Board of Commissioners County of New Hanover, North Carolina said notice of special election shall be published at least twice. The first publication shall be not less than 14 days and the second publication not less than 7 days before the last day on which voters may register for the special election. (3) The New Hanover county Board of Elections is hereby requested to print and distribute the necessary ballots -12- and to provide the equipment for the holding of said election and to conduct and to supervise said election. (4) The Clerk to the Board of Commissioners shall mail or deliver a certified copy of this resolution to the New Hanover County Board of Elections within three days after the resolution is adopted. Corrunissioner Barone seconded the motion and the motion was adopted by the following vote: Robert G. Greer, d1airman AYES: E.L. Mathews, Jr., Vice-d1airman Sandra Barone William A. Caster William Sisson None NAYS: * * * * * -13- ~.; NOTICE OF ADOPTION OF BOND ORDER "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER" WHEREAS, the Board of Commissioners of the County of New Hanover has received and considered a resolution from the Board of Trustees of Cape Fear Community College including a request that the Board of Commissioners provide and improve additional community College facilities in the County; and WHEREAS, the Board of Commissioners of the County of New Hanover deems it advisable to make the improvements hereinafter described; and WHEREAS, the Board has caused to be filed with the Secretary of the Local Government Commission of North Carolina an application for 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 filed and accepted for submission to the Local Government Commission; NOW, THEREFORE, BE IT ORDERED by the Commissioners of the County of New Hanover, as follows: Section 1. The Board of Commissioners of the County of New Hanover has ascertained and hereby determines that it is necessary to provide improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear Community College, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land ~ -4 or rights-in-land required therefor, and to pay capital costs of such improvements. section 2. In order to raise the money required to pay capital costs of providing the improvements as set forth above, in addition to any funds which may be made available for such purpose from any other sources, bonds of the County of New Hanover are hereby authorized and shall be issued pursuant to The Local Government Finance Act of North Carolina. The maximum aggregate principal amount of said bonds authorized by this bond order shall be $13,900,000. section 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 to the Board of Commissioners and is open to public inspection. section 5. This bond order shall take effect when approved by the voters of the County at a referendum. The foregoing order was adopted on the 3rd day of January, 1994 and is hereby published this 6th day of January, 1994. Any action or proceeding questioning the validity of the order must be begun within 30 days after the date of publication of this notice. Lucie F. Harrell Clerk, Board of Commissioners County of New Hanover, North Carolina -2- .. , -/ NOTICE OF ADOPTION OF BOND ORDER "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER" WHEREAS, the Board of Commissioners of the County of New Hanover has received and considered a resolution from the New Hanover County Board of Education including a request that the Board of Commissioners provide and improve additional school facilities in the New Hanover County School Administrative Unit; and WHEREAS, the Board of Commissioners of the county of New Hanover deems it advisable to make the improvements hereinafter described; and WHEREAS, the Board has caused to be filed with the Secretary of the Local Government Commission of North Carolina an application for 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 filed and accepted for submission to the Local Government Commission; NOW, THEREFORE, BE IT ORDERED by the Commissioners of the County of New Hanover, as follows: section 1. The Board of Commissioners of the County of New Hanover has ascertained and hereby determines that it is necessary to provide improvements to school facilities in the New Hanover County School Administrative Unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor, and to pay capital costs of such improvements. section 2. In order to raise the money required to pay capital costs of providing the improvements as set forth above, in addition to any funds which may be made available for such purpose from any other sources, bonds of the County of New Hanover are hereby authorized and shall be issued pursuant to The Local Government Finance Act of North Carolina. The maximum aggregate principal amount of said bonds authorized by this bond order shall be $39,900,000. Section 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 to the Board of Commissioners and is open to public inspection. Section 5. This bond order shall take effect when approved by the voters of the County at a referendum. The foregoing order was adopted on the 3rd day of January, 1994 and is hereby published this 6th day of January, 1994. Any action or proceeding questioning the validity of the order must be begun within 30 days after the date of publication of this notice. Lucie F. Harrell Clerk, Board of Commissioners County of New Hanover, North Carolina -2- AFFIDAVIT OF PUBLICATION STATE OF NORTH CAROLINA, COUNTY OF NEW HANOVER NOTICE OF PUBLIC HEARING "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 , COMMUNITY COLLEGE BONDS ' OF THE COUNTY OF NEW HANOVER" Before the undersigned, a Notary Public of said County and State, JACOB BRINSON who, being duly sworn or affirmed, according to the law, says that he/she is CLASSIfIED ADVERTISING MANAGER WHEREAS, the Board of Com- , missioners of the County of New: Hanover has received and consid- , ered a resolution from the Board of : Trustees of Cape Fear Community College including a request that the Board of Commissioners provide and , improve additiorial Community CoI- , lege facilities in the County; and WHEREAS, Board of Commis- sioners of the County of New Hano- : ver deems ~ advisable to make the improvements hereinafter described; I and . I of THE WILMINGTON STAR-NEWS, INC., a corporation organized and doing business under the Laws of the State of North Carolina, and publishing a newspaper known as WILMINGTON MORNING STAR & SUNDAY STAR-NEWS in the City ofWilrnington NOTICE Of PUBLIC HEARING@@BOND ORDERAUTHORIZING THEISSUANCE OF $13~900~OOOCOMMUNITY COllEG COMMUNITY COl'lE WHEREAS, the Board has' caused to be filed ~h the Secretary of the Local Government Commis- sion of North Carolina an application for Commission approval of the bonds hereinafter described as re- quired the The Local Government FI- ' = ~e~~e ~~:ro~f ~~ notified the Board that the application , has been filed and accepted for sub- mission to the Local Government Commission; NOW, THEREFORE, BE IT ORDERED by tha Com- missioners of the County of New Hanover, as follows: Section 1 The Board of Com- 1 missioners of the County of New Hanover has ascertained and hereby , determines that ~ is necessary to pro- videimprovemants to community col- lege facilities, including the construe- I lion of new facil~ies and expansion of existing faciltties at Cape Fear Com- : munity CoIl9!je, and including the ac- I quis~ion and Installation of necessary , fuJriishings, machinery and equip- m<int and the acquisition of land or rights-in-Iand required therefor, and to pay cap~ costs of such improve- ments. Section 2. In order to raise the money required to pay cap~ costs of providing the improvements as set forth above, in addition to any funds which may be made available for such purpose from any other sources, bonds of the County of New Hanover are hereby authonzed and ~o~~~ed Ffr.:ant ~ r::r~' Carolina. The maximum aggregate principal amount of said bonds autho- rized by this bond order shall be $13,900,000. Section 3. A tax sufticient to pay .the principal of and interest on said bonds when due shall be annually levied and collected. Section 4. A sworn statement of ~: ~~;:V;g 'It,~ ~~r ~~~ davit with the advertisement thereto annexed it is adjudged by the Court that the said publication was duly and properly ma, sioners and is open to public inspec- n duly and legally served on the defendant(s). tion. J Section 5. This bond order shall take effect when approved by the VOl- I ers of the County at a refarendum. '--, 19_ , The foregoing bond order has : been introduced and a sworn state- ' Clerk of Superior Court . ment of debt has been filed under: The Local Government Bond Act showing the appraised value of the ! County of New Hanover to be, $7,529,744,000 and the net debt thereof, including the proposed I bonds, to be $112,165,309. A tax will be levied to pay the principal of and interest on the bonds ~ they are is- sued. Anyone who wishes to be! heard on the questions of the validity of the bond order and the advisability I olissuing the bonds may appear at a I' f h~aribenghe% :' 3~~=~ , <JOin 100, in Wilmington, . at..6:3O o'clock, P.M., '~-8P~ary:ir!!$~,;, lucie'F Harrllll r1< to the . of Commissioners ""'-- .,..".Cou~lY, of N~.tl8f1C!V..!':.. was inserted in the aforesaid newspaper in space, and on dates as follows: 12/23.1X 1993 and at the time of such publication Wilmington Star-News was a newspaper meeting all the requirements and qualifications prescribed by Sec. No. 1-597 G.S. of N C. CLASSIFIED ADV. 24TH 1'I,GR Title Sworn or affirmed to, and subscribed before me, this 'day of'OEC ,A.D.,1993 . In Testimony Whereof, I have hereunto set my hand and affixed niy official seal, the day and year aforesaid. '-ftJ~ ~N~","blk My commission expires 21 day of JUNE 19 94 , - AFFIDAVIT OF PUBLICATION STATE OF NORTH CAROLINA, COUNTY OF NEW HANOVER NOTICE OF PUBLIC HEARING -, "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF N~ HANOVER" WHEREAS, the Board of Com- missioners of the County of New Hanover has received and consid- ered a resolution from the New Hano- ver County Board of Education in- cluding a requ9st that the Board of Commissioners provide and improve additional school facil~ies in the New Hanover County School Board Ad- ministrative Un~; and WHEREAS, the Board of Corn- missioners of the County of New Hanover deems ~ advisable to make the improvements hereinafter de- scribed; and WHEREAS, the Board has caused to be, filed with the Secretary of the LocaJ - Government Commis- sion of North Carol=-na an Ilcation for Commission of the bonds hereinafter ascribed as re- quired the The LocaJ Government Fi- =~~e~f': notified the Board that the application has been filed and accepted lor sub- mission to the LocaJ Government Commission; NOW. THEREFORE. BE IT ORDERED by the Com- missioners of ,the County of New Hanover. as follows: Section 1. The Board of Com- missioners of the County of New Hanover has ascertained and hereby d~ines that ~ is ~ to pro- '~::.:.m~;:e:~~ = Administrative Un~, incl~ing the cons1ruclion of new schools and the renovation and expansion of existing schoollacilities. and including the 8C- quis~ion and installation of necessary fumishings, machinery and equip- ment -and the aoquisition of land or rights-in-land required therefor, and to pay cap~ costs 01 such improve- ments. Before the undersigned, a Notary Public of said County and State, JACOB BRINSON who, being duly sworn or affirmed, according to the law, says that he/she is CLASSIFIED ADVERTISING MANAGER of THE WILMINGTON STAR-NEWS, INC., a corporation organized and doing business under the Laws of the State of North Carolina, and publishing a newspaper known as WILMINGTON MORNING STAR & SUNDAY STAR-NEWS in the City of Wilmington NOTICE OF PUBLIC HEARING@i60ND ORDERAUTHORIZING THEISSUANCE OF $39.900.,OOOSCHCOL BONOS OF SCHOeL BONOS was inserted in the aforesaid newspaper in space, and on dates as follows: A :TH:12/23,lX 1993 and at the time of such publication Wilmington Star-News was a newspaper meeting all the requirements and qualifications prescribed by Sec. No. 1-597 G.S. of N.C. " " Title Sworn or affirmed to, and subscribed before me, this CLASSIFIED ADV. 23RO MGR day Section 2. In order to rsise the money required to pay cap~ costs of providing the improvements as se1 forth above. in addition to any funds which may be made available for such purpose from any other sources. bonds of the County 01 New Hanover are hereby authorized and shall be issued pursuant to The LocaJ 'Government FInance Act of North Carolina. The maximurn aggregate principal amount of said bonds aulho- , rized by this bond order shall be J' $39,900.000. Section 3. A tax sufficient to pay the principal of and interest on said , bonds when due shall be annually I levied and collected. Section 4_ A sworn stalementol )ffidavit with the advertisement thereto annexed it is adjudged by the Court that the said publication was duly and properly ~:~~~;~c::~~~~~ been duly and legally served on the defendant(s) sioners and is open to public inspec- tion. DEe of 93 ,A.D., 19_ In Testimony Whereof, I have hereunto set my hand and affixed my official seal, the day and year aforesaid. '1lJ~ '~N_,"bl;' My commission expires 21st d f JUNE ay 0 ,19 94 Section 5. This bond order shall 19 take effect when approved by the vol- -, - ers of the County at a referendum. The foregoing bond order has been introduced 'and a sworn state- ment of debt has been filed under The LocaJ Government Bond Act showing the appraised value of the County of New Hanover to be $7,529.744,000 and the net debt thereof, including the proposed . bonds. to be $112,165,309. A tax will be levied to pay the principal of and interest on the bonds n they are is- sued. Anvone who wishes to be heard on the questions 01 the vaJid~ of the bond order and the advisabil~ of issuing the bonds may appear at a ' public hearing or an edJournment , thereof to be held at 320 Chestnut ~~~~ ~o:?~nn,=i~. Clerk of Superior Court STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER ss.: I, LUCIE F. HARRELL, Clerk of the Board of Commissioners of the County hereinafter described, DO HEREBY CERTIFY, as follows: 1. A regular meeting of the Board of Commissioners of the County of New Hanover, a county in the State of North Carolina, was duly held on January 3, 1994, proper notice of such meeting having been given as required by North Carolina statutes, and minutes of said meeting have been duly recorded in the Minute Book kept by me in accordance with law for the purpose of recording the minutes of said Board. 2. I have compared the attached extract with said minutes so recorded and said extract is a true copy of said minutes and of the whole thereof insofar as said minutes relate to matters referred to in said extract. 3. Said minutes correctly state the time when said meeting was convened and the place where such meeting was held and the members of said Board who ~ttended said meeting. IN WITNESS WHEREOF, I have hereunto set my hand and have hereunto affixed the corporate seal of said County this ~~ day of January, 1994. ~, EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS A regular meeting of the Board of Commissioners of the County of New Hanover was held on Monday, January 3, 1994 at 6:30 p.m. in Room 100 of the New Hanover County Administration Building, 320 Chestnut street, Wilmington, North Carolina, and the followiD-g Commissioners were present: PRESENT:. Robert G. Greer, Chairman E.L. Mathews, Jr., Vice-Chairman Sandra Barone William A. Caster William Sisson ABSENT.:. None * * * * * * * * Commissioner Si sson presented the following resolution and moved that it be adopted: WHEREAS, the bond order hereinafter described has been adopted, 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 $17,000,000 refunding bond order adopted by the Board of Commissioners on December 6, 1993, the Issuer shall issue its bonds of the aggregate principal amount of $13,030,000. The Bonds shall be designated "Public Improvement Refunding Bonds, Series 1994" (hereinafter referred to as the "Bonds"). The Bonds shall be dated January 1, 1994 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 June 1, 1994 and semi-annually thereafter on December 1 and June 1. The Bonds shall mature, subject to adjustment and to the right of prior redemption as hereinafter set forth, annually on June 1, as follows: Principal Principal Year Amount Year Amount 1994 $ 380,000 2002 $1,390,000 1995 500,000 2003 1,280,000 1996 410,000 2004 1,055,000 1997 410,000 2005 1,045,000 1998 1,035,000 2006 1,035,000 1999 965,000 2007 730,000 2000 1,160,000 2008 125,000 2001 1,410,000 2009 100,000 Debt service 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 a debt service payment date. The Bonds shall be deemed to refund each issue of bonds being refunded within the period of usefulness of the capital project being financed by each issue of bonds being refunded. 2. 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 -2- 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 June 1 as set forth in the foregoing maturity schedule, in clearinghouse funds 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 determines not to continue to act as securities depository for the Bonds, or (b) the Issuer determines 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 form 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 and any redemption premium on the Bonds shall be payable in any coin or currency of the united states of America which is legal tender for the payment of public and private debts on the respective dates of payment thereof. 3. The Bonds shall bear the manual or facsimile signatures of the Chairman and the 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 executed as provided hereinafter. -3- 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 time 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. 4. The Bonds and the endorsements thereon shall be in substantially the following form: -4- NO. R- $ United states of America state of North Carolina COUNTY OF NEW HANOVER PUBLIC IMPROVEMENT REFUNDING BOND, SERIES 1994 INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP June 1, January 1, 1994 REGISTERED OWNER: CEDE & CO. PRINCIPAL SUM: DOLLARS 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 the registered owner named above, on the date specified above, upon surrender hereof, at the office of the Director of Finance of the County, 320 Chestnut Street, wilmington, North Carolina 28401 (the "Paying Agent"), the principal sum shown above and to pay to the registered owner hereof, by check mailed to the registered owner at his address as it appears on the bond registration books of the County, interest on such principal sum from the date of this bond or from the June 1 or December 1 next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is a June 1 or December 1 to which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on June 1, 1994 and semi-annually thereafter on December 1 and June 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 payment 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 respective dates of payment thereof. -5- This bond is issued in accordance 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 December 6, 1993 (the "Bond Order") and resolutions adopted by said Board of Commissioners (the "Resolutions") to provide funds to pay and refund a portion of the County's outstanding General Obligation Refunding Bonds, dated December 1, 1985, Museum Bonds, dated September 1, 1989, Airport Bonds, dated July 1, 1989, and Parks and Recreational Facilities Bonds, dated November 1, 1990. 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 ("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. 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 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. The bonds maturing on and after June 1, 2004 shall be subject to redemption prior to their stated maturities at the option of the County on or after June 1, 2003, 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 period of twelve months 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 (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; 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 Paying Agent 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 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. If less than all of the bonds of different maturities are called for redemption, the bonds or portions of -6- bonds to be redeemed shall be called in the inverse order of their maturities. 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 redemption of such bonds or portions thereof on such date and, if moneys for payment of such redemption price and the accrued interest are held by the Bond Paying Agent as provided in the Resolutions, interest on the bonds or the portions thereof so called for redemption shall cease to accrue. If a portion of this bond shall be called for redemption, a new bond or bonds in principal amount equal to the unredeemed portion hereof will be issued to DTC or its nominee upon the surrender hereof. The Director of Finance of the County (the "Bond Registrar") shall keep at his office the books of said County for the registration of transfer of bonds. The transfer of this bond may be registered only upon such books and as otherwise provided in the Resolutions 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 in 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. 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 ln whole or in part pursuant to the Resolutions. 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. -7- 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 Resolutions 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 execution by the Bond Registrar of the certificate of authentication endorsed hereon. IN WITNESS WHEREOF, the County has caused this bond [to be manually signed by] [to bear the facsimile signatures of] the Chairman and the Clerk of the Board of Commissioners of the County and [a facsimile of] its official seal to be [imprinted] [impressed] hereon, and this bond to be dated January 1, 1994. 1?Jd/JA'L - Chairman, Board of Commissioners (SE -8- 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 AUTHENTICATION This bond is one of the Bonds of the issue designated herein and issued under the provisions of the within-mentioned bond order and resolutions. COUNTY OF NEW HANOVER Director of Finance, as Bond Registrar ~ Authorizetl Signatory V By Date of Authentication: -- /- t/-tJt) -9- ASSIGNMENT FOR VALUE 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: -10- 5. The Bonds maturing on and after June 1, 2004 shall be subject to redemption prior to their stated maturities at the option of the Issuer on or after June 1, 2003, 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 period of twelve months 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 (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; 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 hereinafter designated Paying Agent 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 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. If less than all of the Bonds of different maturities are called for redemption, the Bonds or portions of Bonds to be redeemed shall be called in the inverse order of their maturities. Not more than forty-five (45) nor less than thirty (30) days before the redemption date ot 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 notice 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 Paying Agent to pay the principal of and the redemption premium, if any, on 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 payable at the redemption price provided therefor, plus accrued interest to such date. If moneys sufficient to pay the redemption price of the Bonds or portions thereof to be redeemed, plus accrued interest thereon to the date -11- fixed for redemption, are held by the Paying Agent in trust for the registered owners of Bonds or portions thereof called for redemption, such Bonds or portions thereof shall cease to be entitled to any benefits or security under this resolution or to be deemed outstanding, and the registered owners of such Bonds or portions thereof shall have no rights in respect thereof except to receive payment of the redemption price thereof, plus accrued interest to the date of redemption. If a portion of a Bond shall be selected for redemp- tion, the registered owner thereof or his attorney or legal representative shall present and surrender such bond to the paying Agent for payment of the principal amount thereof so called for redemption and the redemption premium, if any, on such principal amount, 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. 6. 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 equaI- to the unredeemed principal amount of such Bond so surrendered, of the same maturity and bearing interest at the same rate. 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 -12- 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 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 pursuant to this section. 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 or redemption price 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. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. 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 within a reasonable time according to then commercial standards and for the timely payment of principal, interest and any redemption premium with respect to the Bonds. The Director of Finance 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 at 320 Chestnut Street, Wilmington, North Carolina 28401 the books of the Issuer for the registration, registration of transfer, exchange and payment of the Bonds as provided in this resolution. 7. 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 Bonds and another rate or rates for the balance of the Bonds. subject to the following sentence, 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 adjust the aggregate principal amount of the Bonds and the principal amount of each maturity of the Bonds both prior to and after the opening of bids for the Bonds. Changes to be made prior to the opening of bids will be communicated by Munifacts wire not later than 5:00 o'clock p.m., North Carolina Time on the day prior to the opening of the bids. The Issuer hereby further reserves the right to increase or decrease the aggregate principal amount of the Bonds by an amount not to exceed -13- $1,000,000 following the opening of bids and to increase or decrease the principal amount of any maturity of the Bonds by an amount not to exceed $140,000 per maturity following the opening of the bids. In the event of such increase or decrease in the aggregate principal amount of the Bonds, the purchase price of the Bonds will be accordingly increased or decreased by the amount of such increase or decrease. 8. The Chairman and the Clerk of the Board of Commissioners of the Issuer are hereby authorized and directed to cause the Bonds to be prepared and, when they shall have been duly sold by said 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. 9. 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 Bonds for Federal income tax purposes. 10. 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 & Trust Company, in the form presented to the Board (draft of 12/23/93) 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. The Chairman and the Clerk of the Board of Commissioners, the Director of Finance 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 papers and to perform 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. 12. The power to make any election on behalf of the Issuer with respect to the arbitrage rebate provisions of the Code applicable to the Bonds is hereby delegated to the Chairman of the Board of Commissioners and the Director of Finance of the Issuer. -14- The motion having been duly seconded, and the resolution having been considered, it was adopted by the following vote: Robert ":G. Greer, Chairman AYES: E.L. Mathews, Jr.., Vice-Chainnan Sandra Barone William A. Caster NAYS: William Sisson INone * * * * * -15- ~, (PUBLIC IMPROVEMENT) LLG&M DRAFT 12/23/93 ESCROW DEPOSIT AGREEMENT This ESCROW DEPOSIT AGREEMENT, dated January 25, 1994, by and between the County of New Hanover, North Carolina (the "County") and First-citizens Bank & Trust Company, Raleigh, North Carolina, as escrow agent hereunder (the "Escrow Agent") : WITNESSETH: WHEREAS, the County, pursuant to The Local Government Finance Act and bond orders adopted by the Board of Commissioners of the County on October 28, 1985, issued its $17,400,000 General obligation Refunding Bonds, dated December 1, 1985, and $4,825,000 of the General Obligation Refunding Bonds, stated to mature in installments on September 1 in each of the years 1995 to 2002, inclusive, are outstanding (the "1985 Refunding Bonds"); and WHEREAS, the County, pursuant to The Local Government Finance Act and a bond order adopted by the Board of Commissioners of the County on October 5, 1987, issued its $1,800,000 Airport Bonds, dated July 1, 1989 and $1,230,000 of the Bonds, stated to mature in installments on June 1 in each of the years 2000 to 2009, inclusive, are outstanding (the "Airport Bonds"); and WHEREAS, the County, pursuant to The Local Government Finance Act and a bond order adopted by the Board of Commissioners of the County on January 26, 1987, issued its $4,200,000 Museum Bonds, dated September 1, 1989, and $2,850,000 of the Museum Bonds, stated to mature in installments on March 1 in each of the years 2000 to 2007, inclusive, are outstanding (the "Museum Bonds"); and WHEREAS, the County, pursuant to The Local Government Finance Act and a bond order adopted by the Board of Commissioners of the County on August 7, 1989, issued its $5,000,000 Parks and Recreational Facilities Bonds, dated November 1, 1990, and $2,900,000 of the Parks and Recreational Facilities Bonds, stated to mature in installments on May 1 in each of the years 1994, 1995 and 2001 to 2007, inclusive, are outstanding (the "Parks and Recreational Facilities Bonds"); and WHEREAS, the County, pursuant to The Local Government Finance Act, a bond order adopted by the Board of Commissioners of the County on December 6, 1993 and resolutions adopted by said Board of commissioners on January 3, 1994 and January , 1994, authorized the issuance and provided for the sale of --- $ Public Improvement Refunding Bonds, series 1994 (the "Refunding Bonds"), for the purpose of providing funds to pay and refund all or a portion of the 1985 Refunding Bonds, the Airport Bonds, the Museum Bonds and the Parks and Recreational Facilities Bonds; and WHEREAS, the County has determined to provide for the refunding and redemption of the 1985 Refunding Bonds by depositing with the Escrow Agent cash and non-callable direct obligations of the United States of America, which obligations shall not include investments in mutual funds and unit investment trusts ("Government obligations"), in such amounts and maturing 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 redeem on September 1, 1994, at the applicable redemption price, as stated in each outstanding 1985 Refunding Bond, the 1985 Refunding Bonds maturing after September 1, 1994 (collectively, the "Refunded 1985 Refunding Bonds"); and WHEREAS, the County has determined to provide for the refunding and redemption of the Airport Bonds by depositing with the Escrow Agent cash and Government obligations, in such amounts and maturing at such times so that sufficient moneys will be available from such principal and interest to redeem on June 1, 1999, at the applicable redemption price, as stated in each Airport Bond, the Airport Bonds maturing after June 1, 1999 (collectively, the "Refunded Airport Bondsll); and WHEREAS, the County has determined to provide for the refunding and redemption of the Museum Bonds by depositing with the Escrow Agent cash and Government Obligations, in such amounts and maturing 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 redeem on March 1, 1999, at the applicable redemption price, as stated in each outstanding Museum Bond, the Museum Bonds maturing after March 1, 1999 (collectively, the "Refunded Museum Disposal Bonds"); and WHEREAS, the County has determined to provide for the payment, refunding and redemption of the Parks and Recreational Facilities Bonds by depositing with the Escrow Agent cash and Government Obligations, in such amounts and maturing 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 outstanding Parks and Recreational Facilities Bonds maturing on May 1, 1994 and 1995, and to redeem on May 1, 2000, at the applicable redemption price, as stated in each outstanding Parks and Recreational Facilities Bond, the Parks and Recreational Facilities Bonds maturing after May 1, -2- ~ 2000 (collectively, the "Refunded Parks and Recreational Facilities Bonds"); NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 1. creation of Escrow Account and Expense Account. There is hereby created and established with the Escrow Agent a special and irrevocable escrow account, designated "1994 Public Improvement Refunding Bonds Escrow Account" or "1994 Public Improvement Escrow Account", to be held in the custody of the Escrow Agent separate and apart from other funds of the County or of the Escrow Agent as a trust fund for the benefit of the holders of the Refunded 1985 Refunding Bonds, the Refunded Airport Bonds, the Refunded Museum Bonds and the Refunded Parks and Recreational Facilities Bonds (collectively, the "Refunded Bonds"). There is also hereby created and established with the Escrow Agent the special account designated "1994 Public Improvement Expense Account" to be held in the custody of the Escrow Agent separate and apart from other funds of the County or of the Escrow Agent. 2. Deposit of Monevs. Concurrently with the execution of this Agreement, the County deposits or causes to be deposited with the Escrow Agent, and the Escrow Agent acknowledges receipt of, immediately available moneys for deposit in the following Accounts, in the amounts and from the sources indicated, to be supplied solely as provided in this Agreement: (a) $ , to be deposited in the 1994 Public Improvement Escrow Account, from the proceeds of the Refunding Bonds. (b) $ , to be deposited in the 1994 Public Improvement Expense Account, from the proceeds of the Refunding Bonds. 3. Irrevocable Trusts created. The deposit of moneys in the Account, as provided in paragraph 2 (a) hereof, shall constitute an irrevocable deposit and pledge of said moneys for the equal and ratable benefit of the holders of the Refunded Bonds. The holders of the Refunded Bonds shall have an express lien on all moneys deposited in the 1994 Public Improvement Escrow Account, and on the Government obligations credited to the 1994 Public Improvement Escrow Account, until applied in accordance with this Agreement. The matured principal of the Government Obligations and the interest thereon shall be held in trust by the Escrow Agent, and shall be applied as hereinafter set forth, solely to the payment of the principal of and premium and interest on the Refunded Bonds, respectively, as the same -3- become due and payable, whether at maturity or upon the redemption thereof. 4. Purchase of Government Obliqations. The Escrow Agent is hereby directed to immediately purchase the non-callable Government Obligations listed on Exhibit A hereto, solely for the account of and from the moneys deposited in the 1994 Public Improvement Escrow Account, as therein set forth. A $ portion of the moneys deposited in the 1994 Public Improvement Escrow Account shall not be invested. The Escrow Agent shall apply the moneys deposited in the 1994 Public Improvement Escrow Account, and the Government Obligations purchased therewith, together with all income or earnings thereon, in accordance with the provisions hereof. The Escrow Agent shall have no power or duty to invest any moneys held hereunder or to make substitutions of the Government Obligations held hereunder or to sell, transfer or otherwise dispose of the Government Obligations acquired hereunder except as provided in this Agreement. 5. Substituted Government Obliqations. Except as otherwise expressly provided in paragraphs 3, 4 and 6 hereof and this paragraph 5, the Escrow Agent shall have no power or duty to invest any moneys held hereunder or to make substitutions of the non-callable Government Obligations held hereunder or to sell, transfer or otherwise dispose of the Government Obligations acquired hereunder, or to pay interest on any such moneys not required to be invested hereunder; provided, however, that at the written direction of the Finance Officer of the County and upon compliance with the conditions hereinafter stated, the Escrow Agent shall have the power to sell, transfer, or otherwise dispose of the Government Obligations acquired hereunder, to substitute therefor other Government Obligations and to release excess cash from the 1994 Public Improvement Escrow Account and pay such cash to the County. The Escrow Agent shall purchase such substitute Government Obligations and shall pay such excess cash to the County with the proceeds derived from the sale, transfer, or disposition of the Government Obligations. The substitution of Government Obligations described above and the payment of such excess cash to the County may be effected only if (i) the moneys and Government Obligations on deposit immediately after such substitution will be sufficient to meet or exceed the amount required to refund the Refunded Bonds as hereinbefore provided, (ii) the County and the Escrow Agent shall receive, at the expense of the County, and may rely conclusively upon, a verification of an independent certified public accountant or firm of independent certified public accountants designated by the County and not unacceptable to the Escrow Agent that the moneys and Government Obligations on deposit in the 1994 Public Improvement Escrow Account immediately after such substitution or release of cash will be sufficient to meet or exceed the amount required to pay and refund the Refunded Bonds as hereinbefore provided without any reinvestment, (iii) notification of substitution will be given to Moody's Investors Service and -4- standard and Poor's corporation and (iv) the Escrow Agent shall receive an opinion of LeBoeuf, Lamb, Greene & MacRae or other nationally recognized bond counsel to the effect that the _ substitution and payment of excess cash to the County will not cause any of the Refunding Bonds to be an "arbitrage bond" within the meaning of the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 6. Deposit of Amounts Received. The Escrow Agent shall deposit, as received, to the credit of the 1994 Public Improvement Escrow Account, all maturing principal of and interest on the Government Obligations purchased with the moneys deposited in the 1994 Public Improvement Escrow Account. The Escrow Agent shall invest at prevailing market rates amounts in the 1994 Public Improvement Expense Account until such time as such amounts are needed for payment of expenses as provided herein. 7. Transfers from Accounts for Payment of Refunded Bonds and Expenses. (a) The Escrow Agent shall, on or immediately prior to each interest or principal payment date for the Refunded Bonds, transfer from cash on hand to The Depository Trust Company, amounts sufficient to pay the interest on and any principal or redemption price of the Refunded Bonds payable on such date, as set forth in Exhibits B-1, B-2, B-3 and B-4 hereto. (b) If the Escrow Agent shall determine that amounts in the 1994 Public Improvement Escrow Account available to make the payments required by paragraph (a) of this section 7 are insufficient for such required payments, the Escrow Agent shall immediately notify the Finance Officer of the County in writing of such shortfall, c/o New Hanover County Finance Director, New Hanover County Courthouse, Wilmington, North Carolina 28401. (c) The Escrow Agent shall, upon receipt of satisfactory invoices, pay from the 1994 Public Improvement Expense Account expenses incurred in connection with the refunding, including those approximate expenses, stated in the aggregate, set forth below: -5- Bond Issuance Expenses Refunding Bonds Financial Consultant - Bond Counsel - Escrow Agent - Ratings - Verification - Local Government Commission, publications and Miscellaneous - $ 8. Redemption: Notice of Redemption. (a) The County specifically and irrevocably elects to redeem on september 1, 1994 the Refunded 1985 Refunding Bonds maturing after September 1, 1994. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Refunded 1985 Refunding Bonds in substantially the form set forth in Exhibit C-1 attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing and publication of said notice of redemption. (b) The County specifically and irrevocably elects to redeem on June 1, 1999 the Refunded Airport Bonds maturing after June 1, 1999. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Refunded Airport Bonds in substantially the form set forth in Exhibit C-2 attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing of said notice of redemption. (c) The County specifically and irrevocably elects to redeem on March 1, 1999 the Refunded Museum Bonds maturing after March 1, 1999. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Refunded Museum Bonds in substantially the form set forth in Exhibit C-3 attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing of said notice of redemption. (d) The County specifically and irrevocably elects to redeem on May 1, 2000 the Refunded Parks and Recreational Facilities Bonds maturing after May 1, 2000. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Refunded Parks and Recreational Facilities Bonds in the form set forth in Exhibit C-4 attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing of said notice of redemption. (e) with respect to the Refunded 1985 Refunding Bonds, the notice of redemption, stating the redemption date, redemption price and identifying the bonds to be redeemed by reference to -6- their numbers and further stating that on such redemption date there shall become due and payable upon such bond so to be redeemed, the principal thereof, redemption premium and interest accrued to the redemption date' and that from and after such date interest thereon shall cease to accrue, shall be given by publication in a newspaper of general circulation in the County of New Hanover and 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 prior to the reemption date fixed in said notice, and said notice shall also be give not less than 30 days not more than 60 days prior to the redemption date, in writing to the registered owners, by pre-paid first class mail, at their addresses as such addresses appear on the records of First-citizens Bank & Trust Company, Raleigh, North Carolina, as bond registrar for the Refunded 1985 Refunding Bonds. (f) with respect to the Refunded Airport Bonds and the Refunded Museum Bonds, each notice of redemption, 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 accrued to the redemption date and that from and after such date interest thereon shall cease to accrue,' shall be given not less than 30 days nor more than 60 days prior to the redemption date in writing to the registered owners, by pre-paid first class mail, at their addresses as such addresses appear on the records of the Finance Director of the County, as bond registrar for the Refunded Airport Bonds and Refunded Museum Bonds. (g) with respect to the Refunded Parks and Recreational Facilities Bonds, the notice of redemption, stating the ~edemption 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 accrued to the redemption date and that from and after such date interest thereon shall cease to accrue, shall be given not less than 30 days nor more than 45 days prior to the redemption date in writing to the registered owners, by pre-paid first class ma~l, at their addresses as such addresses appear on the records of the Finance Director of the County, as bond registrar for the Refunded Parks and Recreational Facilities Bonds. 9. Surplus Funds. When all the Refunded Bonds and interest due thereon have been paid and discharged, this Escrow Deposit Agreement shall terminate and all remaining moneys and Government Obligations, together with any income and interest thereon, in the 1994 Public Improvement Escrow Account shall be transferred to the County by the Escrow Agent. -7- Any money remaining in the 1994 Public Improvement Expense Account on March 15, 1994 shall be transferred to the County by the Escrow Agent. 10. Acceptance bv Escrow Aqent: Liability. (a) By execution of this Agreement, the Escrow Agent accepts the duties and obligations as Escrow Agent hereunder. The Escrow Agent represents that it has all requisite power, and has taken all corporate actions necessary, to execute the trusts hereby created. (b) The Escrow Agent shall not be liable in connection with the performance of its duties hereunder except for its own negligence or default. The Escrow Agent shall not be liable for any loss resulting from any investment made pursuant to the terms and provisions of this Agreement. The Escrow Agent shall have no lien whatsoever and agrees not to assert any lien upon any of the moneys or investments in the 1994 Public Improvement Escrow Account for the payment of fees and expenses for services rendered by the Escrow Agent under this Agreement. (c) The Escrow Agent shall not be liable for the accuracy of the calculations as to the sufficiency of moneys deposited, and of the principal amount of the Government obligations as provided herein, and the earnings thereon, to pay the Refunded Bonds or any of them. So long as the Escrow Agent applies any moneys, the Government obligations and the earnings therefrom to pay the Refunded Bonds as provided herein, and complies fully with the terms of this Agreement, the Escrow Agent shall not be liable for any deficiencies in the amounts necessary to pay the Refunded Bonds caused by such calculations. (d) In the event of the Escrow Agent's failure to account for any of the Government obligations or moneys received by it, such Government obligations or moneys shall be and remain the property of the County in trust for the holders of the Refunded Bonds as herein provided, and if for any reason such Government Obligations or moneys are not applied as herein provided, or cannot be identified, the assets of the Escrow Agent shall be impressed with a trust in the amount thereof for the benefit of the holders of the Refunded Bonds until the required application or identification shall be made. 11. Escrow Aqent Reports. The Escrow Agent shall, no later than July 15th in each year during which this Agreement is in effect, furnish the County a written report of the receipts, investments, redemptions and payments of and from the 1994 Public Improvement Escrow Account as of the immediately preceding July 1. 12. Receipt of proceedinqs. Receipt of true and correct copies of the bond order and resolutions authorizing the issuance and providing for the sale of the Refunding Bonds is -8- RESOLUTION OF THE NEW HANOVER COUNTY BOARD OF COMMISSIONERS WHEREAS, the New Hanover County Board of Commissioners lease and operate Hugh MacRae Park as a public recreation facility; and WHEREAS, it is the intent of the New Hanover County Board of Commissioners to operate and maintain Hugh MacRae Park at the highest level; and WHEREAS, the Division of Forest Resources of the North Carolina Department of Environment, Health, and Natural Resources has recommended a Forest Management Plan which will enhance and improve the health of the longleaf pine forest located on Hugh MacRae Park; and WHEREAS, said Forest Management Plan calls for the removal of approximately six hundred seventy (670) longleaf pine trees; NOW, THEREFORE, BE IT RESOLVED by the New Hanover County Board of Commissioners that the Director of the New Hanover County Parks Department be authorized to proceed with the sale and removal of said trees, in accordance with North Carolina General Statute 160A-267. this ~ day Of~ / HANOVER COU~ , 1994. NEW ~LI~4..-. Robert G. Greer, Chairman Board of Commissioners ATTEST: ~,v/~ Clerk to the Board NORTH CAROLINA STATE DEPARTMENT OF TRANSPORTATION REQUEST FOR ADDITION TO STATE MAINTAINED SECONDARY ROAD SYSTEM North Carolina County of New Hanover Road(s) Description: ROADS IN NORTHCHASE DEVELOPMENT WHEREAS, the attached petition has been filed with the Board of county Commissioners of the County of New Hanover requesting that the above described road(s), the location of which has been indicated in red on the attached map, be added to the Secondary Road System; and WHEREAS, the Board of County commissioners is of the opinion that the above described road(s) should be added to the Secondary Road System, if the road(s) meets minimum standards and criteria established by the Division of Highways of the Department of Transportation for the addition of roads to the System. NOW, THEREFORE, be it resolved by the Board of commissioners of the County of New Hanover that the Division of Highways is hereby requested to review the above described road(s), and to take over the road(s) for maintenance if they meet established standards and criteria. CERTIFICATE The foregoing resol ution was duly adopted by the Board of Commissioners of the County of New Hanover at a meeting on the 3rd day of January , 1994. F;~ my hand and official seal this the , 1994. ,yA..> day of of Luc'e New over County Commissioners Form SR-2 Please Note: Forward direct to the District Engineer, Division of Highways. NORTH CAROLINA STATE DEPARTMENT OF TRANSPORTATION REQUEST FOR ADDITION TO STATE MAINTAINED SECONDARY ROAD SYSTEM North Carolina County of New Hanover Road(s) Description: OWLS LANE AND RED HAWK ROAD WHEREAS, the attached petition has been filed with the Board of County commissioners of the county of New Hanover requesting that the above described road(s), the location of which has been indicated in red on the attached map, be added to the Secondary Road system; and WHEREAS, the Board of County Commissioners is of the opinion that the above described road(s) should be added to the Secondary Road System, if the road(s) meets minimum standards and criteria established by the Division of Highways of the Department of Transportation for the addition of roads to the System. NOW, THEREFORE, be it resolved by the Board of commissioners of the County of New Hanover that the Division of Highways is hereby requested to review the above described road(s), and to take over the road(s) for maintenance if they meet established standards and criteria. CERTIFICATE The foregoing resolution was duly adopted by the Board of Commissioners of the County of New Hanover at a meeting on the 3rd day of January , 1994. FSS ~y r hand and official seal this the , 1994. .I;L~ day of Luc'e New nover County Commissioners of Form SR-2 Please Note: Forward direct to the District Engineer, Division of Highways. resolute.wp ~ ~;' RESOLUTION OF THE BOARD OF COMMISSIONERS OF NEW HANOVER COUNTY WHEREAS, after due advertisement, bids were received and publicly opened by the Parks Department at 10: 00 a .m. on the 3rd day of January, 1994, at the conference room at the New Hanover County Administration Annex Building, 414 Chestnut Street, Wilmington, North Carolina, and the following bid was received for the Carolina Courtyard Park Project: Luther T. Rogers, Inc. $115,191.00 AND WHEREAS, according to G.S. 143-132, if fewer than three bids are received after the first advertisement for a formal construction bid, a second advertisement of the proposal should be made and after this second advertisement, the award may be made even if only one bid has been received; AND WHEREAS, after the first advertisement, only one bid was received and as required by General Statutes the project was advertised a second time after which only one bid was received; AND WHEREAS, the bid received exceeded the budgeted estimate and as provided in G.S. 143-129 New Hanover County has negotiated with the only bidder making reasonable changes in the plans and specifications necessary to bring the contract price within funds available; AND WHEREAS, the Parks Director, the Finance Director and the County Manager recommend that the contract be awarded to Luther T. Rogers, Inc. of Wilmington, North Carolina, the only responsible bidder, in a negotiated amount of Ninety- five Thousand Seven Hundred Ninety-seven Dollars ($95,797.00); AND WHEREAS, funds have been previously appropriated and are now in Account No. 325-612-8220-7300-6320 to cover this contract; NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of New Hanover County that the contract for Carolina Courtyard Park Project for the Parks Department, be awarded to Luther T. Rogers, Inc., in a negotiated amount of Ninety-five Thousand Seven Hundred Ninety-seven Dollars ($95,797.00); and that the County is hereby authorized and directed to execute contract # 94-0179, contract form to be approved by the County Attorney. of January, 1994. W4i-,- Chairman, Board of County Commissioners ATTEST~ V~ ~ the Board STATE OF NORTH CAROLINA ss.: COUNTY OF NEW HANOVER I, LUCIE F. HARRELL, Clerk to the Board of commissioners of the County hereinafter described, DO HEREBY CERTIFY as follows: 1. A f~ukr meeting of the Board of Commissioners of the County of New Hanover, located in the State of North Carolina, was duly held on January 3, 1994, proper notice of such meeting having been given as required by North Carolina statutes, and minutes of said meeting have been duly recorded in the Minute Book kept by me in accordance with law for the purpose of recording the minutes of said Board. 2. I have compared the attached extract with said minutes so recorded and said extract is a true copy of said minutes and of the whole thereof insofar as said minutes relate to matters referred to in said extract. 3. Said minutes correctly state the time when said meeting was convened and the place where such meeting was held and the members of said Board who attended said meeting. IN WITNESS WHEREOF, I have hereunto set my hand and have hereunto affixed the corporate seal of said County, this ~ day of January, 1994. STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER ss. : I, LUCIE F. HARRELL, Clerk to the Board of Commissioners of the County of New Hanover, in the State of North Carolina, DO HEREBY CERTIFY that I have compared the attached copy of the debt statement with the original debt statement filed by the Finance Officer of said County in the office of ~aid Clerk to the Board of commissioners on the ~day of December, 1993, and that said copy is a true copy of said statement and of the whole thereof. I FURTHER CERTIFY that said debt statement was filed by said Finance Officer on said last-mentioned date and has since it was so filed remained on file in the office of said Clerk to the Board of commissioners and has been kept open to public inspection. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of said County this 3rd day of January, 1994. \-, EXTRACTS FROM MINUTES OF THE BOARD OF COMMISSIONERS A regular meeting of the Board of Corranissioners of the County of New Hanover was held on Monday, January 3, 1994 at 6: 30 p.m. in Room 100 of the New Hanover County Administration Building, 320 Chestnut street, Wilmington, North Carolina, and the following Ccmnissioners were present: PRESENT: Robert G. Greer, Chairman E.L. Mathews, Jr., Vice-Chairman Sandra Barone William A. Caster William Sisson ABSENT : None * * * * The Clerk to the Board of Commissioners reported to the Board of Commissioners that the bond orders entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER," and "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER," which had been introduced on December 21, 1993, had been published in a qualified newspaper on December ~, 1993, with notice that the Board would hold public hearings . thereon on January 3, 1994. The Clerk also reported that the County's Finance Officer had filed in the Clerk's office a statement of debt complying with the provisions of The Local Government Bond Act and such statement as filed showed the net indebtedness of the County to be 1.490 % of the appraised valuation of property in said County subject to taxation. Cormnissionp-r Ri:lrnnp moved that the Board of Commis- sioners proceed to hold a public hearing on the community college bond order. The motion was seconded by Corranissioner Mathews and was unanimously adopted. At 7:26 o'clock, ~.M., the Chairman of the Board of Commissioners announced that the Board of Commissioners would hear anyone who wished to be heard on the questions of the validity of the community college bond order and the advisability of issuing the bonds. At the direction of the Chairman of the Board of commissioners, the Clerk to the Board of commissioners read said bond order and the published notice of hearing. After the Board of commissioners had heard all persons who requested to be heard, Corrunissionpr Ri:lrnnp moved that the public hearing be closed. The motion was seconded by Cormnissioner Caster and was unanimously adopted. Cormnissioner Barone moved that the Board of Commis- sioners proceed to hold a public hearing on the school bond order. The motion was seconded by Corrunissioner Castp-r and was unanimously adopted. At 7:30 o'clock, ~.M., the Chairman of the Board of Commissioners announced that the Board of commissioners would hear anyone who wished to be heard on the questions of the validity of the school bond order and the advisability of issuing the bonds. At the direction of the Chairman of the Board of -2- Commissioners, the Clerk to the Board of commissioners read said bond order and the published notice of hearing. After the Board of commissioners had heard all persons who requested to be heard, ('nmmi ssi nnpr Mrd-np',IC: I moved that the public hearing be closed. The motion was seconded by Corranissioner Barone and was unanimously adopted. Cormnissioner Mathews moved that the Board of commissioners adopt without change or amendment and direct the Clerk to the Board of Commissioners to publish as prescribed by The Local Government Bond Act the bond orders entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER" and "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER," introduced at the meeting of the Board of Commissioners held on December 21, 1993. The motion was seconded by Corrrrnissioner Caster and was adopted by the following vote: Robert G. Greer, Chainnan AYES: E.L. Mathews, Jr., Vice-Chainnan Sandra Barone WilliamA. Caster William Sisson NAYS: None Cormnissioner Caster moved the adoption of the following resolution which was read at length to the Board: WHEREAS, the Board of Commissioners of the County of New Hanover has adopted the bond orders hereinafter described authorizing the issuance of $13,900,000 Community College Bonds and $39,900,000 School Bonds, and such bond orders and the indebtedness to be incurred by the issuance of such bonds and the -3- tax to be levied for the payment of such bonds should be submitted to the voters of the County of New Hanover for their approval or disapproval in order to comply with the Constitution and laws of North Carolina; NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the County of New Hanover, as follows: (1) The questions whether the qualified voters of the County of New Hanover shall approve or disapprove (a) the indebtedness to be incurred by the issuance of the bonds of the County authorized by said bond orders, which indebtedness shall be secured by a pledge of the County's faith and credit, (b) the levy of a tax for the payment thereof, and (c) said bond orders shall be submitted to the qualified voters of said County at an election to be held in said County on March 8, 1994. (2) The Clerk to the Board of Commissioners is hereby authorized and directed to publish a notice of said election which shall be in substantially the following form: -4- THE COUNTY OF NEW HANOVER, NORTH CAROLINA NOTICE OF SPECIAL BOND ELECTION NOTICE IS HEREBY GIVEN that a special bond election will be held in the County of New Hanover, North Carolina, on March 8, 1994, for the purpose of submitting to the qualified voters of said County the questions whether they shall approve or disapprove (1) the indebtedness to be incurred by the issuance of bonds of said county of the maximum principal amount of $13,900,000, which indebtedness shall be secured by a pledge of the County's faith and credit, and (2) the levy of a tax for the payment of such bonds, and (3) the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER," adopted by the Board of Commissioners to authorize the issuance of said bonds and the levy of such tax and whether they shall approve or disapprove (1) the indebtedness to be incurred by the issuance of bonds of said County of the maximum principal amount of $39,900,000, which indebtedness shall be secured by a pledge of the County's faith and credit, and (2) the levy of a tax for the payment of such bonds, and (3) the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER," adopted by the Board of Commissioners to authorize the issuance of said bonds and the levy of such tax. The $13,900,000 community College Bonds are authorized to pay capital costs of providing improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear Communi,ty -5- " college, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor. The $39,900,000 School Bonds are authorized to pay capital costs of providing improvements to school facilities in the New Hanover County School Administrative Unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery, and equipment and the acquisition of land or rights-in-land required therefor. The ballots to be used at said election shall contain the words, "SHALL the order authorizing $13,900,000 of bonds secured by a pledge of the faith and credit of the County of New Hanover to pay capital costs of providing improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear community College, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor, and a tax to be levied for the payment thereof be approved?", and the words, "SHALL the order authorizing $39,900,000 of bonds secured by a pledge of the faith and credit of the County of New Hanover to pay capital costs of providing improvements to school facilities in the New Hanover County School Administrative unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery, -6- and equipment and the acquisition of land or rights-in-land required therefor, and a tax to be levied for the payment thereof be approved?", with squares labelled "YES" and "NO" beneath or beside such words in which squares the voter may record his choice. In the event a majority of the qualified voters voting at said election vote to approve a particular order, the incurring of indebtedness and the levy of a tax related thereto, said bonds authorized thereby shall be issued and taxes shall be levied for the payment of such bonds. The polls for the election will open at the hour of 6:30 o'clock, A.M. and will close at the hour of 7:30 o'clock, P.M. The precincts and polling places for the election will be as follows: -7- Precinct CF-1 CF-2 CF-3 FP-1 FP-2 FP-3 H-1 H-2 H-3 H-4 H-5 H-6 H-7 WB M-2 M-3 pollinq Place Wrightsboro School 2716 Castle Hayne Road Castle Hayne Fire Department Jet. 117 & 132 Laney High School 2700 No. College Road Mail Processing Center 5675 Carolina Beach Road Old Town Hall Canal Drive, Carolina Beach Town Hall 117 No. 3rd, Kure Beach spring view Church 801 North College Road Ogden Rescue Squad 251 Military Cut-Off Bradley Creek School 6211 Greenville Loop Road College Park School 5001 Oriole Drive Noble Middle School 6620 Market Street Emmanuel presbyterian Church 1402 No. College Road Ogden Volunteer Fire Dept. 7375 Market Street Wrightsville Beach School 220 Coral Drive Masonboro Baptist Church 1501 Beasley Road Moose Lodge 4610 Carolina Beach Road -8- M-4 M-5 W-1 W-2 W-3 W-4 W-5 W-6 W-7 W-8 W-9 W-10 W-11 W-12 United Advent Christian Church 5540 South College Road Myrtle Grove Baptist Church 5524 Myrtle Grove Road Dorothy B. Johnson School 1100 McRae Street Wilmington community Art Center 120 South 2nd Street wilmington william Hooper School Annex 410 Meares Street Wilmington National Guard Armory 2221 Carolina Beach Road Wilmington Cape Fear Presbyterian Church 2606 Newkirk Avenue Wilmington Brogden Hall (New Hanover High School) 1221 Market Street, Wilmington williston Middle School 401 South 10th Street Wilmington Lake Forest, Inc. 250 pinecrest Parkway Wilmington Annie B. Snipes School 2150 Chestnut Street Wilmington Vesta Village Recreation Building, 1902 Manhattan Drive, Wilmington Fire station (Empie Park) 3403 Park Avenue, wilmington Forest Hills school 410 Colonial Drive, Wilmington -9- ~ W-13 winter Park Presbyterian church, 4501 Wrightsville Avenue, wilmington W-14 Roland Grise Middle School 4412 Lake Avenue, Wilmington W-15 william Blount School 3702 Princess Place Drive Wilmington W-16 pine Valley School 440 John S. Mosby Drive Wilmington W-17 YWCA 2815 South College Road Wilmington W-18 Fire station (Muni Golf Course) 310 South Wallace Avenue, Wilmington The registration records for said election will be kept open at the office of the New Hanover County Board of Elections, 24 North Third Street, in Wilmington, from 8:00 o'clock A.M., until 5:00 o'clock, P.M., each weekday, through February 14, 1994. Voters may also register at the following locations and hours through February 14, 1994: Location Hours New Hanover County Main Library 201 Chestnut Street wilmington 9:00 o'clock A.M. until 9:00 o'clock P.M. each Monday through Thursday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Friday; 9:00 o'clock A.M. until 5:00 o'clock P.M. each Saturday; and 1:00 o'clock P.M. until 5:00 o'clock P.M. each Sunday. -10- Carolina Beach Branch Library 30 Cape Fear Boulevard Carolina Beach 10:00 o'clock A.M. until 8:00 P.M. each Monday; and 10:00 o'clock A.M. until 6:00 o'clock P.M. each Tuesday through Friday. Myrtle Grove Branch Library 4144 South College Road Wilmington 9:00 o'clock A.M. until 8:00 P.M. each Monday through Wednesday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Thursday and Friday; and 10:00 A.M. o'clock until 5:00 o'clock P.M. each Saturday. Plaza East Branch Library 1942 Eastwood Road Wilmington 9:00 o'clock A.M. until 8:00 o'clock P.M. each Monday through Wednesday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Thursday and Friday; and 10:00 o'clock A.M. until 5:00 o'clock P.M. each Saturday. N.C. Department of Motor Vehicles 1 station Road Wilmington Only during regular hours while processing driver's license. N.C. Department of Motor Vehicles 2390 Carolina Beach Road wilmington Only during regular hours while processing driver's license. Additionally, the Registrars, Judges of Election and Special Registration Commissioners may register voters through February 14, 1994. The Registrars, Judges and special Registration commissioners may be reached through the Board of Elections at the address set forth above or by calling (910) 341- 4060. The last day of registration for the special election shall be February 14, 1994. -11- ," p- . Any qualified voter who (1) expects to be absent from the County during the entire period that the polls are open on said election day, or (2) because of sickness or other physical disability will be unable to be present at the polls to vote in person on said day, or (3) is incarcerated and otherwise entitled to vote in said election or (4) is an employee of the New Hanover County Board of Elections and his assigned duties on the day of election will cause him to be unable to vote in person, may apply for an absentee ballot to be used in voting at said election. Information concerning the time and manner for applying for an absentee ballot, including the last day for making such application, can be obtained from the New Hanover County Board of Elections at the Board's office in Wilmington, North Carolina. By order of the Board of Commissioners of the County of New Hanover. Lucie F. Harrell Clerk, Board of Commissioners County of New Hanover, North Carolina said notice of special election shall be published at least twice. The first publication shall be not less than 14 days and the second publication not less than 7 days before the last day on which voters may register for the special election. (3) The New Hanover County Board of Elections is hereby requested to print and distribute the necessary ballots -12- ,_ ..1 . . and to provide the equipment for the holding of said election and to conduct and to supervise said election. (4) The Clerk to the Board of Commissioners shall mail or deliver a certified copy of this resolution to the New Hanover County Board of Elections within three days after the resolution is adopted. €GmmissiGn~ Barone seconded the motion and the NAYS: by the following vote: Robert G. Greer, Chainnan E.L. Mathews, Jr., Vice-Chainnan Sandra Barone William A. Caster William Sisson None motion was adopted AYES: * * * * * -13- THE COUNTY OF NEW HANOVER, NORTH CAROLINA NOTICE OF SPECIAL BOND ELECTION NOTICE IS HEREBY GIVEN that a special bond election will be held in the County of New Hanover, North Carolina, on March 8, 1994, for the purpose of submitting to the qualified voters of said County the questions whether they shall approve or disapprove (1) the indebtedness to be incurred by the issuance of bonds of said County of the maximum principal amount of $13,900,000, which indebtedness shall be secured by a pledge of the County's faith and credit, and (2) the levy of a tax for the payment of such bonds, and (3) the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER," adopted by the Board of commissioners to authorize the issuance of said bonds and the levy of such tax and whether they shall approve or disapprove (1) the indebtedness to be incurred by the issuance of bonds of said County of the maximum principal amount of $39,900,000, which indebtedness shall be secured by a pledge of the County's faith and credit, and (2) the levy of a tax for the payment of such bonds, and (3) the bond order entitled, "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER," adopted by the Board of Commissioners to authorize the issuance of said bonds and the levy of such tax. The $13,900,000 Community College Bonds are authorized to pay capital costs of providing improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear community -5- College, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor. The $39,900,000 School Bonds are authorized to pay capital costs of providing improvements to school facilities in the New Hanover County School Administrative Unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery, and equipment and the acquisition of land or rights-in-land required therefor. The ballots to be used at said election shall contain the words, "SHALL the order authorizing $13,900,000 of bonds secured by a pledge of the faith and credit of the County of New Hanover to pay capital costs of providing improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear community College, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land or rights-in-land required therefor, and a tax to be levied for the payment thereof be approved?", and the words, "SHALL the order authorizing $39,900,000 of bonds secured by a pledge of the faith and credit of the County of New Hanover to pay capital costs of providing improvements to school facilities in the New Hanover County School Administrative unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery, -6- and equipment and the acquisition of land or rights-in-land required therefor, and a tax to be levied for the payment thereof be approved?", with squares labelled "YES" and "NO" beneath or beside such words in which squares the voter may record his choice. In the event a majority of the qualified voters voting at said election vote to approve a particular order, the incurring of indebtedness and the levy of a tax related thereto, said bonds authorized thereby shall be issued and taxes shall be levied for the payment of such bonds. The polls for the election will open at the hour of 6:30 o'clock, A.M. and will close at the hour of 7:30 o'clock, P.M. The precincts and polling places for the election will be as follows: -7- Precinct CF-1 CF-2 CF-3 FP-1 FP-2 FP-3 H-1 H-2 H-3 H-4 H-5 H-6 H-7 WB M-2 M-3 po11inQ Place Wrightsboro School 2716 Castle Hayne Road Wilmington Castle Hayne Fire Department Jet. 117 & 132 Castle Hayne Laney High School 2700 No. College Road Wilmington Mail Processing Center 5675 Carolina Beach Road Wilmington Old Town Hall Canal Drive, Carolina Beach Town Hall 117 No. 3rd, Kure Beach Spring View Church 801 North College Road Wilmington Ogden Rescue Squad 251 Military cut-Off Wilmington Bradley Creek School 6211 Greenville Loop Road Wilmington College Park School 5001 oriole Drive Wilmington Noble Middle School 6620 Market Street Wilmington Emmanuel Presbyterian Church 1402 No. College Road Wilmington Ogden Volunteer Fire Dept. 7375 Market Street Wilmington Wrightsville Beach School 220 Coral Drive Wrightsville Beach Masonboro Baptist Church 1501 Beasley Road Wilmington Moose Lodge 4610 Carolina Beach Road Wilmington -8- M-4 M-5 W-l W-2 W-3 W-4 W-5 W-6 W-7 W-8 W-9 W-I0 W-11 W-12 united Advent Christian Church 5540 South College Road Wilmington Myrtle Grove Baptist Church 5524 Myrtle Grove Road Wilmington Dorothy B. Johnson School 1100 McRae Street Wilmington Community Art Center 120 South 2nd Street Wilmington william Hooper School Annex 410 Meares Street Wilmington National Guard Armory 2221 Carolina Beach Road Wilmington Cape Fear Presbyterian Church 2606 Newkirk Avenue Wilmington Brogden Hall (New Hanover High School) 1221 Market Street, Wilmington williston Middle School 401 South 10th Street Wilmington Lake Forest, Inc. 250 pinecrest Parkway Wilmington Annie B. Snipes School 2150 Chestnut Street Wilmington Vesta Village Recreation Building, 1902 Manhattan Drive, Wilmington Fire Station (Empie Park) 3403 Park Avenue, Wilmington Forest Hills School 410 Colonial Drive, wilmington -9- W-13 winter Park Presbyterian Church, 4501 wrightsville Avenue, wilmington W-14 Roland Grise Middle School 4412 Lake Avenue, Wilmington W-15 william Blount School 3702 Princess Place Drive Wilmington W-16 pine Valley School 440 John S. Mosby Drive Wilmtngton W-17 YWCA 2815 South College Road Wilmington W-18 Fire station (Muni Golf Course) 310 South Wallace Avenue, wilmington The registration records for said election will be kept open at the office of the New Hanover County Board of Elections, /Roorn 101 24 North Third street, in Wilmington, from 8:00 o'clock A.M., until 5:00 o'clock, P.M., each weekday, through February 14, 1994. Voters may also register at the following locations and hours through February 14, 1994: Location Hours New Hanover County Main Library 201 Chestnut Street Wilmington 9:00 o'clock A.M. until 9:00 o'clock P.M. each Monday through Thursday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Friday; 9:00 o'clock A.M. until 5:00 o'clock P.M. each Saturday; and 1:00 o'clock P.M. until 5:00 o'clock P.M. each Sunday. -10- Carolina Beach Branch Library 30 Cape Fear Boulevard Carolina Beach 10:00 o'clock A.M. until 8:00 P.M. each Monday; and 10:00 o'clock A.M. until 6:00 o'clock P.M. each Tuesday through Friday. Myrtle Grove Branch Library 4144 South College Road Wilmington 9:00 o'clock A.M. until 8:00 P.M. each Monday through Wednesday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Thursday and Friday; and 10:00 A.M. o'clock until 5:00 o'clock P.M. each Saturday. Plaza East Branch Library 1942 Eastwood Road wilmington 9:00 o'clock A.M. until 8:00 o'clock P.M. each Monday through Wednesday; 9:00 o'clock A.M. until 6:00 o'clock P.M. each Thursday and Friday; and 10:00 o'clock A.M. until 5:00 o'clock P.M. each Saturday. N.C. Department of Motor Vehicles 1 station Road Wilmington Only during regular hours while processing driver's license. N.C. Department of Motor Vehicles 2390 Carolina Beach Road wilmington DMV Express Office - Eckerds Drugs Only durlng regular hours while ~50~ Oleander Dr. - Hanover Center processing driver's license. Wllrnlngton Additionally, the Registrars, Judges of Election and Only during regular hours while processing driver's license. special Registration Commissioners may register voters through February 14, 1994. The Registrars, Judges and special Registration Commissioners may be reached through the Board of Elections at the address set forth above or by calling (910) 341- 4060. The last day of reglstration for the special election shall be February 14, 1994. -11- Any qualified voter who (1) expects to be absent from the County during the entire period that the polls are open on said election day, or (2) because of sickness or other physical disability will be unable to be present at the polls to vote in person on said day, or (3) is incarcerated and otherwise entitled to vote in said election or (4) is an employee of the New Hanover County Board of Elections and his assigned duties on the day of election will cause him to be unable to vote in person, may apply for an absentee ballot to be used in voting at said election. Information concerning the time and manner for applying for an absentee ballot, including the last day for making such application, can be obtained from the New Hanover County Board of Elections at the Board's office In Wilmington, North Carolina. By order of the Board of commissioners of the County of New Hanover. LUCle F. Harrell Clerk, Board of Commissioners County of New Hanover, North Carolina said notice of special election shall be published at least twice. The first publication shall be not less than 14 days and the second publication not less than 7 days before the last day on which voters may register for the special election. (3) The New Hanover County Board of Elections is hereby requested to print and distribute the necessary ballots -12- . . and to provide the equipment for the holding of said election and to conduct and to supervise said election. (4) The Clerk to the Board of Commissioners shall mail or deliver a certified copy of this resolution to the New Hanover County Board of Elections within three days after the resolution is adopted. Corrunissioner Barone seconded the motion and the motion was adopted by the following vote: Robert G. Greer, Chairman AYES: E.L. Mathews, Jr., Vice-Chairman Sandra Barone William A. Caster William Sisson None NAYS: * * * * * -13- ~~ ... NOTICE OF ADOPTION OF BOND ORDER "BOND ORDER AUTHORIZING THE ISSUANCE OF $13,900,000 COMMUNITY COLLEGE BONDS OF THE COUNTY OF NEW HANOVER" WHEREAS, the Board of Commissioners of the County of New Hanover has received and considered a resolution from the Board of Trustees of Cape Fear Community College including a request that the Board of Commissioners provide and improve additional community College facilities in the County; and WHEREAS, the Board of Commissioners of the County of New Hanover deems it advisable to make the improvements hereinafter described; and WHEREAS, the Board has caused to be filed with the Secretary of the Local Government Commission of North Carolina an application for 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 filed and accepted for submission to the Local Government Commission; NOW, THEREFORE, BE IT ORDERED by the Commissioners of the County of New Hanover, as follows: Section 1. The Board of Commissioners of the County of New Hanover has ascertained and hereby determines that it is necessary to provide improvements to community college facilities, including the construction of new facilities and expansion of existing facilities at Cape Fear Community College, and including the acquisition and installation of necessary furnishings, machinery and equipment and the acquisition of land ~ ~ or rights-in-land required therefor, and to pay capital costs of such improvements. section 2. In order to raise the money required to pay capital costs of providing the improvements as set forth above, in addition to any funds which may be made available for such purpose from any other sources, bonds of the County of New Hanover are hereby authorized and shall be issued pursuant to The Local Government Finance Act of North Carolina. The maximum aggregate principal amount of said bonds authorized by this bond order shall be $13,900,000. section 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 to the Board of Commissioners and is open to public inspection. section 5. This bond order shall take effect when approved by the voters of the County at a referendum. The foregoing order was adopted on the 3rd day of January, 1994 and is hereby published this 6th day of January, 1994. Any action or proceeding questioning the validity of the order must be begun within 30 days after the date of publication of this notice. Lucie F. Harrell Clerk, Board of Commissioners county of New Hanover, North Carolina -2- .. ' -~/ NOTICE OF ADOPTION OF BOND ORDER "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER" WHEREAS, the Board of commissioners of the County of New Hanover has received and considered a resolution from the New Hanover County Board of Education including a request that the Board of Commissioners provide and improve additional school facilities in the New Hanover County School Administrative unit; and WHEREAS, the Board of commissioners of the County of New Hanover deems it advisable to make the improvements hereinafter described; and WHEREAS, the Board has caused to be filed with the Secretary of the Local Government Commission of North Carolina an application for 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 filed and accepted for submission to the Local Government commission; NOW, THEREFORE, BE IT ORDERED by the Commissioners of the County of New Hanover, as follows: section 1. The Board of Commissioners of the County of New Hanover has ascertained and hereby determines that it is necessary to provide improvements to school facilities in the New Hanover County School Administrative unit, including the construction of new schools and the renovation and expansion of existing school facilities, and including the acquisition and installation of necessary furnishings, machinery and equipment -. . and the acquisition of land or rights-in-land required therefor, and to pay capital costs of such improvements. section 2. In order to raise the money required to pay capital costs of providing the improvements as set forth above, in addition to any funds which may be made available for such purpose from any other sources, bonds of the County of New Hanover are hereby authorized and shall be issued pursuant to The Local Government Finance Act of North Carolina. The maximum aggregate principal amount of said bonds authorized by this bond order shall be $39,900,000. section 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 to the Board of Commissioners and is open to public inspection. Section 5. This bond order shall take effect when approved by the voters of the County at a referendum. The foregoing order was adopted on the 3rd day of January, 1994 and is hereby published this 6th day of January, 1994. Any action or proceeding questioning the validity of the order must be begun within 30 days after the date of publication of this notice. Lucie F. Harrell Clerk, Board of Commissioners County of New Hanover, North Carolina -2- AFFIDAVIT OF PUBLICATION STATE OF NORm CAROLINA, COUNTY OF NEW HANOVER NOTICE OF PUBLIC HEARING "BOND ORDER AUTHORIZING THE ISSUANCE OF $13.900,000 COMMUNITY COLLEGE BONDS I OF THE COUNTY OF NEW HANOVER" Before the undersigned, a Notary Public of said County and State, JACOB BRINSON who, being duly sworn or affirmed, according to the law. says that he/she is CLASSIFIED ADVERTISING MANAGER WHEREAS, the Board of Com- missioners of the County of New Hanover has received and consid- ered a resolution from the Board of , Trustees of Cape Fear Community College including a request that the Board of Commissioners provide and , improve additional Community CoI- , lege facilities in the County; and WHEREAS, Board of Commis- sioners of the County of New Hano- . ver deems ~ advisable to make the ' improvements hereinafter described: : and I of THE WILMINGTON STAR-NEWS, INC., a corporation organized and doing business under the Laws of the State of North Carolina, and publishing a newspaper known as WILMINGTON MORNING STAR & SUNDAY STAR-NEWS in the City of Wilmington NOTICE OF PUBLIC HEARING@,@BOND ORDERAUTHORIZING THEISSUANCE OF S13,900,OOOCOMMUNITY COLLEG COMMUNITY COLLE WHEREAS, the Board has caused to be filed ~h the Secretary of the Local Government Commis- sion of North Carolina an application , for Commission approval of the bonds hereinafter described as re- ' quired the The Local Government Fl- ' nanea Act, and the Secretary of the ' Local Govemment CommissIOn has ' notified the Board that the application , has been filed and accepted for sub- mission to the Local Government: Commission; NOW, THEREFORE, BE IT ORDERED by the Com- missioners of the County of New Hanover, as follows: Section 1 The Board of Com- ' missioners of the County of New Hanover has ascertained and hereby , detennines that ~ is necessary to pro- vide improvements to community col- . lege facilities, including the construe- I tion of new facil~ies and expansion of existing facil~ies at Cepe Fear Com- munity CoIIElj!e, and including the ac- I quis~ion and mstallation of necessary furnishings, machinery and equip- , ment and the acquis~lon of land or rights-in-Iand required therefor, and to pay.cap~1 costs of such improve- ments. was inserted in the aforesaid newspaper in space, and on dates as follows: 12/23,lX 1993 and at the time of such publication Wilmington Star-News was a newspaper meeting all the requirements and qualifications prescribed by Sec. No. 1-597 G.S. of N.C. CLASSIFIED ADV. 24TH 1IoGR Title Sworn or affirmed to, and subscribed before me, this 'day Section 2. In order to raise the money required to pay cap~ costs of providing the improvements as set forth above, in addition to any funds which may be made available for such purpose from any other sources, bonds of the County of New Hanover are hereby authonzed and ~~~~~S:~~fn~~ ~ r:;,e~' Carolina. The maximum aggregate principal amount of said bonds autho- rized by this bond order shall be $13,900,000. Section 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 ~ davit with the advertisement thereto annexed it is adjudged by the Court that the said publication was duly and properly the Cler1< to the Board of Commis- < m~ sioners and is open to public inspec- n duly and legally served on the de.endant(s) . tion. ~ Section 5. This bond order shall take effect when approved by the VOl- T ers of the County at a referendum. ,~' 19_ The foregoing bond order has ' been introduced and a swom state- Clerk of Superior Court ment of debt has been filed under; The Local Government Bond Act showing the appraised value of the I' County of New Hanover to be $7,529,744,000 and the net debt' g;,~~~:o ~Ci~~k~?~~~~~~s.:~ ' be levied to pay the principal of and , Interest on the bonds ~ they are is- , sued. Anyone who wishes to be, heard on the questions of the validity of the bond order and the advIsability I of iSSUing the bonds may appear at a , public hearing or an adjournment thereof to be held at 320 Chestnut I ~,.ROQm 100, in Wilmington, N6i!h'f3aroliria 81.6:30 o'clock, P.M., ,.o'.r~'3rfld.' iYAoCJ!i,nuary, 1~~ .~ ,- ,. ,~,~~1t., , ~;' ,', Lucie F Harrell l elilr1< to the 'Board of Commissioners Coun~ of N8:!!I ttano.ver ~-- I -hJcji:tti'IG:arolinal ofDEC ,A.D, 1993 , In Testimony Whereof, I have hereunto set my hand and affixed my official seal, the day and year aforesaid. <-ffl~ ~N~,"bl" My commission expires 21 day of JUNE, 19 94 AFFIDAVIT OF PUBLICATION STATE OF NORTH CAROLINA, COUNTY OF NEW HANOVER NOTICE OF PUBLIC HEARING "BOND ORDER AUTHORIZING THE ISSUANCE OF $39,900,000 SCHOOL BONDS OF THE COUNTY OF NEW HANOVER" Before the undersigned, a Notary Public of said County and State, JACOB BRINSON who, being duly sworn or affinned, according to the law, says that he/she is CL AS S IF lED AD'V ERT ISINGMA NAG'E R WHEREAS, the Board 01 Com- missioners of the County 01 New Hanover has received and consid- ered a resolution from the New Hano- ver County Board 01 Education in- cluding a request that lha Board 01 Commissioners provide and improve , additional school facilities in lha New Hanover County School Board Ad- ministrative Unij; and WHEREAS, the Board 01 Com- missloners 01 the County 01 New Hanover deems ij advisable to make the improvements hereinafter de- scribed: and WHEREAS, the Board has caused to be filed with the Sect8tary of the LocaJ' Govemment Commis- sion of North Carol2'na an licalion for Commission 01 the bonds hereinafter 'bed as re- quired lha The LocaJ Government Ft- =~e~~~~I': notified the Board that lha application has been filed and accepted lor sub- misslon to the LocaJ Government Commission; NOW, THEREFORE, BE IT ORDERED by lha Com- missioners 01 lha County 01 New Hanover, as follows; Section 1 The Board of C0m- missioners of lha County of New Hanover has ascertained and hereby d~ines that ij is necessary to pro- vide Improvements to schoollacilities in lha New Hanover County School Administrative Unij, including lha construction 01 new schools and the renovation and expansion 01 existing school facilities, and including lha ac- quisijion and installation 01 neeassary . furnishings, machiD9l}' and equip- mentand the acquisijJon 01 land or rights-in-land required therefor, and to pay capijaI costs 01 such improve- ments. Section 2. In order to raise the money required to pay capijaJ costs 01 providing the improvements as sat forth above, in addition to any funds which may be made available for such purpose Irom any other sources, bonds 01 the County 01 New Hanover 819 hereby authorized and shall be issued pursuant to The LocaJ Government F,nanoe Act 01 North Carolina. The maximum aggregate principal amount 01 said bonds autho- rized by this bond order shall be $39,9()(j,000. of THE WILMINGTON STAR-NEWS, INC., a corporation organized and doing business under the Laws of the State of North Carolina, and publishing a newspaper known as WILMINGTON MORNING STAR & SUNDAY STAR-NEWS in the City of Wilmington NOTICE OF PUBLIC HEARING@@60NO ORDERAUTHORIZING THEISSUANCE OF $39.,900.000SCHOOL BONOS OF SCHOOL BONDS was inserted in the aforesaid newspaper in space, and on dates as follows: A :TH:IZ/23,lX 1993 and at the time of such publication Wilmington Star-News was a newspaper meeting all the requirements and qualifications prescribed by Sec. No. 1-597 G.S. of N.c' ~ " /' Title Sworn or affirmed to, and subscribed before me, this CLASSIFIED ADV. 23RD MGR day 93 ,A.O,19_ In Testimony Whereof, I have hereunto set my hand and affixed my official seal, the day and year aforesaid. OEC of '-1J7~ 4- . . ~NotaryPubliC Section 3. A tax sufficient to pay the principal 01 and interest on said bonds when due shall be annually " levied and collected. Section 4. A sworn statement 01 !ffidavit with the advertisement thereto annexed it is adjudged by the Court that the said publication was duly and properly ~:~:;:V;g='~~r~~: been duly and legally served on the defendanl(s). sioners and Is open to public inspec- tion. M .. . 21st y commISSion expIres d f JUNE ay 0 ,19 94 Section 5. This bond order shall 19 take effect when approv8d by the VOI- -, - ers 01 the County at a referendum. The foregoing bond order has been introduoed and a sworn state- ment of debt has been filed under The LocaJ Govemment Bond Act showing the appraised value of the County of New Hanover to be $7,529,744,000 and the net debt ~~~~ ~c~~~k~~~~~l:s~~ be levied to pay the principal 01 and interest on the bonds ~ they 819 is- j sued. Anyone who wishes to be heard on the questions 01 the vaJidijy 01 the bond order and the advisabilijy ! 01 issuing the bonds may ~ at a I ~. public hearing, or an adJoumme,nt, ,I' thereof to be held at 320 Chestnut Street, Room 100, in Wilmington, North Carolina at 6:30 o'clock, P.M.. on the 3rd day of January, 1994. Lucie F Harrell" Clerk 10 the Board of Commissioners . ("-^'I..........f~.U.........._. Clerk of Superior Court STATE OF NORTH CAROLINA COUNTY OF NEW HANOVER ss.: I, LUCIE F. HARRELL, Clerk of the Board of Commissioners of the County hereinafter described, DO HEREBY CERTIFY, as follows: 1. A regular meeting of the Board of Commissioners of the County of New Hanover, a county in the State of North Carolina, was duly held on January 3, 1994, proper notice of such meeting having been given as required by North Carolina statutes, and minutes of said meeting have been duly recorded in the Minute Book kept by me in accordance with law for the purpose of recording the minutes of said Board. 2. I have compared the attached extract with said minutes so recorded and said extract is a true copy of said minutes and of the whole thereof insofar as said minutes relate to matters referred to in said extract. 3. Said minutes correctly state the time when said meeting was convened and the place where such meeting was held and the members of said Board who ~ttended said meeting. IN WITNESS WHEREOF, I have hereunto set my hand and have hereunto affixed the corporate seal of said County this ~~ day of January, 1994. EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS A regular meeting of the Board of Commissioners of the County of New Hanover was held on Monday, January 3, 1994 at 6:30 p.m. in Room 100 of the New Hanover County Administration Building, 320 Chestnut street, Wilmington, North Carolina, and the following Commissioners were present: PRESENT: Robert G. Greer, Chairman E.L. Mathews, Jr., Vice-Chairman Sandra Barone William A. Caster William Sisson ABSENT.: I None * * * * * * * * Commissioner Sisson presented the following resolution and moved that it be adopted: WHEREAS, the bond order hereinafter described has been adopted, 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 $17,000,000 refunding bond order adopted by the Board of Commissioners on December 6, 1993, the Issuer shall issue its bonds of the aggregate principal amount of $13,030,000. The Bonds shall be designated "Public Improvement Refunding Bonds, Series 1994" (hereinafter referred to as the "Bonds"). The Bonds shall be dated January 1, 1994 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 June 1, 1994 and semi-annually thereafter on December 1 and June 1. The Bonds shall mature, subject to adjustment and to the right of prior redemption as hereinafter set forth, annually on June 1, as follows: Principal Principal Year Amount Year Amount 1994 $ 380,000 2002 $1,390,000 1995 500,000 2003 1,280,000 1996 410,000 2004 1,055,000 1997 410,000 2005 1,045,000 1998 1,035,000 2006 1,035,000 1999 965,000 2007 730,000 2000 1,160,000 2008 125,000 2001 1,410,000 2009 100,000 Debt service 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 a debt service payment date. The Bonds shall be deemed to refund each issue of bonds being refunded within the period of usefulness of the capital project being financed by each issue of bonds being refunded. 2. 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 -2- 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 June 1 as set forth in the foregoing maturity schedule, in clearinghouse funds 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 determines not to continue to act as securities depository for the Bonds, or (b) the Issuer determines 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 form 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 and any redemption premium on the Bonds shall be payable in any coin or currency of the united states of America which is legal tender for the payment of public and private debts on the respective dates of payment thereof. 3. The Bonds shall bear the manual or facsimile signatures of the Chairman and the 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 executed as provided hereinafter. -3- 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 time 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. 4. The Bonds and the endorsements thereon shall be in substantially the following form: -4- NO. R- $ united states of America state of North Carolina COUNTY OF NEW HANOVER PUBLIC IMPROVEMENT REFUNDING BOND, SERIES 1994 INTEREST RATE MATURITY DATE DATE OF ORIGINAL ISSUE CUSIP June 1, January 1, 1994 REGISTERED OWNER: CEDE & CO. PRINCIPAL SUM: DOLLARS 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 the registered owner named above, on the date specified above, upon surrender hereof, at the office of the Director of Finance of the County, 320 Chestnut Street, Wilmington, North Carolina 28401 (the "Paying Agent"), the principal sum shown above and to pay to the registered owner hereof, by check mailed to the registered owner at his address as it appears on the bond registration books of the County, interest on such principal sum from the date of this bond or from the June 1 or December 1 next preceding the date of authentication to which interest shall have been paid, unless such date of authentication is a June 1 or December 1 to which interest shall have been paid, in which case from such date, such interest to the maturity hereof being payable on June 1, 1994 and semi-annually thereafter on December 1 and June 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 payment 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 respective dates of payment thereof. -5- This bond is issued in accordance 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 December 6, 1993 (the "Bond Order") and resolutions adopted by said Board of Commissioners (the "Resolutions") to provide funds to pay and refund a portion of the County's outstanding General Obligation Refunding Bonds, dated December 1, 1985, Museum Bonds, dated September 1, 1989, Airport Bonds, dated July 1, 1989, and Parks and Recreational Facilities Bonds, dated November 1, 1990. 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 ("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. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTCi 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. The bonds maturing on and after June 1, 2004 shall be subject to redemption prior to their stated maturities at the option of the County on or after June 1, 2003, 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 period of twelve months 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 (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 loti 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 Paying Agent 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 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. If less than all of the bonds of different maturities are called for redemption, the bonds or portions of -6- bonds to be redeemed shall be called in the inverse order of their maturities. 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 redemption of such bonds or portions thereof on such date and, if moneys for payment of such redemption price and the accrued interest are held by the Bond Paying Agent as provided in the Resolutions, interest on the bonds or the portions thereof so called for redemption shall cease to accrue. If a portion of this bond shall be called for redemption, a new bond or bonds in principal amount equal to the unredeemed portion hereof will be issued to DTC or its nominee upon the surrender hereof. The Director of Finance of the County (the "Bond Registrar") shall keep at his office the books of said County for the registration of transfer of bonds. The transfer of this bond may be registered only upon such books and as otherwise provided in the Resolutions 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 in 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. 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 ln whole or in part pursuant to the Resolutions. 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. -7- 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 Resolutions 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 execution by the Bond Registrar of the certificate of authentication endorsed hereon. IN WITNESS WHEREOF, the County has caused this bond [to be manually signed by] [to bear the facsimile signatures of] the Chairman and the Clerk of the Board of Commissioners of the County and [a facsimile of] its official seal to be [imprinted] [impressed] hereon, and this bond to be dated January 1, 1994. 1?Jd/J~(. - Chairman, Board of Commissioners (SE -8- 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 AUTHENTICATION This bond is one of the Bonds of the issue designated herein and issued under the provisions of the within-mentioned bond order and resolutions. COUNTY OF NEW HANOVER Director of Finance, as Bond Registrar ~ Authorizetl Signatory V By Date of Authentication: -- /- 1-1'1 -9- ASSIGNMENT FOR VALUE 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: -10- 5. The Bonds maturing on and after June 1, 2004 shall be subject to redemption prior to their stated maturities at the option of the Issuer on or after June 1, 2003, 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 period of twelve months 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 (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 loti 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 hereinafter designated Paying Agent 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 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. If less than all of the Bonds of different maturities are called for redemption, the Bonds or portions of Bonds to be redeemed shall be called in the inverse order of their maturities. 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 notice 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 Paying Agent to pay the principal of and the redemption premium, if any, on 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 payable at the redemption price provided therefor, plus accrued interest to such date. If moneys sufficient to pay the redemption price of the Bonds or portions thereof to be redeemed, plus accrued interest thereon to the date -11- fixed for redemption, are held by the Paying Agent in trust for the registered owners of Bonds or portions thereof called for redemption, such Bonds or portions thereof shall cease to be entitled to any benefits or security under this resolution or to be deemed outstanding, and the registered owners of such Bonds or portions thereof shall have no rights in respect thereof except to receive payment of the redemption price thereof, plus accrued interest to the date of redemption. If a portion of a Bond shall be selected for redemp- tion, the registered owner thereof or his attorney or legal representative shall present and surrender such bond to the paying Agent for payment of the principal amount thereof so called for redemption and the redemption premium, if any, on such principal amount, 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. 6. 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. 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 -12- 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 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 pursuant to this section. 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 or redemption price 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. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond, including the redemption premium, if any, and interest thereon, to the extent of the sum or sums so paid. 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 within a reasonable time according to then commercial standards and for the timely payment of principal, interest and any redemption premium with respect to the Bonds. The Director of Finance 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 at 320 Chestnut Street, Wilmington, North Carolina 28401 the books of the Issuer for the registration, registration of transfer, exchange and payment of the Bonds as provided in this resolution. 7. 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 Bonds and another rate or rates for the balance of the Bonds. subject to the following sentence, 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 adjust the aggregate principal amount of the Bonds and the principal amount of each maturity of the Bonds both prior to and after the opening of bids for the Bonds. Changes to be made prior to the opening of bids will be communicated by Munifacts wire not later than 5:00 o'clock p.m., North Carolina Time on the day prior to the opening of the bids. The Issuer hereby further reserves the right to increase or decrease the aggregate principal amount of the Bonds by an amount not to exceed -13- $1,000,000 following the opening of bids and to increase or decrease the principal amount of any maturity of the Bonds by an amount not to exceed $140,000 per maturity following the opening of the bids. In the event of such increase or decrease in the aggregate principal amount of the Bonds, the purchase price of the Bonds will be accordingly increased or decreased by the amount of such increase or decrease. 8. The Chairman and the Clerk of the Board of Commissioners of the Issuer are hereby authorized and directed to cause the Bonds to be prepared and, when they shall have been duly sold by said 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. 9. 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 Bonds for Federal income tax purposes. 10. 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 & Trust Company, in the form presented to the Board (draft of 12/23/93) 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. The Chairman and the Clerk of the Board of Commissioners, the Director of Finance 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 papers and to perform 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. 12. The power to make any election on behalf of the Issuer with respect to the arbitrage rebate provisions of the Code applicable to the Bonds is hereby delegated to the Chairman of the Board of Commissioners and the Director of Finance of the Issuer. -14- The motion having been duly seconded, and the resolution having been considered, it was adopted by the following vote: Robert:G. Greer, Chairman AYES: E.L. Mathews, Jr.., Vice-Chairman Sandra Barone William A. Caster NAYS:/ William Sisson None * * * * * -15- ~, (PUBLIC IMPROVEMENT) LLG&M DRAFT 12/23/93 ESCROW DEPOSIT AGREEMENT This ESCROW DEPOSIT AGREEMENT, dated January 25, 1994, by and between the County of New Hanover, North Carolina (the "County") and First-citizens Bank & Trust Company, Raleigh, North Carolina, as escrow agent hereunder (the "Escrow Agent") : WITNESSETH: WHEREAS, the County, pursuant to The Local Government Finance Act and bond orders adopted by the Board of Commissioners of the County on October 28, 1985, issued its $17,400,000 General obligation Refunding Bonds, dated December 1, 1985, and $4,825,000 of the General Obligation Refunding Bonds, stated to mature in installments on September 1 in each of the years 1995 to 2002, inclusive, are outstanding (the "1985 Refunding Bonds"); and WHEREAS, the County, pursuant to The Local Government Finance Act and a bond order adopted by the Board of Commissioners of the County on October 5, 1987, issued its $1,800,000 Airport Bonds, dated July 1, 1989 and $1,230,000 of the Bonds, stated to mature in installments on June 1 in each of the years 2000 to 2009, inclusive, are outstanding (the "Airport Bonds"); and WHEREAS, the County, pursuant to The Local Government Finance Act and a bond order adopted by the Board of Commissioners of the County on January 26, 1987, issued its $4,200,000 Museum Bonds, dated September 1, 1989, and $2,850,000 of the Museum Bonds, stated to mature in installments on March 1 in each of the years 2000 to 2007, inclusive, are outstanding (the "Museum Bonds"); and WHEREAS, the County, pursuant to The Local Government Finance Act and a bond order adopted by the Board of Commissioners of the County on August 7, 1989, issued its $5,000,000 Parks and Recreational Facilities Bonds, dated November 1, 1990, and $2,900,000 of the Parks and Recreational Facilities Bonds, stated to mature in installments on May 1 in each of the years 1994, 1995 and 2001 to 2007, inclusive, are outstanding (the "Parks and Recreational Facilities Bonds"); and WHEREAS, the County, pursuant to The Local Government Finance Act, a bond order adopted by the Board of Commissioners of the County on December 6, 1993 and resolutions adopted by said Board of Commissioners on January 3, 1994 and January , 1994, authorized the issuance and provided for the sale of $ Public Improvement Refunding Bonds, Series 1994 (the "Refunding Bonds"), for the purpose of providing funds to pay and refund all or a portion of the 1985 Refunding Bonds, the Airport Bonds, the Museum Bonds and the Parks and Recreational Facilities Bonds; and WHEREAS, the County has determined to provide for the refunding and redemption of the 1985 Refunding Bonds by depositing with the Escrow Agent cash and non-callable direct obligations of the United States of America, which obligations shall not include investments in mutual funds and unit investment trusts ("Government Obligations"), in such amounts and maturing 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 redeem on September 1, 1994, at the applicable redemption price, as stated in each outstanding 1985 Refunding Bond, the 1985 Refunding Bonds maturing after September 1, 1994 (collectively, the "Refunded 1985 Refunding Bonds"); and WHEREAS, the County has determined' to provide for the refunding and redemption of the Airport Bonds by depositing with the Escrow Agent cash and Government obligations, in such amounts and maturing at such times so that sufficient moneys will be available from such principal and interest to redeem on June 1, 1999, at the applicable redemption price, as stated in each Airport Bond, the Airport Bonds maturing after June 1, 1999 (collectively, the "Refunded Airport Bonds"); and WHEREAS, the County has determined to provide for the refunding and redemption of the Museum Bonds by depositing with the Escrow Agent cash and Government Obligations, in such amounts and maturing 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 redeem on March 1, 1999, at the applicable redemption price, as stated in each outstanding Museum Bond, the Museum Bonds maturing after March 1, 1999 (collectively, the "Refunded Museum"Disposal Bonds"); and WHEREAS, the County has determined to provide for the payment, refunding and redemption of the Parks and Recreational Facilities Bonds by depositing with the Escrow Agent cash and Government obligations, in such amounts and maturing 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 outstanding Parks and Recreational Facilities Bonds maturing on May 1, 1994 and 1995, and to redeem on May 1, 2000, at the applicable redemption price, as stated in each outstanding Parks and Recreational Facilities Bond, the Parks and Recreational Facilities Bonds maturing after May 1, -2- ~ 2000 (collectively, the "Refunded Parks and Recreational Facilities Bonds"); NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 1. creation of Escrow Account and Expense Account. There is hereby created and established with the Escrow Agent a special and irrevocable escrow account, designated "1994 Public Improvement Refunding Bonds Escrow Account" or "1994 Public Improvement Escrow Account", to be held in the custody of the Escrow Agent separate and apart from other funds of the County or of the Escrow Agent as a trust fund for the benefit of the holders of the Refunded 1985 Refunding Bonds, the Refunded Airport Bonds, the Refunded Museum Bonds and the Refunded Parks and Recreational Facilities Bonds (collectively, the "Refunded Bonds"). There is also hereby created and established with the Escrow Agent the special account designated "1994 Public Improvement Expense Account" to be held in the custody of the Escrow Agent separate and apart from other funds of the County or of the Escrow Agent. 2. Deposit of Moneys. concurrently with the execution of this Agreement, the County deposits or causes to be deposited with the Escrow Agent, and the Escrow Agent acknowledges receipt of, immediately available moneys for deposit in the following Accounts, in the amounts and from the sources indicated, to be supplied solely as provided in this Agreement: (a) $ , to be deposited in the 1994 Public Improvement Escrow Account, from the proceeds of the Refunding Bonds. (b) $ , to be deposited in the 1994 Public Improvement Expense Account, from the proceeds of the Refunding Bonds. 3. Irrevocable Trusts Created. The deposit of moneys in the Account, as provided in paragraph 2 (a) hereof, shall constitute an irrevocable deposit and pledge of said moneys for the equal and ratable benefit of the holders of the Refunded Bonds. The holders of the Refunded Bonds shall have an express lien on all moneys deposited in the 1994 Public Improvement Escrow Account, and on the Government obligations credited to the 1994 Public Improvement Escrow Account, until applied in accordance with this Agreement. The matured principal of the Government Obligations and the interest thereon shall be held in trust by the Escrow Agent, and shall be applied as hereinafter set forth, solely to the payment of the principal of and premium and interest on the Refunded Bonds, respectively, as the same -3- become due and payable, whether at maturity or upon the redemption thereof. 4. Purchase of Government Obliqations. The Escrow Agent is hereby directed to immediately purchase the non-callable Government obligations listed on Exhibit A hereto, solely for the account of and from the moneys deposited in the 1994 Public Improvement Escrow Account, as therein set forth. A $ portion of the moneys deposited in the 1994 Public Improvement Escrow Account shall not be invested. The Escrow Agent shall apply the moneys deposited in the 1994 Public Improvement Escrow Account, and the Government Obligations purchased therewith, together with all income or earnings thereon, in accordance with the provisions hereof. The Escrow Agent shall have no power or duty to invest any moneys held hereunder or to make substitutions of the Government Obligations held hereunder or to sell, transfer or otherwise dispose of the Government Obligations acquired hereunder except as provided in this Agreement. 5. Substituted Government Obliqations. Except as otherwise expressly provided in paragraphs 3, 4 and 6 hereof and this paragraph 5, the Escrow Agent shall have no power or duty to invest any moneys held hereunder or to make substitutions of the non-callable Government obligations held hereunder or to sell, transfer or otherwise dispose of the Government Obligations acquired hereunder, or to pay interest on any such moneys not required to be invested hereunder; provided, however, that at the written direction of the Finance Officer of the County and upon compliance with the conditions hereinafter stated, the Escrow Agent shall have the power to sell, transfer, or otherwise dispose of the Government Obligations acquired hereunder, to substitute therefor other Government Obligations and to release excess cash from the 1994 Public Improvement Escrow Account and pay such cash to the County. The Escrow Agent shall purchase such substitute Government Obligations and shall pay such excess cash to the County with the proceeds derived from the sale, transfer, or disposition of the Government obligations. The substitution of Government obligations described above and the payment of such excess cash to the County may be effected only if (i) the moneys and Government Obligations on deposit immediately after such substitution will be sufficient to meet or exceed the amount required to refund the Refunded Bonds as hereinbefore provided, (ii) the County and the Escrow Agent shall receive, at the expense of the County, and may rely conclusively upon, a verification of an independent certified public accountant or firm of independent certified public accountants designated by the County and not unacceptable to the Escrow Agent that the moneys and Government obligations on deposit in the 1994 Public Improvement Escrow Account immediately after such substitution or release of cash will be sufficient to meet or exceed the amount required to pay and refund the Refunded Bonds as hereinbefore provided without any reinvestment, (iii) notification of substitution will be given to Moody's Investors Service and -4- standard and Poor's Corporation and (iv) the Escrow Agent shall receive an opinion of LeBoeuf, Lamb, Greene & MacRae or other nationally recognized bond counsel to the effect that the _ substitution and payment of excess cash to the County will not cause any of the Refunding Bonds to be an "arbitrage bond" within the meaning of the Internal Revenue Code of 1986, as amended, and the regulations thereunder. 6. DeDosit of Amounts Received. The Escrow Agent shall deposit, as received, to the credit of the 1994 Public Improvement Escrow Account, all maturing principal of and interest on the Government Obligations purchased with the moneys deposited in the 1994 Public Improvement Escrow Account. The Escrow Agent shall invest at prevailing market rates amounts in the 1994 Public Improvement Expense Account until such time as such amounts are needed for payment of expenses as provided herein. 7. Transfers from Accounts for Payment of Refunded Bonds and EXDenses. (a) The Escrow Agent shall, on or immediately prior to each interest or principal payment date for the Refunded Bonds, transfer from cash on hand to The Depository Trust Company, amounts sufficient to pay the interest on and any principal or redemption price of the Refunded Bonds payable on such date, as set forth in Exhibits B-1, B-2, B-3 and B-4 hereto. (b) If the Escrow Agent shall determine that amounts in the 1994 Public Improvement Escrow Account available to make the payments required by paragraph (a) of this section 7 are insufficient for such required payments, the Escrow Agent shall immediately notify the Finance Officer of the County in writing of such shortfall, c/o New Hanover County Finance Director, New Hanover County Courthouse, Wilmington, North Carolina 28401. (c) The Escrow Agent shall, upon receipt of satisfactory invoices, pay from the 1994 Public Improvement Expense Account expenses incurred in connection with the refunding, including those approximate expenses, stated in the aggregate, set forth below: -5- Bond Issuance Expenses Refunding Bonds Financial Consultant - Bond Counsel - Escrow Agent - Ratings - Verification - Local Government Commission, publications and Miscellaneous - $ 8. Redemption: Notice of Redemption. (a) The County specifically and irrevocably elects to redeem on September 1, 1994 the Refunded 1985 Refunding Bonds maturing after September 1, 1994. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Refunded 1985 Refunding Bonds in substantially the form set forth in Exhibit C-1 attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing and publication of said notice of redemption. (b) The County specifically and irrevocably elects to redeem on June 1, 1999 the Refunded Airport Bonds maturing after June 1, 1999. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Refunded Airport Bonds in substantially the form set forth in Exhibit C-2 attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing of said notice of redemption. (c) The County specifically and irrevocably elects to redeem on March 1, 1999 the Refunded Museum Bonds maturing after March 1, 1999. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Refunded Museum Bonds in substantially the form set forth in Exhibit C-3 attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing of said notice of redemption. (d) The County specifically and irrevocably elects to redeem on May 1, 2000 the Refunded Parks and Recreational Facilities Bonds maturing after May 1, 2000. The Escrow Agent is hereby irrevocably authorized and directed, and hereby agrees, to cause to be given a notice of redemption of the Refunded Parks and Recreational Facilities Bonds in the form set forth in Exhibit C-4 attached hereto. The Escrow Agent hereby agrees to inform the County promptly and in writing of the required mailing of said notice of redemption. (e) with respect to the Refunded 1985 Refunding Bonds, the notice of redemption, stating the redemption date, redemption price and identifying the bonds to be redeemed by reference to -6- their numbers and further stating that on such redemption date there shall become due and payable upon such bond so to be redeemed, the principal thereof, redemption premium and interest accrued to the redemption date and that from and after such date interest thereon shall cease to accrue, shall be given by publication in a newspaper of general circulation in the County of New Hanover and 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 prior to the reemption date fixed in said notice, and said notice shall also be give not less than 30 days not more than 60 days prior to the redemption date, in writing to the registered owners, by pre-paid first class mail, at their addresses as such addresses appear on the records of First-citizens Bank & Trust Company, Raleigh, North Carolina, as bond registrar for the Refunded 1985 Refunding Bonds. (f) with respect to the Refunded Airport Bonds and the Refunded Museum Bonds, each notice of redemption, 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 accrued to the redemption date and that from and after such date interest thereon shall cease to accrue, shall be given not less than 30 days nor more than 60 days prior to the redemption date in writing to the registered owners, by pre-paid first class mail, at their addresses as such addresses appear on the records of the Finance Director of the County, as bond registrar for the Refunded Airport Bonds and Refunded Museum Bonds. (g) with respect to the Refunded Parks and Recreational Facilities Bonds, the notice of redemption, stating the ~edemption 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 accrued to the redemption date and that from and after such date interest thereon shall cease to accrue, shall be given not less than 30 days nor more than 45 days prior to the redemption date in writing to the registered owners, by pre-paid first class mall, at their addresses as such addresses appear on the records of the Finance Director of the County, as bond registrar for the Refunded Parks and Recreational Facilities Bonds. 9. Surplus Funds. When all the Refunded Bonds and interest due thereon have been paid and discharged, this Escrow Deposit Agreement shall terminate and all remaining moneys and Government Obligations, together with any income and interest thereon, in the 1994 Public Improvement Escrow Account shall be transferred to the County by the Escrow Agent. -7- Any money remaining in the 1994 Public Improvement Expense Account on March 15, 1994 shall be transferred to the County by the Escrow Agent. 10. Acceptance bv Escrow Aqent: Liabilitv. (a) By execution of this Agreement, the Escrow Agent accepts the duties and obligations as Escrow Agent hereunder. The Escrow Agent represents that it has all requisite power, and has taken all corporate actions necessary, to execute the trusts hereby created. (b) The Escrow Agent shall not be liable in connection with the performance of its duties hereunder except for its own negligence or default. The Escrow Agent shall not be liable for any loss resulting from any investment made pursuant to the terms and provisions of this Agreement. The Escrow Agent shall have no lien whatsoever and agrees not to assert any lien upon any of the moneys or investments in the 1994 Public Improvement Escrow Account for the payment of fees and expenses for services rendered by the Escrow Agent under this Agreement. (c) The Escrow Agent shall not be liable for the accuracy of the calculations as to the sufficiency of moneys deposited, and of the principal amount of the Government Obligations as provided herein, and the earnings thereon, to pay the Refunded Bonds or any of them. So long as the Escrow Agent applies any moneys, the Government obligations and the earnings therefrom to pay the Refunded Bonds as provided herein, and complies fully with the terms of this Agreement, the Escrow Agent shall not be liable for any deficiencies in the amounts necessary to pay the Refunded Bonds caused by such calculations. (d) In the event of the Escrow Agent's failure to account for any of the Government Obligations or moneys received by it, such Government obligations or moneys shall be and remain the property of the County in trust for the holders of the Refunded Bonds as herein provided, and if for any reason such Government Obligations or moneys are not applied as herein provided, or cannot be identified, the assets of the Escrow Agent shall be impressed with a trust in the amount thereof for the benefit of the holders of the Refunded Bonds until the required application or identification shall be made. 11. Escrow Aqent Reports. The Escrow Agent shall, no later than July 15th in each year during which this Agreement is in effect, furnish the County a written report of the receipts, investments, redemptions and payments of and from the 1994 Public Improvement Escrow Account as of the immediately preceding July 1. 12. Receipt of Proceedinqs. Receipt of true and correct copies of the bond order and resolutions authorizing the issuance and providing for the sale of the Refunding Bonds is -8-