1986-06-23 W&S Exhibit
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EXTRACTS FROM MINUTES OF BOARD OF
COMMISSIONERS, SITTING AS GOVERNING BODY
OF NEW HANOVER COUNTY WATER AND SEWER DISTRICT
The New Hanover County Water & Sewer District met in
Special Session to hold a Public Hearing on Monday,
June 23, 1986, at 9:00 A.M. in the Assembly Room of
the New Hanover County Administration Building, Wil-
mington, North Carolina.
Members present were: Claud O'Shields, Jr., Chairman
Jonathan Barfield, Sr., Vice-Chairman
John Dolan
Nolan O'Neal
Fred Retchin
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The Clerk of the Board of Commissioners and of the
District reported to the Board of Commissioners of the
County of New Hanover, sitting as the governing body of New
Hanover Water and Sewer District, that the bond order enti-
tIed, "Bond Order Authorizing the Issuance of $16,150,000
Sanitary Sewer Refunding Bonds of New Hanover County Water
and Sewer District", and which had been introduced on June
16, 1986, had been published on June 17, 1986, with notice
that the Board of Commissioners, sitting as the governing
body of the District, would hold a public hearing thereon on
June 23, 1986, at
9:00
o'clock, A .M. The Clerk of
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the Board of Commissioners and of the District also reported
that the District's Finance Officer had filed in her 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 District to be
% of
the appraised valuation of property in said District subject
to taxation.
moved that the Board pro-
ceed to hold a public hearing on the sanitary sewer refund-
Commissioner Retchin
ing bond order. The motion was seconded by
CommissiOTIPr nnJan
and was unanimously adopted.
At 9: 00
0' clock, 4....M., the Chairman of the Board
of Commissioners announced that the Board of Commissioners,
sitting as the governing body of the District, would hear
anyone who wished to be heard on the questions of the valid-
ity of the sanitary sewer refunding bond order and the ad-
visability of issuing the sanitary sewer refunding bonds.
At the direction of the Chairman, the Clerk of the Board of
Commissioners and of the District read the bond order and
the published notice of hearing.
After the Board of Commissioners, sitting as the
governing body of the District, had heard all persons who
requested to be heard in connection with the foregoing ques-
tions,
Commissioner Retchin
moved that the public hear-
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ing be closed. The motion was seconded by
Commissioner
Dolan
and was unanimously adopted.
Commissioner Retchin
moved that the Board of
Commissioners, sitting as the governing body of the Dis-
trict, adopt without change or amendment and direct the
Clerk of the Board of Commissioners and of the District to
publish as prescribed by The Local Government Bond Act the
bond order entitled, "Bond Order Authorizing the Issuance of
$l6,l50,000 Sanitary Sewer Refunding Bonds of New Hanover
County Water and Sewer District", introduced at the meeting
of the Board of Commissioners, sitting as the governing body
of the District, held on June l6, 1986. The motion was
seconded by
following vote:
Commissioner Dolan
and was adopted by the
NAYS:
Claud O'Shields, Jr., Chairman
Jonathan Barfield, Sr., Vice-Chairman
John Dolan
Nolan O'Neal and Fred Retchin
None
AYES:
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NOTICE OF ADOPTION OF BOND ORDER
"BOND ORDER AUTHORIZING THE ISSUANCE OF
$16,150,000 SANITARY SEWER REFUNDING BONDS
OF NEW HANOVER COUNTY WATER AND SEWER DISTRICT"
WHEREAS, New Hanover County Water and Sewer Dis-
trict (the "District") has issued Sanitary Sewer Bonds,
dated June l, 1985, in the aggregate principal amount of
$17,000,000, maturing on June 1 in each of the years 1986 to
2005, inclusive (the "Sanitary Sewer Bonds"); and
WHEREAS, the Board of Commissioners of the County
of New Hanover, sitting as the governing body of the Dis-
trict, deems it advisable to refund'the $l6,l50,000 out-
standing Sanitary Sewer Bonds pursuant to and in accordance
with The Local Government Finance Act; and
WHEREAS, an application has been filed with the
Secretary of the Local Government Commission of North Caro-
lina requesting Commission approval of the bonds hereinafter
described as required by The Local Government Finance Act,
and the Secretary of the Local Government Commission has
notified the Board that the application has been accepted
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for submission to the Local Government Commission; NOW,
THEREFORE,
BE IT ORDERED by the Board of Commissioners of the
County of New Hanover, sitting as the governing body of the
District, as follows:
Section l. The Board of Commissioners of the
County of New Hanover, sitting as the governing body of the
District, has ascertained and hereby determines that it is
advisable to refund the $16,150,000 outstanding Sanitary
Sewer Bonds.
Section 2. In order to raise the money required
to refund the $l6,l50,000 outstanding Sanitary Sewer Bonds
as set forth above, in addition to any funds which may be
made ~vailable for such purpose fro~ any other source, bonds
of New Hanover County Water and Sewer District are hereby
authorized and shall be issued pursuant to The Local Govern-
ment Finance Act of North Carolina. The maximum aggregate
principal amount of bonds authorized by this bond order
shall be $16,l50,000.
Section 3. A tax sufficient to pay the principal
of and interest on said bonds when due shall be annually
levied and collected. The revenues of the District's sani-
tary sewer system may be pledged to the payment of the in-
terest on and principal of refunding bonds authorized by
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this order if and to the extent that the Board, sitting as
the governing body of the District, shall hereafter deter-
mine by resolution prior to the issuance of said bonds. In
such event, the tax in the District to pay the principal of
and interest on said refunding bonds may be reduced by the
amount of such revenues available for the payment of such
principal and interest.
Section 4. A sworn statement of the District's
debt has been filed with the Clerk of the Board of Commis-
sioners and of the District and is open to public inspec-
tion.
Section 5. This bond order shall take effect upon
its adoption.
The foregoing order was adopted on the 23rd day of
June, 1986, and is hereby published this
day of June,
1986. Any action or proceeding questioning the validity of
the order must be begun within thirty days after the date of
publication of this notice.
Lucie F. Harrell
Clerk, Board of Commissioners
County of New Hanover, and
Clerk, New Hanover County
Water and Sewer District,
North Carolina
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