1989-01-17 W&S Exhibit
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BOARD OF COMMISSIONERS
NEW HANOVER COUNTY
WILMINGTON, N.C. 28401
MEETING DATE:
AGENDA INFORMATION COVER SHEET
OTHER ITEMS
AGENDA ITEM NUMBER:
January 17, 1989
SUMMARY OF INFORMAT~ON: - Wa~er and Sewer District Commissioners
are requested to conslder renewlng $6,062,000 Sanitary Sewer
Bond Anticipation Notes which are payable February 15, 1989.
RECOMMENDATION: -
Adopt Resolution authorizing such. renewal.
COUNTY MANAGER'S RECOMMENDATION OR COMMENTS: -
Presentation BY: County Attorney
ATTACHMENTS:
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SIGNATURE: ~ V~e-
Depar~~VHead
1-13-89
DATE:
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EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS,
SITTING AS THE GOVERNING BODY OF
NEW HANOVER COUNTY WATER AND SEWER DISTRICT
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presented the following resolution and
moved that it be adopted:
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WHEREAS, the bond order hereinafter described has taken ef-
fect and the Board of Commissioners of the County of New Hanover,
sitting as the governing body of New Hanover County Water and
: iL~ Sewer District, has issued $6,062,000 Sanitary Sewer Bond
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Anticipation Notes dated November 16, 1988, payable February 15,
1989 to borrow money for the purposes for which bonds are autho-
rized to be issued by said bond order; and
WHEREAS, the Board of Commissioners of the County of New
Hanover, sitting as the governing body of New Hanover County Water
and Sewer District, desires to renew the foregoing notes in an-
ticipation of the receipt of the proceeds of the sale of said
sanitary sewer bonds, as hereinafter provided; NOW, THEREFORE,
BE IT RESOLVED by the Board of commissioners of the County of
New Hanover, sitting as the governing body of New Hanover County
Water and Sewer District (the "Issuer"), as follows:
(1)
The sum of $6,062,000 will be borrowed by the Is-
suer in anticipation of the receipt of the proceeds of the sale of
bonds authorized to be issued by the sanitary sewer bond order,
adopted by the Issuer on December 19, 1983, for the purpose for
which said bonds are authorized to be issued. Negotiable notes,
each designated "Sanitary Sewer Bond Anticipation Note," shall be
issued for said sum so borrowed.
(2)
said notes shall be dated February 14, 1989, shall
be payable August 16, 1989 and shall bear interest from their date
at a rate which shall not exceed twelve per centum (12%) per an-
num.
Such interest shall be payable at the maturity of said
notes.
Each of said notes shall be signed by the Chairman of the
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I~: governing body of the Issuer and the Clerk of the Issuer and the
seal of the Issuer shall be affixed to each of said notes.
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(3) The power to fix the rate of interest to be borne
by said notes and to determine the denomination or denominations
of the notes and the place of payment of the notes is hereby del-
egated to the Chairman of the governing body of the Issuer and the
Clerk of the Issuer who are hereby authorized and directed to
cause said notes to be prepared and to execute said notes when
they shall have been sold by the Local Government Commission of
North Carolina.
(4) The Chairman of the governing body of the Issuer
and the Clerk of the Issuer are hereby authorized to make applica-
tion to the Local Government Commission of North Carolina for its
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i',l,..' approval of said notes in the manner prescribed by The Local Gov-
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":", ernment Finance Act. Said Local Government Commission is hereby
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,~ requested to sell the notes in the manner prescribed by said Act.
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said notes, when they shall have been sold by said Commission in
the manner provided by law and when they shall have been executed
in the manner prescribed by this resolution, shall be turned over
to the state Treasurer of the State of North Carolina for delivery
to the purchasers to whom they may be sold by said Commission.
(5) The Issuer covenants, to the extent permitted by
the Constitution and laws of the state of North Carolina, to com-
ply with the provisions of the Internal Revenue Code of 1986 (the
"Code") as enacted into law to the extent required to preserve the
exclusion from gross income of interest on the notes for Federal
income tax purposes.
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The motion having been duly seconded and the resolution hav-
ing been considered, it was adopted by the following vote:
AYES:
NAYS:
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