1992-07-20 RM Exhibits
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NEW HANOVER COUNTY TAX COLLECTIONS
COLLECTIONS ThKU 06/30/92
1991
ORIGINAL TAX LEVY PER SCROLL
DISCOVERIES ADDEO
LESS A9ATE1.jENTS
$ 39,926,~562..56
3,230,BZ6~41
200,097.02-
TOTAL TAXES CHARGED
AOVEKTISING FEES CHARG~O
CERTIFICATION PENALTIES CHARGED
LISTING PENALTIES CHARGeD
TOTAL LEVY
CULLECTIONS TO DATE
OUTSTANDING BALANCE
PERCENTAGE COLLECTED
PfKCENTAGE COLLECTED EXCLUCING
BANKRUPTCIES AND,APPEAlS
l:.lACK TAXES
$ 42,,:15'7<;291.95
13,465.00
289,600.00
76,542..83
$ 43.,336,899..78
It 2 'r 2 2 1, 5 0 5. 6 2 -
$ 1.115.394..16
91.43%.';:
97..61%
.
REAL ESTATE AND PERSO~AL PROPERTY
LESS ,1\8ATE''''ENTS
TOTAL TAAES DUE
COLl2CTIONS TO DATE
OUTSTANDI~G dALANCE
PERCENTAGE COLLECTED
>> 2,750,323..97
133,720.9t-
$ 2.,616,603..06
765,OB7..61-
$ b8:5h515..lt5
29.24%
JUN 1992 FISCAL YTO
ROOM OCCUPANCY TAX COLLECTIONS
PRIVILEGE LICENSE COlLECTIO~S
ENS CULLECTI00lS
litO, 604.79
27,487.50
1,i.tIJ7ty"'37~18
49,,604.. 98
",00
,,00
TOTAL ~ONEY PROCESSED THR0 COLLECTIO~ OFFICE FOR NEW HANOVER
COUNTY, CITY OF WILMINGTON, ~RIGHTSVILLE BEACH, CAROLINA BEACH,
AND KURE BEACH TO CATE - 563.573,314.22.
THIS REPORT IS FOR FISCAL YEAR BEGINNING JULY 1, 1991.
R6P):CT~U~L Y SU8jVlJ:'~E"O~
~@."m~ 80 ij ~~~
PATRICIA J. RAYNOR
CUlLECTCR CF REVENUE
* 1134,595.34 COLLECTED IN CERTIFICATION PENALTIES, BUT UNPAIOS
HAD A NEGATIVE I~PACT ON PERCENTAGE COLLECTED BY ..34%.
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CO~SENT AGEHDA
OAT E : _']_~:i''1---
I TEM NO .__;2__
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NEW HANOVER COUNTY FIRE DISTRICT TAX COLLECTIONS
COLLECTIO~S THRU 06/30/92
1991
ORIGIN4L TAX LEVY PER SCROLL
OISCOVERIES ADDED
lESS ABATEMENTS
TOTAL TAXES CHARGEe
LISTING PENALTIES CHARGED
TOTAL LEVY
COLLECTIONS TO DATE
$
870,221..14
90,646.51
30,039..69--
$
930,821.96
1,567.93
$
932.,3Q5.89
914'1604.93,-
OUTSTANDING dAlANCE
PE~CENTAGE COLLECTED
BACK TAXES
$
17,790.96
9 8. 09%
REAL ESTATE AND PERSONAL PROPERTY
CHARGES ADDEO
LESS .ABATEMENTS
TOT.AL TAXES DUE
COLLECTIONS TO DATE
$
52,,306,.25
325.3 2
805.73-
----....-----.- -----
$
51,825.85
21,511.23-
OUTSTANDING clAlANCE
PEKCENTAGE COLLECTED
- ----- '--------.---
$
30.,254.62
41..62%
.
THIS REPORT IS FOR FISCAL YEAR BEGINNING JULY 1, 1~91o
RESP~CTFUlLY SU8MITTEO~
::Vo.,tvi~ ~o j()n~ ~~
PATRICIA J. R~O~~-
COLLECTOR OF REVENUE
CONSENT AGEI\IDA
OAT E: 2-=.?:Q.:::t?:
r T E 1'4 NO. ._._Lj___
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New Hanover County Contract # 92 - 0497
NORTH CAROliNA
NEW HANOVER
COUNTY
Know All Persons by this RIGHT OF WAY GRANT, that the undersigned
NplM Hanauer County
J ~8r~8ratieA, in consideration of the sum of $ 1.00
being herein acknowledged, hereby grants CAROLINA POWER &
privilege and easement to go in and upon that certain land situated in
, paid by Carolina Power & Light Company, the receipt
LIGHT COMPANY, its successors and assigns, the right,
Wi lmine;ron Township
in said County and State, described as follows'
containing 77 acres, morp or lp~~, ~n~ heing
the land bounded by Shipyard Blvd (State Road 1101) on the South. bounded by 41st
Street Extension on the West. and bounded by Stone Builders on teh North. Thi~ l~n~
fUrER@r known as being the Hoggard High School tract.
and to construct, maintain, and operate thereon an overhead (underground) line consisting of poles, wires, cables, underground
conduits, underground and ground mounted electrical enclosures and other pertinent facilities within a strip or area of land
thirty (30) feet wide for overhead facilities and ten (10) feet wide for underground facilities along with a perimeter of ten (10)
feet around the foundation of any enclosure for the purpose of transmitting electricity, with the right to do all things necessary
or convenient thereto, including but not being limited to, the right: (a) to enter said strip at all times over the adjacent land
to inspect, repair, maintain and alter said line; (b) to keep said strip cleared of trees, shrubs, undergrowth, buildings or other
structures; (c) to trim limbs from, and cut down, any tree outside of said strip which may, in the opinion of Carolina Power &
Light Company, endanger the overhead electric line or hinder the maintenance, operation, and use of the same; (d) to install
at any place necessary on the overhead electric line, guy wires, anchors, and guards outside of said strip for the support of
the line; and (e) to permit the attachment of wires, cables, and conduits of any other company or person.
The center line of the poles or structures which support said overhead line shall be the center line of said strip.
The center line of the underground line shall be the center line of said strip.
Notwithstanding anything to the contrary above, it is understood and
agreed that: (1) the right of way herein granted is for a system
of electric lines to provide electric service at any point where needed
on the above described land, portions of which system may be installed
immediately, and other portions installed in the future as the need
for electric service develops; and (2) said electric lines shall be
installed at locations'-mutually suitable to the parties hereto.
5-0
USE OF COUNTY PROPERTY FOR FILMING
.
Requests for use of County property must be received by the
County Manager's Office. Requests which involve the
alteration or removal of public property, leasing of
bUildings or parks, stunts, special effects or moving
vehicles on public property require a location/lease
agreement. Location/Lease agreements must be signed by both
a representative of the production company and the County
Manager, or his designee. These agreements assure the
County that the production will accept liability for any
damages or injuries resulting during the production
company's use of said property.
All such requests will be coordinated with the County
Manager's Office and the County's Property Management
Department.
FEES AND CHARGES
.
Outlined below is the schedule for the use of the County
property. In addition, production companies will be
required to reimburse the County for all overtime pay to
employees, who are required to work beyond normal working
hours during filming.
Full Use of Interior and Exterior of
County BUildings
$500 Per Day
Limited Use of Interior & Exterior of
County Buildings
$300 Per Day
Use of County Parks
$250 Per Day
Use of Exterior of County Buildings
$150 Per Day
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NEW HANOVER COUNTY
INTER-OFFICE
.=MEMO
:::~:;~:;::~::::~~;:;."} .
::::::- '~;':"::x"::':;~$~:~~:~~~'$" "~:'::~~;' ?-::~~~~::~:~::::~::::r:::~~:::::::~~:::~t:~:~:~:::::~:~:~:~:::~:~:~:~:~:::~:::~:~:~:~:~:::~:~:~;;::::::::;~;:;::::::~;:;::::~::.~::~:~:~::~:::::::~:~:
::~:~:::::::::::::~::~::~~~:}:;:'::'.:::~. .~,*::~~~::~~~~t~~:~=::.~;::::.='.:::~'&~..-:~"" ~:;: ~..
July 8, 1992
TO:
FROM:
Board of County Commissioners
Andrew J. Atkinson /~
Finance Director 0' -
Disposals of Personal Property
RE:
In accordance with GS 160A-266(c), I hereby submit my report to you
detailing sales under this procedure for the period beginning
January 1, 1992 and ending June 30, 1992.
Item Sold/Donated Estimated Sold
Disposed Of To Value For
Scrap Metal Southern Metals $107.50
Scrap Metal Southern Metals $ 53.90
. Scrap Metal Southern Metals $ 38.80
2 Scrap Tire Casings Hughes Brothers, Inc. $ 60.00
37 Used Batteries Mr. Watts $ 37.00
Scrap Tires Joe Goodnight Tire Co. $100.00
Scrap Metal Southern Metals $119.70
Scrap Metal Southern Metals $ 55.20
Scrap Metal Gene's Tire Service $ 50.00
Scrap Metal Southern Metals $ 64.10
Scrap Metal Southern Metals $ 92.40
Scrap Metal Southern Metals $ 59.00
Scrap Metal Southern Metals $ 68.50
48 Scrap Batteries Cape Fear Recyclers $ 47.75
Scrap Tires Gene's Tire Service $ 70.00
Scrap Metal Southern Metals $ 75.00
Scrap Metal Southern Metals $ 65.30
1986 Ford Van
Ambulance Lewis Used Auto Parts $499.99
Scrap Metal Southern Metals $ 24.60
If you should have any questions, please let me know.
AJA/ct
cc: Allen O'Neal
County Manager
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yr
ITEM NO. 1
RESOLUTION
OF THE
BOARD OF COMMISSIONERS
OF
NEW HANOVER COUNTY
WHEREAS, after due advertisement, bids were received and
publicly opened by the Finance Department at 3:00 p.m. on the
28th day of April, 1992, at the County Administration Building,
320 Chestnut Street, Wilmington, North Carolina, and the
following bids were received for a Telephone System for the
Health Department, Bid # 92-0451:
Rolm Company
Carolina Telephone & Telegraph Co.
Teleco
Commercial Community Systems of
Wilmington, Inc. T/A Sound & Telephone
$147,801.00
$121,878.00
$102,700.00
$ 95,000.00
AND
Commercial
Telephone)
incomplete
WHEREAS, two out of the four bidders (Teleco and
Community Systems of Wilmington, Inc. T/A Sound &
submitted proposals that were either non-responsive,
or did not meet specifications;
AND WHEREAS, the Health Department, the Personal Systems
Support Manager, the Finance Director and the County Manager
recommend that the bid be awarded to Carolina Telephone &
Telegraph Co. the lowest responsive bidder, in the amount of One
Hundred Twenty-one Thousand Eight Hundred Seventy-eight
($121,878.00) Dollars;
AND WHEREAS, funds have been previously appropriated and are
now in Account No. 110-510-5131-2000-6400 to cover this contract;
NOW, THEREFORE, BE IT RESOLVED by the Board of County
commissioners of New Hanover County that the contract for a
Telephone System for the Health Department, Bid # 92-0451 be
awarded to Carolina Telephone & Telegraph Company in the amount
of One Hundred Twenty-one Thousand Eight Hundred Seventy-eight
($121,878.00) Dollars; and that the County is hereby authorized
and directed to execute the contract, contract form to be
approved by the County Attorney.
!:J-&
BE IT FURTHER RESOLVED
authorized to return the
bidders.
that the Purchasing Agent is hereby
bid deposits to the unsuccessful
This 20th day of July, 1992.
(SEAL)
r
Commissioners
S-(-f
RESOLUTION
OF THE
BOARD OF COMMISSIONERS
OF
NEW HANOVER COUNTY
WHEREAS, after due advertisement, bids were received and
publicly opened by the Finance Department at 3:00 p.m. on the
19th day of March, 1992, at the County Administration Building,
320 Chestnut Street, Wilmington, North Carolina, and the
following bid were received for Office Automation Project for the
Social Services Department, Bid # 92-0292:
IBM Corporation
$775,675.00
AND WHEREAS, the bid received exceeds the amount of funds
available for the purchase and as provided in G.S. 143-129 New
Hanover County has negotiated IBM Corporation the only and lowest
responsible bidder making reasonable changes in the
specifications necessary to bring the contract price within funds
available, copy of negotiated changes attached as part of this
resolution;
AND WHEREAS, the Social Services Department, the M.I.S.
Director, the Finance Director and the County Manager recommend
that the contract be awarded to IBM Corporation, a foreign
corporation organized under the laws of the state of New York,
the only responsible bidder, in a negotiated amount of Four
Hundred Forty-nine Thousand Eight Hundred Forty-two Dollars
($449,842.00);
AND WHEREAS, funds have been previously appropriated and are
now available to cover this contract;
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of New Hanover County that the contract for Office
Automation Project for the Social Services Department,
Bid # 92-0292 be awarded to IBM Corporation, in a negotiated
amount of Four Hundred Forty-nine Thousand Eight Hundred
Forty-two Dollars ($449,842.00); and that the County is hereby
authorized and directed to execute the amendment to existing
contract with IBM, contract # 91-0039 previously approved by the
Board of Commissioners.
This 20th day of July, 1992.
(SEAL)
r
nty Commissioners
:;; - ~.:!
~w J{anover County :Board of Commissioners
!I\f-so[ution
W:H'E!1('E5lS, tfie 'JI[ew :Hanover County 'Board of Commissioners recognizes a need to improve tfie j06
sf(jffs of its citizensj
W:H'E!1('E5lS, tfie need for /iigfier sf(jffs in tfie worf(p[ace is increasing rapidfy, wit/i tfWst new j06s
demanding tfWre education and /iigfier fevefs of matti, [anguage and reasoning sf(jffsj
W:H'E!1('E5lS, 6y tfie year 2000, fewer j06s wif[ e?(ist for tfie feast sf(jffetf, tfie worliforce wife grow
tfWre s[owfy and 6ecome o[derj
w:H'E!1('E5lS, 'JI[ort/i Carofina, a[ong wit/i muc/i of tfie nation, lias e?(periencea an increase in tlie
num6er of individuafs affected 6y p[ant cfosures and [ayoffsj
w:H'E!1('E5lS, tfie J06 'Training partnersliip .9I.ct is esta6[isfied to provide training to economicaffy
disadvantaged individuafs, dis[ocated worf@rs and otfiers facing 6arriers to emp[oymentj
w:H'E!1('E5lS, funds provided to 'JI[ew J{anM'er County ana tfie state as a wfwfe, unaer tfie J06
'Training Partners/iip .9I.ct, are not adequate to meet tfie emp[oyment and training needs of our citizensj
W:H'E!1('E5lS, tfie 'Worf@r 'Training 'Trust !fund Commission lias recommended tliat $2.4 mif[ion 6e
made avaifa6fe to provide j06 training to unsf(jffea adu[ts tliroug/i tlie state's J06 'Training Parmersliip .9I.ct
systemj
9l.~ TJl'E!1('E:FO!1('E, 'B'E I'T!1(TSOLYE'lJ, tliat tfie f).{fw :Hanover County 'Board of Commissioners
supports its efforts to address tfie j06 sf(jffs of tfie state's citizenry ana pfecfges its support to coorainatea
defivery of emp[oyment and training services.
'B'E I'T :F'l1!1(TJl'E!1( !1(TSOLYE'lJ, tliat the f).{fw J{anover County 'Boara of Commissioners requests
tfie appropriation of generaf funds to support tfie state 'Empfoyment and 'Training yrant Program at a fever
suffident to upgrade tfie founaation of casic worf(sf(jffs of tfie adu[t popu[ation and tlie e?(jsting worliforce,
ensuring our state's a6ifity to grow ana compete in a g[06a[ economy.
&6
STATE OF NORTH CAROLINA
)
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.
)
ss.:
COUNTY OF NEW HANOVER
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 July 20, 1992, 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 July, 1992.
~.
EXTRACTS FROM MINUTES OF BOARD OF COMMISSIONERS
The New Hanover County Board of Commissioners met in Regular Session on
Monday, July 20, 1992 at 9:00 AM in the Assembly Room of the New Hanover County
Courthouse, Wi lmington, North Carolina.
Members present were:
E.L. Mathews, Jr., Chainnan
Robert G. Greer, Vice Chairman
Fred Retchin
Jonathan Barfield, Sr.
William H. Sutton
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*
*
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Commissioner William H. Sutton presented the following
resolution and moved that it be adopted:
WHEREAS, the bond order hereinafter described has
taken effect, 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 solid
waste disposal bond order adopted by the Board of Commissioners
on August 1, 1988, the Issuer shall issue its bonds of the
aggregate principal amount of $995,000. The bonds shall be
designated "Solid Waste Disposal Bonds, Series 1992"
(hereinafter referred to as the "Bonds"). The period of
usefulness of the capital project to be financed by the
issuance of the Bonds is a period of twenty-five years,
computed from August 1, 1992. The Bonds shall be dated August
1, 1992 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 February 1, 1993
and semi-annually thereafter on August 1 and February 1. The
Bonds shall mature, subject to the right of prior redemption as
hereinafter set forth, annually on February 1, as follows:
principal principal
Year Amount Year Amount
1994 50,000 2004 50,000
1995 50,000 2005 50,000
1996 50,000 2006 50,000
1997 50,000 2007 50,000
1998 50,000 2008 50,000
1999 50,000 2009 50,000
2000 50,000 2010 50,000
2001 50,000 2011 50,000
2002 50,000 2012 50,000
2003 50,000 2013 45,000
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.
-2-
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 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 February 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-
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 Commis-
sion 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.
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
SOLID WASTE DISPOSAL BOND, SERIES 1992
INTEREST
RATE
MATURITY
DATE
DATE OF
ORIGINAL ISSUE
CUSIP
February 1,
August 1, 1992
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 "Bond Registrar"), 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 February 1 or August 1 next preceding the date of
authentication to which interest shall have been paid, unless
such date of authentication is a February 1 or August 1 to
which interest shall have been paid, in which case from such
date, such interest to the maturity hereof being payable on
February 1, 1993 and semi-annually thereafter on August 1 and
February 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
-5-
for the paYment of public and private debts on the respective
dates of paYment thereof.
This bond is issued in accordance with the Registered
Public Obligations Act, Chapter 159E of the General statutes of
North Carolina, as amended, 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 August 1, 1988 (the "Bond Order") and resolutions
adopted by said Board of Commissioners (the "Resolutions") to
pay capital costs of improving solid waste disposal facilities.
The issuance of this bond and the contracting of the
indebtedness evidenced thereby have been approved by a majority
of the qualified voters of the County voting at an election
held in the County on November 8, 1988.
The bonds maturing on and after February 1, 2003
shall be subject to redemption prior to their stated maturities
at the option of the County on or after February 1, 2002, 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 Bond Registrar 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, The
Depository Trust Company ("DTC") and its participants shall
determine which of the bonds within a maturity are to be
redeemed. If less than all the Bonds of different maturities
are called for redemption, the 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
-6-
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 Registrar 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 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 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 Bond Registrar shall keep at its 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 in whole or in
part pursuant to the Resolutions.
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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.
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
August 1, 1992.
ci;
Ch irm
-
~>(/~-c
Cl k, Board of CommlSSloners
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
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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
By
/I!::3~
Date of Authentication:
1- 2/- q-v
-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:
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5. The Bonds maturing on and after February 1, 2003
shall be subject to redemption prior to their stated maturities
at the option of the Issuer on or after February 1, 2002, 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 Bond Registrar 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 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 Bond Registrar 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.
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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 fixed for redemption, are held by the Bond Registrar 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
Bond Registrar 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 authenti-
cate and deliver to or upon the order of such registered owner
or his legal representative, without charge therefor, for the
unredeemed portion of the princ~pal 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
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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 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.
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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. 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.
8. The Chairman and the Clerk of the Board of
Commissioners of the Issuer and the Director of Finance 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 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 Finance Director
of the Issuer.
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11. The Chairman and the Clerk of the Board of
commissioners and the Direct~r of Finance and 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.
The motion having been duly seconded, and the
resolution having been considered, it was adopted by the
following vote:
NAYS:
E.L. Mathews, Jr., Chainnan
Robert G. Greer, Vice Chainnan
Fred Retchin
Jonathan Barfield, Sr.
William H. Sutton
None
AYES:
*
*
*
*
*
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