HomeMy WebLinkAboutC.054.93011_1710 (2)(ii) to agree to apply to the payment of such special obligation bonds or notes any
available source or sources of revenues of the County specifically identified for such purpose, and
to the extent that the generation of such revenues is within the power of the County, to enter into
covenants to take action in order to generate such revenues, provided that such agreement to use
such sources of revenues to make such payments or any such covenant to generate revenues does
not constitute a pledge of the County's taxing power, and
WHEREAS, pursuant to a bond order (the "Order") and a series resolution duly adopted by the
Board of Commissioners for the County (the "Board") on April 15, 1992, the County has heretofore
issued $6,465,000 Special Obligation Bonds (Solid Waste System Project), Series 1992 (the "Series 1992
Bonds") for, among other things, the purpose of financing the conshuction and equipping of the
Improvements (as defined in the Order), none of which remains Outstanding (as defined in the Order),
and
WHEREAS, Section 210 of the Order authorizes, subject to compliance with the terms and
conditions set forth therein, the issuance of additional special obligation bonds for the purpose of
financing Additional Improvements (as defined in the Order); and
WHEREAS, pursuant to Section 210 of the Order and a series resolution duly adopted by the
Board on April 22, 1993, the County has heretofore issued $3,770,000 Special Obligation Bonds (Solid
Waste System Project), Series 1993 for, among other things, the purpose of financing the Additional
Improvements described in said series resolution, none of which retrains Outstanding; and
WHEREAS, pursuant to Section 210 of the Order and a series resolution duly adopted by the
Board on May 5, 1998, the County has heretofore issued a $1,000,000 Special Obligation Bond (Solid
Waste System Project), Series 1998, for the purpose of financing the Additional Improvements described
in said series resolution, none of which remains Outstanding; and
WHEREAS, Section 211 of the Order authorizes, subject to compliance with the terms and
conditions set forth therein, the issuance of additional special obligation bonds for the purpose of
refunding all or part of the Outstanding special obligation bonds of any series issued under the Order; and
WHEREAS, pursuant to Section 211 of the Order and a series resolution duly adopted by the
Board on August 17,1999, the County has heretofore issued a $4,661,731.90 Special Obligation
Refunding Bond (Solid Waste System Project), Series 1999, for the purpose of refunding in whole the
Series 1992 Bonds, $1,859,916.80 principal amount of which remains outstanding; and
WHEREAS, the Board deems it necessary at this time to authorize the issuance of an additional
special obligation bond pursuant to Section 210 of the Order for the purpose of financing the Additional
Improvements hereinafter described; now, therefore,
The Board of Commissioners for the County of hedell, North Carolina DOES HEREBY
RESOLVE, as follows:
Capitalized words and terms used in this resolution which are defined in the Order shall have the
same meanings in this resolution as such words and terms are given in the Order.
Under the authority of the North Carolina Solid Waste Management Loan Program and pursuant
to the provisions of Section 210 of the Order, the Board hereby authorizes a Special Obligation Bond
(Solid Waste System Project), Series 2007 (the "Series 2007 Bond") of the County for the purpose of
providing funds, together with any other available funds, for paying the cost of acquiring and constructing
the Additional Improvements and paying expenses incurred in connection with the issuance of the Series
2007 Bond. The Additional Improvements are more particularly described in Exhibit A hereto, subject to
change as the County may determine to be appropriate from time to time.
The Series 2007 Bond shall be substantially in the form set forth in Exhibit C hereto, shall be
dated October 16, 2007 or such later date as shall be agreed upon by the County and the purchaser
thereof, shall consist of a single bond registered in the name of First -Citizens Bank & Trust Company,
shall be numbered R-1, shall be in the principal amount of $4,500,000, shall, except as hereinafter set
forth, bear interest from its date at the rate of 3.570/a per annum, payable semiannually in arrears on the
dates and in the amounts and shall mature on the dates and in the amounts set forth in the amortization
schedule attached hereto as Exhibit B.
From and after a Rate Adjustment Event, the annualized interest rate used to calculate the interest
on the Series 2007 Bond shall change to such rate as the then current Owner of the Series 2007 Bond may
reasonably determine shall be appropriate to provide such Owner with the same tax equivalent yield as it
enjoyed prior to the Rate Adjustment Event; provided, however, that such Owner shall provide to the
County a description of the methodology used to determine such tax equivalent yield. Upon each Rate
Adjustment Event, the schedule for payment of principal of and interest on the Series 2007 Bond shall be
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