HomeMy WebLinkAboutC.054.93009_1851 (2)SERIES RESOLUTION OF THE BOARD OF COMMISSIONERS FOR THE
COUNTY OF IREDELL PROVIDING FOR THE ISSUANCE AND SALE
OF A $1,000,000 SPECIAL OBLIGATION BOND (SOLID WASTE
SYSTEM PROJECT), SERIES 1998 OF SAID COUNTY PURSUANT TO
THE PROVISIONS OF SECTION 210 OF THE BOND ORDER
AUTHORIZING AND SECURING SPECIAL OBLIGATION BONDS
(SOLID WASTE SYSTEM PROJECT) ADOPTED BY SAID BOARD ON
APRIL 15, 1992.
WHEREAS, under the Constitution and laws of the State of
North Carolina, including, particularly, the North Carolina Solid
Waste Management Loan Program, being Chapter 1591 of the General
Statutes of North Carolina, as amended, the County of Iredell,
North Carolina (the "County") is authorized and empowered:
(i) to borrow money for the purpose of financing or
refinancing the cost of the acquisition or construction of
solid waste management projects and to issue special
obligation bonds and notes for such purpose; and
(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 aggregate principal amount of its Special
Obligation Bonds (Solid Waste System Project) , Series 1992 for,
among other things, the purpose of financing the construction and
equipping of the Improvements (as defined in the order),
$5,495,000 principal amount 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 aggregate principal
amount of its 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, $2,460,000 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 Iredell, North
Carolina DOES HEREBY RESOLVE, as follows:
Section 1. Capitalized words and terms used in this
resolution which are defined in the Order (hereinafter mentioned)
shall have the same meanings in this resolution as such words and
terms are given in the order.
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