HomeMy WebLinkAboutC.054.93009_1858 (2)The order provides for the creation of a special fund
designated the "Iredell County, North Carolina Solid Waste System
Bond Fund" (the "Bond Fund,,), which special fund is made
available for and charged with the payment of the principal of
and the interest on all Bonds and any other Parity Indebtedness,
and also provides for the deposit to the credit of said special
fund of the Solid Waste System Revenues, as defined in the order,
after provision has been made for the payment of Current
Expenses, as defined in the order, to the extent and in the
manner provided in the order. The Order further provides for
transfers to the credit of the Bond Fund of obligated Revenues
other than Solid Waste System Revenues and from other special
funds created by the Order and made available thereunder to make
up any deficiencies in said Fund with respect to all Bonds, all
to the extent and in the manner provided in the order.
The order provides for the charging by the County of rates,
fees and charges for the use of and for the services furnished by
the Solid Waste System in order to produce at all times
sufficient Solid Waste System Revenues, together with any moneys
transferred by the County for the payment of Current Expenses,
the Obligated Revenues other than the Solid Waste System Revenues
and certain other funds, to pay the Current Expenses and to pay
the principal of and interest on all Parity Indebtedness as the
same shall become due.
The Solid waste System Revenues, after provision has been
made for the payment of Current Expenses, and the obligated
Revenues other than Solid Waste System Revenues (collectively the
"Obligated Revenues") are pledged by the order to the payment of
the principal of and the interest and any redemption premium on
the Bonds and other Parity Indebtedness as provided in the order.
The Bonds shall not be deemed to constitute a debt, liability or
obligation of the State of North Carolina or any political
subdivision thereof, other than the county, and the county is not
obligated to pay the Bonds or other Indebtedness except from the
Obligated Revenues or moneys made available therefor under the
Order and any such use of such sources will not constitute a
pledge of the County's taxing power. Neither the faith and
credit nor the taxing power of the State of North Carolina or the
County or any political subdivision of either of them is pledged
to the payment of the principal of and the interest and any
redemption premium on the Bonds, and no owner of Bonds has the
right to compel the exercise of the taxing power by the State of
North Carolina or the county or any political subdivision of
either of them in connection with any default thereon.
The Bonds are issuable in fully -registered form in such
denominations as the Board may by resolution determine. At the
principal corporate trust office of the Bond Registrar, in the
manner and subject to the limitations and conditions provided in
the Order, Bonds may be exchanged for an equal aggregate
principal amount of Bonds of the same series and maturity, of
authorized denominations and bearing interest at the same rate.
The transfer of this bond is registrable by the registered
owner hereof in person or by his attorney or legal representative
at the principal corporate trust office of the Bond Registrar but
only in the manner and subject to the limitations and conditions
provided in the Order and upon surrender and cancellation of this
bond. Upon any such registration of transfer the County shall
execute and the Bond Registrar shall authenticate and deliver in
exchange for this bond a new Bond or Bonds, registered in the
name of the transferee, of authorized denominations, in aggregate
principal amount equal to the principal amount of this bond, of
the same series and maturity and bearing interest at the same
rate. The County or the Bond Registrar may make a charge 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 to
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