HomeMy WebLinkAboutC.054.93009_2210 (2)equipping of the Improvements (as defined in the Order), $5,010,000 principal amount of which remains
Outstanding (as defined in the Order); and
WHEREAS, Section 210 ofthe 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, $1,715,000 principal amount of
which remains Outstanding;
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 its Special Obligation Bond (Solid Waste System Project),
Series 1998, in the original principal amount of $1,000,000, for the purpose of financing the Additional
Improvements described in said series resolution, $850,517.07 principal amount of which remains
Outstanding; and
WHEREAS, Section 21 I ofthe order authorizes, subject to compliance with the terms and conditions
set forth therein, the issuance of additional special obligation bonds of any series issued under the Order; and
WHEREAS, the Board deems it necessary at this time to authorize the issuance of an additional
special obligation bond pursuant to Section 211 of the Order for the purpose of refunding the Series 1992
Bonds in order to achieve debt service savings; 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.
In addition to words and terms elsewhere defined in this resolution, the following words and terms
used in this resolution shall have the following meanings, unless some other meaning is plainly intended:
"Escrow Agent" means First -Citizens Bank & Trust Company and any successor thereto under the
Escrow Deposit Agreement.
"Escrow Deposit Agreement" means the Escrow Deposit Agreement, dated as of August 1, 1999,
by and between the County and the Escrow Agent.
"Escrow Fund" means the fund created and so designated by the Escrow Deposit Agreement.
Section 2. Under the authority of the North Carolina Solid Waste Management Loan program and
pursuant to the provisions of Section 211 of the Order, the Board hereby authorizes a Special Obligation
Refunding Bond (Solid Waste System Project), Series 1999 (the "Series 1999 Bond") of the County for the
purpose of providing funds, together with any other available funds, for paying the cost of refunding the
Series 1992 Bonds and paying expenses incurred in connection with the issuance of the Series 1999 Bond.
Section 3. The Series 1999 Bond shall be substantially in the form set forth in Exhibit A hereto, shall
consist of a single bond registered in the name of Branch Banking and Trust Company of North Carolina
shall be numbered R-1, shall be in such principal amount not exceeding $5,000,000, shall be dated, shall bear
interest from its date at a rate not exceeding 4.77% per annum, payable on December 1, 1999, and thereafter
semiannually on June 1, and December I of each year and shall mature on June 1 in the years (not later than
June 1, 2012) and in the amounts set forth in a certificate of the Director of Finance and Administrative
Services of the County.
Interest on the Series 1999 Bond shall be calculated on the basis of a 360 -day year consisting of 12
months of 30 days each and shall be payable to the Owner by check mailed to its address as set forth in the
registration books maintained by the Bond Registrar.
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