HomeMy WebLinkAboutC.054.93009_2233 (2)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, shall be
numbered R -i, 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 l of each year and shall mature on June I 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.
Section 4.
(a) Extraordinary Redemption. The Series 1999 Bond is subject to redemption in whole or in part
at any time from Net Proceeds (as defined in the Order) which the Trustee shall transfer to a special
account as provided in Section 708(c) or Section 708(d) of the order, plus, in the case of a redemption
pursuant to said Section 708(c), other available moneys as permitted by Section 708(a) of the Order, at
least forty-five (45) days prior to the redemption date, at a redemption price equal to 100% of the principal
amount of the Series 1999 Bond to be redeemed together with the accrued interest to the date fixed for
redemption.
(b) Qptional Redemption. The Series 1999 Bond is subject to redemption, at the option of the
County, in whole or in part on any date, at a redemption price equal to 101% of the principal amount of
the Series 1999 Bond being redeemed, plus accrued interest to the redemption date. Any redemption in
part shall be in the inverse order of maturity of the principal installments of the Series 1999 Bond.
(c) Notice of Redemption. At least fifteen (15) days before the redemption date of the Series 1999
Bond or any portion thereof, the Bond Registrar shall cause a notice of any such redemption signed by the
Bond Registrar to be mailed, first class, postage prepaid, to the Owner of the Series 1999 Bond or portion
thereof to be redeemed. On the date fixed for redemption, notice having been mailed in the manner
provided in the Order, the Series 1999 Bond or portion thereof called for redemption shall be due and
payable at the redemption price provided therefor, plus accrued interest to such date. If there has been
delivered to the Trustee or the Bond Registrar and the Trustee or the Bond Registrar is then holding, in
trust, money or Defeasance Obligations, or a combination of both, sufficient to pay the redemption price
of the Series 1999 Bond or portion thereof to be redeemed plus accrued interest to the date of redemption
interest on the Series 1999 Bond or portion thereof called for redemption shall cease to accrue, such Series
1999 Bond or portion thereof shall cease to be entitled to any benefit or security under the Order or to be
deemed Outstanding; and the Owner of such Series 1999 Bond or portion thereof shall have not rights in
respect thereof except to receive payment of the redemption price thereof, plus accrued interest to the date
of redemption.
Section 5. The form, terms and provisions of the Bond Purchase Agreement, to be dated on or
about August 19, 1999 (the "Bond Purchase Agreement'), by and between Branch Banking and Trust
Company (the "Purchaser") and the Local Government Commission of North Carolina (the "LGC") are
hereby approved in all respects and the Chairman or Vice Chairman of the Board, County Manager or
Director of Finance and Administrative Services of the County is hereby authorized and directed to
approve, by execution and delivery, the Bond Purchase Agreement in substantially the form presented to
this meeting together with such changes, modifications, insertions and deletions as he or she, with the
advice of counsel, may deem necessary and appropriate; such execution and delivery shall be conclusive
evidence of the approval and authorization thereof by the County.
Section 6. The Board hereby approves the action of the LGC in awarding the Series 1999 Bond
to the Purchaser at the price of par.
Section 7. The proceeds of the series 1999 Bond shall be applied by the Trustee as follows: