HomeMy WebLinkAboutC.054.93009_0084 (2)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.
(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); 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, the Board deems it necessary at this time to
authorize the issuance of additional special obligation bonds
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 shall have the same
meanings in this resolution as such words and terms are given in
the Order.
Section 2. 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 Special
Obligation Bonds (Solid Waste System Project), Series 1993 (the
"Series 1993 Bonds") of the County of Iredell, North Carolina (the
"County") for the purpose of providing funds, together with any
other available funds, for (a) paying the cost of constructing the
Additional Improvements, (b) funding a debt service reserve and (c)
paying expenses incidental to the issuance of the Series 1993
Bonds. 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.
Section 3. The Series 1993 Bonds shall be substantially in
the form set forth in Exhibit B hereto, shall be dated as of April
15, 1993, shall be issuable in dominations of $5,000 or any whole
multiple thereof, shall be numbered from R-1 upward, shall be in
the aggregate principal amount of $3,770,000, shall bear interest
from their date, payable on December 1, 1993 and semiannually
thereafter on June 1 and December 1 of each year, at the rates, and
shall be stated to mature on June 1 in the years and in the amounts
as set forth below:
1994 $295,000 2.758
APR 2? 1993 069